For businesses to recover post the peak of the COVID- 19 pandemic we are all facing, an innovative approach will be needed. Companies will need to be more imaginative in their approach than ever before. A 4 R strategy is likely to be experienced across the spectrum now. It will start with a defensive Reaction, followed by an economic Recession. There will be time for a business Rebound after that, before ending with a business model or product Reinvention. In order to boost the imagination process, companies need to dedicate specific time for Reflection. It is important to pose open, but active questions right now. One needs to be playful, as that’s when business innovations truly kick in. A system needs to be curated, using which different stakeholders may be able to share their ideas. Unexpected and anomalous ideas need to be sought out within the group. Further experimentation needs to be done now. In any case, it is necessary for all the people to remain hopeful for the upcoming time period.

Source:https://hbr.org/2020/04/we-need-imagination-now-more-than-ever

Uploaded Date:16 April 2020