The world has got to witness some remarkably staggering global transformations in the past decade in terms of business. To keep up with the booming population and its ever-growing demands, economies across the globe are expanding along with organizations and employment opportunities. Part of that boom translates optimistically to holistic growth but the flip side shows the world around us is becoming increasingly complex and volatile.
Zooming into the recent perspective moreover shows how COVID-19 has left the majority of the world in shambles and at a standstill. Thousands of families ravaged- losing loved ones to this still accursed disease; millions losing means to livelihood- as businesses were caught off guard, forced to close their doors in the face of crisis.
As we gradually begin to embrace the “New Normal” and move forward in our lives, we automatically start to rethink and re-strategize our lives and run our businesses in this “New Normal” frontier. Lifespan of companies has already dropped conspicuously, from a staggering 60 years to less than half of that. Many new businesses are built on the concept of a hybrid culture. Those with the financial means tend to get help from A Street Partners or other such firms to assist them in obtaining offices. Moreover, it is difficult to overlook that even though globalization and technology are enhancing exponentially, so is the technological threat to humankind.
In the coming post-pandemic scenario, every organization has to brace itself well for survival in the face of the unfathomable number of external and internal factors, both seen and unforeseen- that could impact its existence. In fact, be it Indian, Bangladeshi, American, or Canadian businesses during the pandemic, each and every one of them has had to improvise and adapt as the situation demanded. Nevertheless, a majority of them managed to brave through the storm, and survived. One can only hope that it continues to get better as time progresses.
As we now enter the unprecedented and still unpredictable “New Normal”, how do we future-proof our organizations to survive the worst times?
The journey of striving through a global pandemic such as the COVID-19 crisis is one of its kind. It leaves a long-lasting impact on one’s behavior, planning, spending patterns, and overall life, in every aspect. To align with this change, businesses need to spontaneously formulate and implement planning of their own to match with the new habits of the consumers of the New Normal. However, before moving to the future, analyzing the current scenario is probably as crucial. Understanding how this pandemic affected us might produce insight for dealing with what’s next to come. As a good read, you can explore other blogs discussing how a company’s work culture and operations got evolved.
Businesses have always naturally metamorphosed in response to the constantly changing demands of the consumers. Not only that, they are constantly switching things up regularly in terms of the way they operate, hire people, and the cultures that they practice. For example, in my company, we have a team for executive recruitment and they specifically work on hiring managerial and senior roles within the business. I also know people who have been headhunted too. Hiring is just one aspect of a business that is changing.
There are four crucial foundations or founding pillars of any business that need to be restructured, especially now in the face of this pandemic.
- Cause: Like any other entity, the primary foundation of any business begins with a cause. The cause is what the business centers around- the core reason why any organization exists or continues to exist. This very cause can be molded into the business’s mission and consequently its vision. For instance, banking is one of the oldest business organizations that still continues to run in full swing. Their purpose is to provide a secure space for people to carry out their financial transactions. Keeping that very core purpose intact, the service has evolved now. Nowadays we have digital wallets (DFS/MFS) and internet banking which have helped us lead our lives in an easier and faster way.
- Connectivity: After identifying its cause of existence, the beginning of any business is formed with a concept that connects to the market. It is vital that the idea is practical in the context of the market. We have grown up watching our parents, and even grandparents carry out shopping from our nearby wet markets or bazaars. But in recent times, the advent of fast internet and improving technology has enabled us to move to e-commerce platforms from where we can get our daily needs and groceries delivered to our doorstep with just one click or tap. The concept must be integrated with prolonged efforts that push through to incorporate multiple models, processes and unify them under one singular frame which is the very essence of connecting. Such connectivity calls upon modularity in the supply-chain and even distribution. As such, it can maintain the assurance of continuing production. Our daily needs are delivered to our doorstep with ease due to such measures. Without modularity, firms would not have ensured their products’ reach and delivery regardless of location and quantity. The ability to meet the market demand will help the business to become profitable, especially during a crisis such as the current pandemic. Otherwise, it will not be able to navigate through market turbulence; thus becoming obsolete. Besides having a modular supply chain, a business needs to recognize its consumers’ needs and deliver them. By aligning its services or product with its customers, a company can prove itself as a well-established brand in the market.
- Capacity: It is crucial to form a business’s capacity or its ability to fulfill its purpose through a combination of the following: effective and efficient employees, operation, management, governance, and a strong persistence to assessing and achieving results. For instance, a small business owner can begin a clothing business online (f-commerce). As s/he gains more customers and recognition, s/he can begin to expand the business. What s/he had to import previously, s/he can produce by her/himself in a small functional factory by hiring new people and introducing a new management and operations process. This is an example of enhancing the capacity of an organization.
- Culture: The final yet just as fundamental foundation – culture – is the set of values, beliefs, and norms that are continuously practiced by the people, processes, and the organization itself. Undoubtedly, the culture of an organization revolves around people and innovation and keeps changing with changing times. An excellent example of a fast-changing and high-spirited culture can be seen in most companies in Silicon Valley, especially at Google. The dynamic tech giant believes in practicing a change-centric culture and presents itself as an “extension of college days” where their employees are encouraged to be innovative and/or revolutionary.
To sum up, assembling these four pillars, you form the four foundations or Four Cs of Future-Proofing an organization.
Among the four foundations, ‘cause’ is always the anchoring philosophy- timeless and standing tall against the odds of nature. As long as an organization remains true to its core purpose of existence, it continues to exist, even when the other three foundations (connectivity, capacity, and culture) transform with passing time or fade away. In this case, empathy or human-centric practice comes into play. This secret formula of combining the 4 Cs to bolster a company’s foundation is how many world-known organizations have strived through the test of time and changing global business patterns. Let’s take Coca Cola for example, a company which has survived for a hundred and fifty years now. Over the decades, keeping its core cause (serving the most rad drink to the people) the same, Coca Cola has not only revamped its packaging and bottling but also its entire culture and capacity to better suit its employees’ needs and become one of the most sought-after employers.
Now, more than ever before is time for companies across the world to rethink and rebuild themselves in the face and aftermath of a global pandemic. As organizations shift focus to building resilience in an unforeseeable future, they must also keep in mind to constantly adjust their strategic planning and make effective resource and investment choices while still grasping onto human-centric values. With valiant yet vigilant steps, entrepreneurs and businesses of the New Normal have to step out in the world and continue to do what they do best – serve their customers. Adaptability is the ultimate weapon in an unpredictable world. As this generation will realize yet again, the end of a matter is what matters most.
