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Speed matters, companies will not be able to recover revenues gradually as they reopen. They need to rethink their revenue profile and streams, to position themselves for the long term, and to get ahead of the competition. To do this companies need to get into SHAPE in a non-traditional way.
· Start-up mindset: Resilient mindset. This favors action over research; and testing over-analysis. Establish an invigorated rhythm to encourage agility and accountability, daily team check-ins, and frequent reviews and adjustments. Dimension needed: Leadership.
· Human at the core: Human-centered responses and interactions. Companies will need to rethink their operating model based on how their people work best. Including developing new skills and acquiring new knowledge in a start-up mode timeframe. Dimension needed: Employee Experience.
· Acceleration of digital: Companies need to enhance and expand their digital channels, technology, and analytics, by enhancing and expanding their digital channels. They need to be able to combine multiple new sources of data with their own insights to make better and faster decisions and strengthen their links to customers. Dimensions needed: Customer Experience – Innovation – Transformation.
· Purpose-driven customer playbook: Companies need to understand what customers will value and develop new use cases and tailored experiences based on those insights. Dimension needed: Customer Experience.
· Ecosystems and adaptability: Ecosystems to drive resilience. Given crisis-related disruptions, adaptability is essential. That will mean changing the ecosystem and considering nontraditional collaborations and a new strategy to orchestrate all current and new elements to build the new Ecosystems. Dimensions needed: Strategy – Transformation.
To be able to rapidly recover revenue, leaders must SHAPE and lead the way to the future across three horizons: Navigate the NOW, execute the RECOVERY, lead in the NEXT NORMAL. Only those leaders who can go across will be successful.
Rapid revenue response is the next normal for how companies will have to operate. Maintaining the good SHAPE and the ability to go across the three horizons can only be accomplished by executing the next steps:
1. Identify and prioritize revenue opportunities: What is important is to identify the primary sources of revenue and, on that basis, make the “now or never” moves that need to happen before the recovery fully starts. This may include launching targeted campaigns to win back loyal customers; developing customer experiences focused on increased health and safety; adjusting pricing and promotions based on new data; reallocating spending to proven growth sources; reskilling the sales force to support remote selling; creating flexible payment terms; digitizing sales channels; and automating processes to free up sales representatives to sell more. Once identified, these measures need to be rigorously prioritized to reflect their impact on earnings and the company’s ability to execute quickly. Dimensions needed: Customer Experience – Innovation – Transformation – Strategy.
2. Act with urgency: During the current crisis, businesses have worked faster and better than they dreamed possible just a few months ago. Maintaining that sense of possibility will be an enduring source of competitive advantage. Think in what else can be done with your products and services or who else could use them with a different purpose than the usual one and develop new use cases around it. Dimensions needed: Leadership – Customer Experience – Innovation.
3. Develop an agile operating model: Driven by urgency, leaders are increasingly willing to embrace agile methods; they are getting used to jumping on quick videoconferences to solve problems and give remote teams more decision-making authority. It is also important, of course, for cross-functional teams not to lose sight of the long term and to avoid panic reactions. In this sense, “agile” means putting in place a new operating model built around the customer and supported by the right processes and people. Similarly, fast decision making and the rapid reallocation of resources. Agile sales organizations, for example, continuously prioritize accounts and deals, and decide quickly where to invest. But this is effective only if there is a clear short- and long-term growth plan that sets out how to win each type of customer. Dimensions needed: Leadership – Employee Experience – Customer Experience – Innovation – Transformation – Strategy.
We are in a generation-shaping moment from which a significantly different world will emerge, and we all have a defining role in determining whether success can be achieved or not.
Do you know what is required of you, what you need to do or how to proceed?
In our next article, we will discuss how to rebuild operations to be successful in the new normal.
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RECOMMENDED TOOLS TO BE AN ENABLER OF “RAPIDLY RECOVER REVENUE”:
1. Matrix for prioritizing measures for rapid revenue recovery.
2. Agile operation model gap analysis.
3. Digital eco-system gap assessment.
4. Start-up mindset gap assessment.
5. Resilience gap assessment.
6. Value Builder – To develop a viable business.
7. SWOT analysis – To discuss your business.
8. Business Model Canvas – To explore new ways of making money or implement your new business idea.
9. Thinking Hats – To test the attractiveness of your product, service, or idea.
