Resilient companies between businesses crises and Covid-19
There are myriad examples of resilient companies from all sectors and of all sizes over the years: for example, Marvel, which was nearly bankrupt in 1996, was acquired by Disney in a multi-billion dollar deal. How did it achieve this? By identifying a formula that channels its strengths and reapplying it consistently. The result is that its previously largely unknown characters are now firm favourites of adults and children alike and its films are blockbusters.
Another famous example is Lego: according to its CEO Jørgen Vig Kundstorp, the company’s senior management “believed they knew best and had stopped listening to their customers”. Once again, acknowledging the problem and adopting a “rigorous and creative approach” saw Lego reinvent itself and win back its followers.
The events triggered by the outbreak of the Covid-19 pandemic have tested companies’ resilience and will continue to do so: there are examples of companies that have been able to respond to the crisis, such as those that have converted their production in little to no time, not only providing a valuable contribution to society but also rightly reaping a return. Other examples are companies that have made their expertise available to hospitals, the Red Cross, the National Civil Protection Service and their communities: some companies have invented proper medical devices using easily available materials, others have built hospitals and still others have redesigned how we interact. There are many examples of companies that have demonstrated flexibility and responsiveness.
We will see many other examples in the coming months, when companies will have to really show what they are made of and how they respond to this unprecedented global crisis.