As organisations around the world have opened their doors again in the post-pandemic world, there are concerns about how businesses will cope with the changing business landscape. Naturally, health and safety are the top priorities, however, business leaders also need to focus on other workforce challenges as they tread the path toward financial recovery. Many have realised that it won’t be a simple return to old ways. The pandemic has created an imperative for organisations to reinvent their business strategies. Keeping the workforce motivated through the crisis and preparing them for a return to previous routines is going to be a challenge and the leaders will deal with it will define the future of the organisation. IIM Kozhikode Leap Strategic Management Programme for Senior Professionals is indeed an excellent leadership and management course that has been developed to enable business leaders to learn to develop effective business strategies and drive the company’s success in the competitive market.
Impact of the pandemic on Indian organizations
Covid resulted in a variety of operational as well as financial challenges for the Indian businesses. According to a survey conducted by US-based risk management company RIMS and insurance broker Marsh, the top concern for Indian business leaders remains the concern about a future health crisis. The services sector contributes to over fifty percent of the country’s gross domestic product. While the Covid-19 pandemic had an adverse impact on most sectors of the economy, the services sector was the worst affected. The impact of pandemic on small businesses has been the worst. Almost 80% of Indian companies faced difficulty in cash flows and over 50% of companies had issues with operations issues.
Developing strategies to ramp up business growth
Business resilience
Resilience is related to how the business will respond to any unforeseen events, by adapting to the situation effectively, implementing changes, and overcoming the situation successfully. The focus of the organisation should be the exploration of the possible strategies for continuing the business operations in periods of uncertainty.
Supply chain management
The economic chaos that was caused by the pandemic has led to the exposing of many vulnerabilities in supply chains. Leaders should take a cue and examine the supply networks. They must take effective steps to understand the gaps and take appropriate actions for improvement.
Liquidity and finance
The efforts of central banks have been successful in restoring financial stability. Organisations require experts in financial restructuring, as well as focused teams who are experienced in driving successful initiatives for liquidity and improvement in working capital. Boards and lenders need to be assured that the financing requirements have been understood.
Tax and regulatory systems
Organisations have to focus on the data for determining the tax exposure especially when employees are working from remote locations. There should be appropriate digital solutions to manage the tax compliance issues.
Reinventing the business landscape
Transformation of the business models is crucial to create new value for the business as well as the customers in a post-COVID world. Every organization must strive to be data-driven in the digital era. However, everything cannot be digital. To be truly effective new business models should be able to combine the digital and human aspects. Efficient leaders will ensure that a few of the transformation initiatives will be focused on the new business models and drive innovative revenue streams digitally. They need to invest in strategic resilience and focus on inclusive business models.
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