What should C-suite focus on to grow business despite the COVID-19 challenges?
More than 800 large European companies took part in a survey recently, to establish a link of causality between their organizational agility and key performance indicators*.
According to the research, the “time to market” criterion for the Agile-oriented organizations was 16% better than their industry average.
The Coca-Cola European Partners demonstrated astonishing results by creating an online-portal in response to the new type of risks caused by COVID-19. They launched the service in just… three days! The service was intended to provide the employees with relevant information on health and safety.
Similarly, the focus has quickly shifted onto human risk, to ensure employee safety and protect the company from within.
So, what are the areas C-suite must focus on, not only to maintain but also to grow business, in this unstable time? Let us take a look at the following three features: 1) protecting the organization, 2) redefining customer care, and 3) minimizing risks.
1.Protecting organization
Some companies insist that protecting the organization should be their top priority during the pandemic. This does not mean weakening their focus on growth.
But what does it mean to ‘protect’ the company during the COVID-19 time?
Firstly, the leaders should pay more attention to the needs of employees, and secondly, be sensitive enough to hear the voice of the customers, and react promptly. This fully coincides with the Agile Manifesto, by the way.
2. Customer experience
Respectively, besides the internal factor, customer experience should become one of the main priorities, as well. This includes customer feedback integration and the ability to shift quickly to customer preferences. To stand out from the crowd in the market, customer satisfaction and customer loyalty should be the key indicators to consider.
3. Minimizing risks
COVID-19 entails serious operational risks, thus shifting the focus onto human risk in particular.
This is exactly what Coca-Cola European Partners did, responding immediately to the urgent needs of their employees in terms of health and safety. Decision-makers were able to act quickly. They reduced internal and external risks significantly in a short time, reinforcing permanent growth.
The case is a perfect example of agility, providing both human and technological solutions in response to the changing environment.
Now consider the following statement: “Business agility defines business longevity.” Is your company able to move quickly and change easily to prolong its efficiency? What steps should you take to strengthen your employees’ safety, meet new customer needs, and reduce risks now?
- Sources:
- The IDC Organizational Agility Benchmark Survey.
- Paul Hardy, A Business Pandemic the C-suite Must Solve by, The Irish Times.
- Agile Manifesto, https://agilemanifesto.org.
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