Bain & Company London’s James Allen advises companies to move from retreat to retool mode, remain relevant to customers by focusing on needs, partnering with supply chain and government, and more

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The Great Retooling: Adapting for Coronavirus and Beyond

Remaining Relevant – Bain & Company London's James Allen advises companies to move from retreat to retool mode, remain relevant to customers by focusing on needs, partnering with supply chain and government, and more

Summary:

Senior partner at Bain & Company’s London office and coauthor of The Founder’s Mentality, James Allen, published the following advice on how businesses can remain relevant by focusing on customers’ pressing needs at the company’s website on March 23, 2020:
  • Move from Retreat to Retool – Companies need to move beyond retreat mode to revamping their customer propositions and organizations to meet customer needs, find ways to work seamlessly, partner with other firms, and deliver what consumers require
  • Adjust Communications  Leaders may also need to review their communications to customers, drop their initial plans if needed and re-start their approach
  • Prioritize Employee Safety – Employees need to prioritize their own safety and health before helping others, while leaders can mobilize teams to help employees adjust to their new reality and provide best practices for working remotely
  • Consider Costs and Help Communities – Put employees and customers first, even though revenues and cash flows as well as costs will be impacted
  • Prioritize Private-Public Partnerships – To recover collectively, businesses may need to partner with a local municipality, mayor, town leader, governor, regional committee, or a country’s governing body
  • Empower, Nurture and Support – Empower people and introduce checkpoints for coordination and learning, direct teams with IQ but also support and nurture with “EQ” or emotional intelligence, and finally accept support and comfort from others as well
The article can be accessed for free through this link: https://www.bain.com/insights/the-great-retooling-fm-blog/
Company: Bain & Company
Categories: Customers, relationships and channels, People and culture, Revenue protection and opportunities, Strategy

Original publication date: March 23, 2020

Date last updated: April 3, 2020