In order to overcome the challenges introduced by COVID-19 and leverage opportunities, firms need to embark on a born-again journey of self-discovery and healing. This involves accepting the need to engage in a grieving process that shapes a new raison d’etre for the firm after rejecting traditional thinking and redefining business practices. Based on the author’s research and work with clients across numerous industries, this article outlines the Business Recovery Strategy framework and explains how it can help managers organize their thinking and plan innovation. To help stakeholders appreciate the reinvented firm, managers should take the following actions to align business practices with the new normal: 1) firms’ strategic review processes should be demystified; 2) firms should set up a committee charged with anticipating possible future disruptions; 3) firms should engage in cost reduction strategies while creatively sourcing the funding necessary to avoid cutting key employees and budgets; 4) when social distancing needs subside and reduce the need for remote working, employers should consider a hybrid approach instead of a return to previous workplace practices; 5) companies should ensure they understand new customer needs and behaviours that the crisis created; 6) companies should implement a more bottom-up marketing strategy; 7) firms should focus more on value and consider empathic communication and branding strategies; and 8) firms should consider strategies that are a combination of the physical and digital, or “phygital.”
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