Stress-test your business’ performance and strategy against each scenario by modelling the various business outcomes. Stage 2 Develop multiple scenarios planning It would also be useful to perform a quick sensitivity analysis to assess which assumptions matter most. A three-year plan with the planning assumptions will help determine what drives the financial performance of the business. Take stock of the business’ financial assumptions, ongoing initiatives, and major strategic choices. Stage 1 Gain a realistic view of the starting point MCKINSEY STRATEGIC CRISIS-ACTION PLAN FRAMEWORK Using the McKinsey Strategic Crisis-Action Plan Framework as one possible guide, the team can develop a crisis-action plan by going through the following five stages across multiple time frames, ranging from the immediate to longer term after two years, to cope with the new reality. This is because as new information surfaces, it has to adjust and adapt its crisis-action plan accordingly. The team must be adaptable and be able to work with uncertainty. PLANNING AHEADĬonsulting firm McKinsey & Company advocates forming a “Plan-Ahead Team” which is made up of a few small but scalable planning groups. In this article, we explore how businesses can re-think assumptions regarding business practices, prepare themselves to bounce back stronger in the new business environment, and consider how their business and/or operating model would change given the new reality. One thing is for sure – businesses need to be very deliberate in planning for recovery. The best approach to navigate the Covid-19 crisis and subsequent recovery will differ according to the unique circumstances of each business. While businesses tackle the immediate challenges, those with an eye on the future as well will be the ones who can keep ahead of the competition. People will behave differently – they may still avoid crowds post-pandemic. Healthcare systems will be revamped or at the very least, improved, in many countries. When the dust finally settles on the coronavirus disease (Covid-19), the pandemic will leave behind an indelible mark in the history of mankind. PERRINE OH COMING BACK STRONGER POST-CRISIS