Management in a Multi-crisis Environment

Summary When considering the effects of the coronavirus crisis, companies cannot ignore the need to manage the economic crisis left in its wake. This may not be possible with the traditional structures and management and leadership concepts. The coronavirus crisis has revealed deficits in both risk and crisis management and in controlling and corporate decision-making. The holistic management approach in particular needs to be significantly improved. Even though many companies have elaborated upon their risk management and business models because of the corona shock, it still happens too often that companies only recognize risk after an unwelcome event occurs. Targeted action is then often impossible. In order to improve the situation, the topic of risk management needs to be prioritized on management agendas in a more sustainable way. Not every company has to rethink its business model from scratch. Many things develop when you start to think about your own business and examine how customer needs are changing. It can also be assumed that almost everyone involved can benefit from the targeted digitalization of processes and business areas. Those who fail to do so risk falling behind those who embrace new technologies and opportunities. This also applies to the path toward a crisis-proof, modern management style.