In light of this development, McKinsey published an interesting article about the impact of Covid on different industries. It highlighted a very interesting result:
Industries that were in good shape prior to Covid are forecasted to achieve even better results. On the other side industries already struggling will perform even worse by the end of the year.
McKinsey even analysed that the same principle exists within Industries. In other words – Covid widened an already existing gap between industries & competitors. For details of the data please visit this article.
There are different reasons for this development. Here are some examples:
What are the options for businesses that did not do well during the pandemic?
All the above will help companies moving towards a more agile and innovative business model embracing new trends and technologies and of course to survive this crisis.
The current situation is a threat for many businesses. It also represents an opportunity to change their strategy and business models that will enable them to serve their customers in the New Normal. But they must react now – as speed really matters!
RSP International in HCMC, Vietnam, can help your business in these difficult times with our consultancy services. We can review your business model and setting up a new strategy to future proof your business. We can also assist in restructuring programmes to reduce costs and increase efficiency. This will include documenting and improving your processes. Please find details of our services here.
If you are interested in our consultancy services, please contact us and we will provide further information.