Business Beyond COVID-19 – The Global Podcast Series
Welcome to Business Beyond COVID-19, HSBC’s podcast series about embracing business unusual through the global pandemic and beyond. We talk to industry leaders and experts to understand how they are adapting, reshaping and innovating through these extraordinary times.
HSBC hosted a virtual round-table in June with senior business leaders from Asia to explore how COVID-19 had affected their businesses, staff, customer needs and supply chains - and how they had responded to these changes, both immediately and in the longer term. They share their lessons from the pandemic, and their predictions for the ‘new normal’.
Listening time 13min
Key takeaways for business leaders in order to navigate COVID-19 related challenges successfully:
- Reinforcing the connection between employee and employer pays major dividends
- Practical steps are needed to achieve this
- Examples include regular wellbeing checks and protective equipment
- Regular and frequent communication with staff, customers and suppliers is essential
- This delivers an invaluable measure of certainty in challenging conditions, which is the real underlying priority for many individuals
- Make the most of online communication tools, which may well become part of the new normal
- Resilience is essential
- The possible additional cost to achieve this is worth paying in order to minimise risk
- Flexibility is similarly vital when the corporate business model may have to be changed extremely quickly
- Get a fast and firm grip on your cash position
- Re-examine inventory priorities quickly and frequently in the light of shifting demand across channels
- Cut inventory where necessary, but bear in mind the impact on suppliers, particularly important but less well-capitalised ones
Please don’t get stuck in analysis paralysis. Come up with the best credible plan that you’ve got.
I think that looking at the supply chain resilience is something that it will be prudent by all to do.
Definitely the best investment we can do during this crisis is to reinforce the link between the employee and employer.
What are the top opportunities ahead?
Move quickly to manage cash tightly
Really get to know people, not only in your team and business, but also at your suppliers and customers.
Focus on inventory in order to have the right products to sell
Know the quickest and most effective channels for communicating with individuals.
Take your vendors with you in order to keep your supply chain functioning
Not too much time should be wasted on grand long term strategic plans.
Avoid procrastination: the sales forecast from tomorrow might be no more accurate than the one from today, but it costs a valuable day.
Invest in your people to create a working environment adaptive enough to cope with the unexpected and to fulfil the company's more immediate objectives.