How our Business Resilience Framework can help businesses combat COVID-19
From Tom Yum Kung crisis in 1997 to COVID-19 crisis in 2020, although various phenomena have come and gone, several others have completely changed many aspects of our lives resulting in a new normal. A large number of people are talking about life after COVID-19 and some of the preceding normal that they think will no longer exist.
The New Normal will not take 23 years (from Tom Yum Kung to COVID-19) to occur as before. As the crisis cycle becomes shorter and shorter, businesses will face more frequent changes. The more businesses adhere to their conventional systems and processes, the less they will be able to survive and overcome the difficulty. As a result, businesses have begun to seek "resilience" to thrive beyond crisis. Resilience is widely discussed in the context of a situation where the crisis is becoming more and more common. It has different meanings for different individuals or organizations. For BRANDi, what explains Resilience effectively is the ability to recover and survive through a crisis or a situation of abrupt change.
In order for businesses to be resilient, they must be able to survive in the midst of uncertainty by designing their own business rules, stakeholder roles and ecosystem relations. To achieve this, businesses need to operate from a new perspective that focuses beyond competition. Considering competitive markets as the oceans, resilient businesses that would survive and thrive in a time of crisis and continuous change must not conform to usual business practices. As a result, we have formulated an “Above the Ocean Strategy (AOS)”, a Business Resilience Framework for businesses to tackle all of the three challenges; profit, people and planet. We stress importance from mindset, operation and communication that will eventually integrate ecosystem success and business success into one as an Above-the-Ocean Business.