In the past couple of weeks, I have been discussing and debating a lot about the current state of the economy, the Government measures that would support the business community, and the economic and social future of Romania. I've noticed that a particular question is asked more often than others: what should companies do?
It is close to impossible to talk about a strategy recipe for companies. After all, a strategy is a blueprint that should be tailored to each organization. Still, there are some actions that are essential for companies to survive (and thrive in) this new reality: adapting fast to new limitations, mitigating the harmful effects of the COVID-19 pandemic, and exploring new opportunities. The latter might generate solutions and new revenue streams that continue to deliver results even after the pandemic. For companies to thrive, rapid change demands more than strategic solutions — it requires a new mindset.
I've seen the positive results of creative thinking in the very first week of the state of emergency amongst our clients. One company that ownes a chain of restaurants was facing a complete shutdown a month ago, which would have meant letting go of almost all employees. The owners together with the management decided against it; instead, the company looked for emerging needs that they might satisfy. They identified one and redesigned the business around their existing resources and supply chains — thus, the company successfully pivoted from delivering fine dining experiences to selling its products throughout partnerships: one with a brick&mortar grocery store, and one with an online delivery partner. And there are many similar examples of growth across Romania, and across the globe.
Economic and social downfalls act as catalysts for those who have entrepreneurial and innovative thinking skills that they employ legally and ethically to identify opportunities and transform them into new realities. In general, history shows us that people have been more creative in times of social and economic restraints. This pandemic will take a toll on the global economy and on humanity at large, and will change the way we do business, That is undeniable. But in these uncertain and unpredictable times, I hope you all will have the courage to see the future for what it could be.
Stay safe, stay positive! And take care of your business!