Covid-19 was an opportunity to go ‘Ground Zero’ and re-strategize: MTI
Citing their own experience and that of their international clients, MTI Consulting has opined that organization who used the last 18 month to ‘Ground Zero’ and Re-strategize, are already beginning to see green shoots. “It’s not the crisis that will cripple your business, it’s your business response to the crisis,” said Hilmy Cader, CEO of MTI Consulting.
According to MTI Consulting, most organizations tend to indiscriminately cut costs, freeze all forms of developmental work and adopt a ‘wait & see’ approach. By contrast, the Smarter Companies, while being prudently cautious, uses the crisis period as an opportunity to critically evaluate every aspect of its Strategy, Structure, Staff and Systems, challenging every dollar and every stroke of work as to the value added. They also see the upside of acquiring low valued assets, strengthening their market position (given lower level of competitive / marketing activity) and gearing their organizations for the upturn.
Since the tulip crisis in 1637 (earliest documented), economies and business have been impacted by such crisis. In more recent history, the world had experienced the Great Depression (1929), Asian Financial Crisis (1997), the Dotcom Bubble (2000), the Global Financial Crisis (2008). Through all these crises, we have witnessed the failure of some of the strongest companies that enjoyed meteoric rise in the good times. Extensive Research and MTI’S own international experience (across 49 countries in 24 years) shows that how businesses respond to the crisis, is what separates those that ‘survive and thrive’ from the ‘departed’.
The 8 Smart Moves that enabled organizations to optimize the Covid downtime include Scenario Planning & Business Implications, Distinguish between ‘first-aid’ and business model surgery, Take the ‘slack’ out of Strategy, Structure & Processes– before Staff, Value Chain based P&L Analytics – as the basis of cost optimization decisions, Lock-in high performers – protect your IPS, Look for opportunities in the turbulence, • Gear-up for Takeoff and Invest in the psychological health – of those who make it happen