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Pandemics, crises and business strategies: threats and opportunities to innovate

Over the centuries, pandemics have changed the course of history in many ways, triggering the innovation of religious, political, economic and technological systems.

The crisis developed from the current pandemic is a paradox: it is both a great threat and an opportunity to innovate the whole society and companies. The need to manage the pandemic have led to a series of consequences, which are transforming many businesses. For example, homes suddenly become offices thanks to smart working, restaurants thanks to food delivery and gyms thanks to online training programs. Physical interaction, apart from family members and, at most, neighbors, has been replaced by virtual interaction.

Covid-19 is forcing companies to reflect on their business model. Before this crisis, firms were facing the strategic challenges posed by globalization and digitalization. The pandemic is changing globalization trends and consumer behaviors in many markets, accelerating the digital transformation processes. Businesses should exploit the opportunities offered by this huge moment of discontinuity to the best. SMEs should especially develop their strategic transformation processes, not only digitalizing their operations but also innovating their business models.

Business need to establish a new strategic plan and new processes to exploit the opportunities offered by the current crisis, revising their whole business model, and putting their missions at the center. Today, keeping all organization members, focusing on businesses’ missions and adapting to the new environment is essential for firms’ survival.