Time to adapt to a new reality
The pandemic has reshaped the world as we knew it. A volatile and uncertain recovery period now lies ahead as the potential outcomes of the crisis are not only varied but will differ from region to region.
While vaccines are being rolled out worldwide, we foresee that market volatility will continue well beyond the recovery phase. The inherent systemic risks of an interconnected world further suggest that uncertainty will not disappear any time soon.
Over the next few years business leaders will need to rethink and adapt their strategies to transformations and trends that are speeding up and changing the face of entire industries. In this article we outline how Swedish decision-makers can respond to today’s challenges and stay relevant in a volatile post-pandemic world.
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How to navigate the future
Tackling uncertainty is never easy, but these five essential steps will help you to take a methodical approach in your business planning:
Monitor the recovery pace: The global recovery will be fragmented and evolve at different speeds in different markets and industry sectors. Companies must therefore adopt a solid framework and process for monitoring the status of the pandemic, lockdowns and economic outlook.
Track new opportunities: Billions of dollars have been mobilised globally in crisis response through fiscal and financial stimulus packages, policy changes and investments. By closely tracking stimulus measures in key markets you can identify new business opportunities.
Master the art of scenario planning: The best way to prepare for the unknown is to map out potential future outcomes, or scenarios. This allows you to plan ahead for potential risks and new opportunities without having to guess the outcome.
Follow key scenario indicators: Identify early indicators for each scenario to lay the groundwork for agile decision-making. By carefully matching each scenario with predetermined measures you can deploy the right action plan at the right time – helping you to move at a moment’s notice when markets change.