Under high levels of uncertainty, it is imperative for companies to operate our businesses at high speeds. Employers need to put in place a crisis team to keep their employees safe, stay on top of their businesses, and deal with the shifting uncertainties amid rapidly changing conditions. However, even if businesses were to undertake these precautionary measures, the next wave of COVID-19 may still hit them hard.

An article from McKinsey recommends practical steps businesses can take to better prepare for the next wave and to help them stay ahead.

The next wave of disruption isn’t just an economic shock: it is a shock to customer behaviours and business models too. To show an obvious example of the customer behaviour during and after the COVID-19 in Myanmar, people are now much familiar with technology and they are more interested in the products and services that can give them a variety of choices and can make them safe which poses new challenges to businesses. The challenges associated with it will be orders of magnitude bigger than what we are used to dealing with. We need to adopt an operating model that accommodates the extreme level of uncertainty facing our businesses. 

The two practical steps that can help us to stay ahead:

1) Launch a Plan-Ahead Team to get ahead of the next stage of the crisis.

2) Direct that team to work across multiple time horizons, using five frames.

A plan-ahead team is modular, with cells focusing on specific issues across time horizons (days, weeks, quarters, years). The team will help the view above the day-to-day response that a crisis team is managing by delivering scenarios, recommendations for actions, and trigger points to the CEO and the management team so that they can decide on the right course of action. The decisions will be communicated to the crisis team or other parts of the organization for execution. If further clarification is necessary, the plan-ahead team will do another turn, collecting further information to reduce uncertainty.

The plan-ahead team needs to work through the following five frames:

1. Gain a realistic view of a company starting position

Companies should help themselves by developing a clear baseline of their last-known position on the market. The plan-ahead team should take stock in three main areas: financial assumptions, ongoing initiatives, and big strategic choices. After clarifying the starting picture, the company can bring critical issues to the foreground.

2. Develop scenarios for multiple versions of organization future

A good way of confronting uncertainty is to build scenarios, and developing scenarios brings immediate benefits. A plan-ahead team is in the best position to define the inputs that are necessary for an organization’s scenario-development and decision-making processes. Click here to learn how McKinsey approached the global COVID-19 scenarios.

3. Establish the organization’s posture and broad direction of travel

One of the key responsibilities of a plan-ahead team is to determine the best response to an evolving situation based on the company’s circumstances after the immediate crisis passes. The point isn’t to develop detailed plans but rather to figure out the company’s broad direction of travel—the big thematic idea around which the company can form a strategic response.

4. Determine actions and strategic moves that are robust across scenarios

During this extreme uncertainty, we need to think about building a portfolio of strategic moves that will perform relatively well as a collective across all likely scenarios, even if every action isn’t a winner on its own. It needs to ensure that moves on each topic are thoroughly syndicated with major decision-makers and stakeholders, inside and outside of the organization.

5. Set trigger points that drive the organization to act at the right time

Finally, time is of the essence. Layout key indicators and set clear trigger points for each scenario; ensure that teams have the data and processes to identify these trigger points as soon as possible. It’s then up to the top team to give the go-ahead to execute the plans.

Under high levels of uncertainty, to get ahead of the next stage of the crisis, we need to operate at high speeds. The sooner we start our moves, the better we are. Along with the wave of a crisis, the environmental factors of a business can change. Companies especially small and medium enterprises in Myanmar need to adapt to any changes in the current conditions and keep abreast of any information that can forward.

While planning is fundamental to accomplish the missions of an organization, technology is a supportive part of it. If someone is looking for a solution to talent management during this challenging time, do not hesitate to reach out and learn what JobNet.com.mm is doing for employers in Myanmar.

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