![]() The companies that will survive going forward are not necessarily the largest, or the ones with the deepest pockets or even those that are perceived to be at the cutting edge of technology and innovation.Ĭompanies that adapt quickly and look at their current situation as economies slowly reopen – and assess how they should change - will be the ones that flourish going forward. No one knows where exactly the crash barriers are, if any. No one knows what the final direction will be. A very sudden, unplanned change in direction, with lots of screeching and burning rubber. The world is going through a “hand break turn” at high speed, on bumpy roads its never seen before. Neither are we entering a “market transition”, a common term used in innumerable executive briefings. The traditional economic rules of demand and supply now only seem to apply to toilet rolls and hand sanitiser. The bottom line is that the economy and the behaviour within it is significantly different from what it ever was before. ![]() Other countries across the globe are also suffering, with Germany and Japan formally announcing they are in recession this week, with record unemployment now in the US.īut what does this mean for organisations? What about the business you are trying to run right now? The UK's Chancellor of the Exchequer, Rishi Sunak, admitted last week in an interview with the BBC that the UK is "very likely" in the middle of a significant recession.įigures show that the UK economy shrank by 2% in the first quarter of the year - the sharpest contraction in more than a decade. ![]() Where do companies go now in the "New Normal"?
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