The best actions you can take right now as a business leader for your company depend on the mode your firm is in during the current recession. The new report, “Assess Your Recovery Potential,” that I just completed with my colleague Jay Pattisall introduces Forrester’s Pandemic Assessment, which will determine your company’s mode and then point you to the budget, strategy, employee experience, and crisis response guidance appropriate for you.
So, let’s talk about the different modes we see and the factors that sort you into one mode or another.
Right now, Forrester finds most companies are in one of three modes: 1) survival — companies in a struggle to keep afloat; 2) adaptive — firms that find their business models being stretched but not destroyed; and 3) growth — companies that face an unexpected explosion of demand.
Some industries are definitely being hard hit this year. But our research finds that industry alone doesn’t determine a company’s condition. In fact, it’s the regulatory constraints of certain markets, limited access to products or services, and the availability of supply chains and channel partners that vary from industry to industry and location to location. In addition to these external factors, internal factors will contribute to your company’s mode as well. For instance, how flexible are your physical facilities to accommodate new hygiene and social distancing protocols? And how much cash and credit can you access?
Our analysis also found that companies can progress from any mode. That’s right: Diagnosing your mode doesn’t seal your fate. Doing so helps you uncover what to change so that you can lead your firm to recovery. Assess your recovery potential today!