3 key drivers to adapt to survive
In a recent BCG survey of business leaders, almost half said that they expect their company’s profits to decline by more than 20%, and 90% are planning company-wide cost-reduction programmes.
However, CEOs should not accept declining performance as inevitable in the new reality. They cited the need for three overarching actions: act early, take a long-term perspective, and the need to focus on growth as well as cost reduction.
According to the World Health Organization, winning the fight will be a marathon that lasts until a vaccine or highly effective treatment is widely available—12 to 24 months from now. So the winners will be those who have a transformation strategy designed to help them adapt to meet new needs, not just the short-term ability to compete and be resilient.
In the absence of reliable forecasts CEOs need to set the agenda and be proactive about the need to reimagine the future of their business.