In good times prepare for the bad, and in bad times prepare for the good.
Economic Impact of COVID-19
The impact of Coronavirus disease (COVID-19) to the global economy has been both faster and more severe than any crisis in the past: 1997 Asian Financial Crisis, 2000 Dot Com bubble, 2003 Severe Acute Respiratory Syndrome (SARS) epidemic, 2008 global financial crisis (GFC) and probably even the 1929 Great Depression.
While we have long been advocating businesses to prepare for the black swans in a VUCA (volatile, uncertain, complex, and ambiguous) environments, we seem totally unprepared when confronted with one. The social and economic impact of the pandemic is unprecedented and unimaginable. In the span of a short few months, our normal life and the world’s economy is total upside down.
Turning COVID-19 Crisis into Opportunity
COVID-19 is undoubtedly one of the world's greatest crises in history. But paradoxically it also created numerous business opportunities for those who recognize them. It could probably be the greatest catalyst in history for business transformation. For years, businesses have been talking about the need for accelerated change and transformation but the actual transformation has been slow. But when COVID hit us, everything that we drag our feet to implement gets done in months. Work from home, meet on Zoom (teleconferencing), order takeaway (food delivery) become the new norm. Covid-19 compresses the time required for transformation and brought future of work predicted to happen in years to us in just a few months.
While Covid-19 has been challenging for countries and businesses, it is might be an opportunity for businesses to transform and thrive when the economy recovers. Businesses that can redesign business models, improve business processes, restructure workplaces, redefine roles, learn fast, and adopt correct technology will emerge stronger when they come out on the other side in a reshaped economy.
Future Will Never Be The Same
Even if the worst of the pandemic is over, we are not likely to revert back to our old ways of living, working, or doing business. The future is certain to be very different and hence we must start to redesign the future today.
Post COVID-19 would likely see a drastic change in customers’ requirements, employee behavior, and technology available. Organizations need to embrace the change to be able to survive in the new world. Those who can transform or redesign their business models and working processes will benefit from the accelerated changes and pivot more rapidly. They will emerge stronger and thrive in the new world.
Now is the time to transform, redesign your business model or business process. Your business model may have served you well in the past but it may not serve you well going forward after the Covid-19 crisis. It needs some critical updates. This is when the spirit of Kaizen (改善), or continuous improvement, provides important direction support. Instead of feeling victimized, helpless and refuse to change, a person with a Kaizen spirit looks at every crisis, adversity, and threat as an opportunity for improvement. An organization that embraces Kaizen spirit will see the COVID -19 pandemic as an opportunity for improvement and not a just crisis.
Note: Singapore companies can tap into the Enterprise Development Grant (EDG) * to defray up to 80% ( 90 % for firms that are most severely impacted by COVID-19) of qualifying consultancy project costs.
Take the opportunity during the economic slowdown to prepare for the future. Redesign your business model, improve your business processes, and workflow today. Contact us now for a free discussion on what are some of the actions you can take to be future-ready. We look forward to hearing from you soon.
Kaizen Consulting Group
Kaizen Consulting Group (also known as KCG) is a leading corporate management consulting and training firm specializing in practical, result-oriented solutions using the latest Continuous Improvement methodologies to help you optimize your business processes and improve business performance. We offer a wide range of training and consulting services tailored to your specific needs and requirements. Our solutions are practical, impactful, holistic, and sustainable.
We provide a comprehensive range of corporate training courses. These training courses are carefully customized and conducted in house, on-site at your company premises. All our training can be contextualized and customized to your unique requirements. Some of our training services include Lean Training, Six Sigma Training, Lean Six Sigma Training, Kaizen Training, Continuous Improvement Training, Soft Skills Training, and Safe Management Officer Course.
We specialize in business process improvement using the latest continuous improvement methodologies to help you improve, streamline, redesign, and optimize your business model and business processes so that it is effective, efficient, and future-ready. Our solutions are practical, impactful, holistic, and sustainable. We specialize in the following areas of work: Business Re-modelling, Business Process Reengineering (BPR), Business Process Improvement (BPI), Business processes or resources Optimization, Continuous Improvement, Productivity Improvement, and Safe Measurement Measures.
We use the latest Continuous improvement methodologies to design solutions that cater to your specific needs, delivering solutions that are practical, workable, and robust: Lean , Six Sigma, Lean Six Sigma, Kaizen, Continuous Improvement, Design for Six Sigma (DFSS).
√ Proven Track Record of Success - We have an unparalleled proven track record of success in implementing Operational Excellence/ Continuous Improvement Programmes in organizations of different sizes from private to public sector, across different industries, across different countries.
√ Experience - Our consultants (Master Black Belts MBBs) are very experienced hands-on practitioners each with more than 20 years of experience in implementing Continuous Improvement across different industries and different business functions.
√ Commitment - We are passionate about Continuous Improvement and are committed to your success.
√ Results - We deliver measurable and significant improvement results.
Contact us now for a free, non-obligatory discussion, and our friendly customer service consultants will be in touch with you to design the best solution that is tailored to your requirements. We look forward to hearing from you.