The impact of the COVID-19 pandemic has been quick and severe. No industry has gone untouched (for better or worse) and consumer behaviors have shifted greatly. There have been previous seasons of uncertainty, but the impact has never been so swift and deep as to change business investments and strategies and consumer work and leisure habits, virtually overnight.
The business playbook for both short and long-term strategies has transformed as a result. As the significant disruption of COVID-19 pushes consumer behaviors to change, businesses should first look internally to see how they can reorganize to meet the demands of a new market and consumer. In order to create a new business plan, organizations must stare through the fog of uncertainty to pivot their current strategy and create rapid and strategic action. For this, we propose the following framework: Now/Next/Future. We developed this framework to help companies react, respond, and plan strategically during times of economic shock and uncertainty.
1) Now | How will you react to meet critical needs?
2) Next | How will you respond to change?
3) Future | How will you plan to compete in the new normal?