Press Room

As the entire world, we face a pandemic which affects everyone. COVID-19 and the governmental policies aiming to get it under control have influenced the way we conduct our business as a company and changed consumer behavior completely. During this period, all of us have taken measures to firstly protect ourselves and our colleagues, and secondly to conduct our business with a minimum profit loss. History shows us that these changes are not always temporary. Crises of such a scale are able to reshape our approach to our jobs, as well as the way we conduct them. Therefore, companies need to prepare for the world after the crisis instead of waiting for everything to be as before. This poses the same question at every stage:

First of all, we should consider the impact of the worldwide societal crisis on businesses, behaviours and attitudes. Major societal events can and most probably cause fundamental shifts in social life which directly leads governments to work on new policies and this makes the new ways of working a must. We all need to consider a long-term reaction plan to the changes in business operations.

How?

First of all, we need to think thoroughly on how worldwide crises affect businesses, behaviors and attitudes. Social events on such a scale may result in fundamental social changes that directly lead governments to work on new policies and probably entail new ways of working for us. At this stage, all of us need to think of a long-term response plan for the possible changes in our business life.

Observe, Analyze and Take Action.

During such challenging processes, the key to getting by with zero or minimum profit loss and to have a better future is to take action quickly. To take quick and effective measures, firstly we need to observe and analyze the current situation and possible opportunities. Companies now have to comprehend the “post-COVID reality” and take practical measures to be ready for it.

First and foremost, we need to be prepared for the change and consider various possibilities in advance. Generally, institutions and organizations have a tendency to focus on details and problems during such times of crisis. However, what we have to do is to look forward and shape our business and the operation we are responsible for accordingly. At this point, the questions required to be asked are: what is the next stage and how can I turn this stage to good account for my company?

The biggest opportunities generally arise from customer needs and basic human realities. At this stage, it is very important to listen to the needs, feelings, expectations and even disappointments of your target group. Traditional surveys and research may fail in this regard because they generally survey existing products or services and tell you about your target group’s current situation. People may not be aware of their arising needs. It has become a necessity for companies to look at this issue from a wider perspective, and to put effort into observing social behavior and habits, and how they are changing. For example; after we finally get over the crisis, we will have an absolute online shopping habit that will gain more importance, and companies need to adjust their operations ahead of time accordingly. Also, new office layouts will be possible for the offices that get used to working remotely, which will affect industries such as office equipment, office real estate and transportation.

As for analyses, we need to be careful about the data we examine. We need to focus on high-frequency data instead of generalizations, averages or episodic statistics. Because it is quite hard to monitor the signs of change using such types of data. Companies will need to analyze credit card transactions, buying habits, online buying transactions and more data to capture emerging tendencies.

Thus, we can move to the next stage in which we will need an objective review and examination of our company or organization. Although many companies choose to deny this, every organization has weaknesses, and these may be quite important ones. The period during or after the crisis requires your company to be ready at any time, fast and flexible. The entire company must operate quickly through its departments, and it must be flexible enough to reorganize. If we can determine the weaknesses of our company in advance, we can have a better chance to benefit from opportunities in the future. These weaknesses may point to all possible benefits of the post-COVID period, as well as new opportunities for your company.

While widening our perspective, we should not neglect to look to new regions and to better examples than us in terms of managing the crisis. For example, China has experience in managing the crisis and reorganization that is months ahead of many Western countries. There are a lot of lessons to learn for all of us in this market. We need to think of what business leaders there are doing, and which of these are right or wrong, and closely examine their work. While considering these models, there will be no harm in being inspired by different perspectives, studying the organizations that already had the same experiences, and apply their practices if required.

It is true that we are passing through hard times. However, leaving all these behind will carry us, either as a society or as a business, to a much better future. Therefore, we always need to pursue growth and a hope-oriented strategy. All of us predict a period of stagnation due to the crisis; however, this is not an excuse to postpone innovation and investment. On the contrary, according to an article published in the Harvard Business Review in 2019, 14 percent of companies grow during economic recession, and they essentially create added value by growing with split-ups. In other words, the best time for growing through differentiation is when everyone suspends its growth strategy. Companies may resort to cost-saving to survive; however, it is a fact that there is great potential to innovate in line with the new future, and to invest in future growth. Now is the best time for us to turn the crisis into an opportunity and shape the post-crisis future. And there are reasons why companies have their place in this bright future ahead of us that is full of opportunities.