According to BCG, companies can prepare for rebound, recession and reimagining business models to meet new needs and align with opportunities presented by COVID-19 crisis

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Reaction, Rebound, Recession and Reimagination

Reimagining Business Models – According to BCG, companies can prepare for rebound, recession and reimagining business models to meet new needs and align with opportunities presented by COVID-19 crisis

Summary:

BCG published article on March 23, 2020 introducing 3Rs (Rebound, Recession and Reimagination) as other responses to COVID-19 crisis, beyond Reacting. Some points made include:
  • Reacting – Many organizations focused on reacting and coping with short-term challenges of epidemic, such as restricting travel, updating office hygiene policies, self-quarantine, and creating digital hub for latest policies and information
  • Rebound – Companies need to gear for rebound strategy, given complexity of rebooting operations and supply chains in varying speeds across different places, with China already exhibiting early signs of recovery
  • Recession – Possibility of recession could send shock waves to demand, confidence and companies’ bottomlines, but those that thrive share traits of preparation, preemption, growth orientation and long-term transformation, when others are retrenching
  • Reimagine – Whether in rebound or recession, organizations have opportunities to reimagine their business and operating models and portfolio of offerings to accommodate new learnings, new attitudes, new habits and new needs
To read the article for free, please visit https://www.bcg.com/en-us/publications/2020/covid-19-reaction-rebound-recession-reimagination.aspx
Company: Boston Consulting Group (BCG)
Categories: Business operations, Cash flow and financial management, Revenue protection and opportunities, Strategy

Original publication date: March 23, 2020

Date last updated: April 15, 2020