The cost of living crisis and the war in Ukraine has disrupted markets worldwide and is threatening to herald recession for businesses across the UK unless they embrace change: business as usual just doesn’t apply anymore! These economic shocks force us to re-assess how businesses work and our ability to thrive in a post-Covid environment depends on how we react to these challenges.
The psychologist Elizabeth Kubler-Ross described the stages of grief people go through when a loved one dies in her book “On Death and Dying” in 1969. Psychologists, sociologists and economists have applied her theory to the process of dealing with any changes in life based around the concept of dealing with loss, whether it be a loved one, environment (such as a physical re-location), control (new boss), or established structure (e.g. time schedule, roles / responsibilities and process).
Given that the Covid-19 pandemic and the cost of living crisis are two such losses (of market stability) that are so significant, we believe the Kubler-Ross change curve applies here:
The timeline is split into a number of stages in 3 distinct phases:
Three areas for every business to consider are:
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