[Change Management] What can we do to face the challenges of the New Normal?
“It is change, continuing change, inevitable change, that is the dominant factor in society today. No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be... This, in turn, means that our statesmen, our businessmen, our everyman must take on a science fictional way of thinking.”
― Isaac Asimov, Asimov on Science Fiction
Things are changing at a speed of light in recent months, particularly the whole world is impacted by the merciless coronavirus pandemic sweeping over the continents at the quantum velocity.
Now we all know, or forced to reckon, that change is inevitable.
Frankly speaking, not many people will actually fear change itself, for they do not know what the end state of the change will be. Being ignorant may sometimes be a blessing. Instead, most of us do have fears about the process of change, for we may have doubts if we can “adapt” ourselves to something not expected.
Change is inevitable and is at your door front.
If you are still not convinced the above, think about these:
This is an example of how technology changed our lives.
You are clever enough to know that your behavior over the net is somehow tracked and tailored. That is the magic of “big data”. Your search engine has learnt from your daily behavior and helped you look for things that you prefer.
The World is changing fast…
Against these backgrounds, can we still stay relevant?
To be relevant, we cannot just look within ourselves and see how good we are. We need to reset our reference point. As business people, what is a better beacon than setting our anchor on our “Customers”? Without customers, we have no business, and we shall be forced out of business.
Nowadays, businesses do not only happen on the street, more and more businesses are transacted online. That said, as the younger generations are generally digital savvy, they are the new mass of customers that we are going to serve.
Covid-19 provides us a good time to rethink and to reset.
We all understand that we have no escape from the digital arena, no matter how “conventional” our business can be. So, instead of waiting for things going back to the “used-to” normal, we have to move ourselves to adapt to and if possible drive our business growth under the “new normal”.
With the brutality of fact, things are moving fast and have passed the point of no return. Either you have to acquire the new talents from outside or to groom your own, you have to start now.
Just move and start with your core competence and rethink, and see how your vision can fit into the basic human needs in a new way, both virtual and physical, well-blended.
Some practical steps to suggest:
1. Revisit on what you are good at – defining your core competence.
2. Revisit on who are your customers – your revised value proposition. Are you still relevant?
3. Identify the touch points that you can reach your new customers – revise your customer journey mapping, online and offline.
4. Review your resources deployment plan, are all your resources being deployed to the critical touch points where your impact to the customers is the optimal?
5. Focus on cash flow. Cash is king.
6. Redefine your internal process and marketing plan to present your core competence to the new customers on the new customer journey map.
7. Set goals and measure progress.
8. Put things into splints, PDCA, and continuously improve.
9. Mobilize (motivate) all capable staff into the growth zone, and build your own competent team.
10. Stay agile, positive and proactive.
As with the wisdom from a famous philosopher:
“For the things we have to learn before we can do them, we learn by doing them.”
Related Articles:[CFO Strategy]How to prepare for a new round of pandemic as soon as possible？
Singapore: +65 6850 5067
Hong Kong: +852 3970 1828
Asia Pacific Institute for Strategy (C) 2021