The recent systemic shock across the industry, caused by the COVID-19 pandemic, has resulted in many businesses having to enter an emergency state. As yet, it is difficult to clearly predict when the current lockdown and the resulting reactionary business measures will be lifted, or indeed the future state of the manufacturing sector.
Based on our previous learnings and strategic work with manufacturing businesses, HSSMI has developed a three phase model which can help manufacturers not only survive the current shock, but use this time strategically to realign and plan for growth in the future.
Our model is based on three key phases:
– PROTECT phase: react quickly to the market shocks and ensure business continuity is achieved;
– REVIEW phase: reassess the market situation and capabilities to plan for business continuity and / or growth and adapt to the new norm;
– IMPLEMENT phase: implement the new strategy and capability enhancements in anticipation of growth in the future.