Michael Ringel: Companies must do these things to thrive post pandemic - Business Insider

Michael S. Ringel is Boston Consulting Group's global leader for growth and innovation analytics, and a senior partner.

He recommends companies rethink their portfolio partners, update culture, consider hiring new talent, try new business models, look for new opportunities, and break from the status quo.Many businesses are appropriately focused on managing the current crisis, whether that means maintaining liquidity to secure survival, pivoting to COVID-19 response, or addressing the impacts of a global downturn.

Companies that made investments to prepare for the return to growth — whether through the enhancement of internal capabilities or the pursuit of additional merger and acquisition opportunities — not only were able to take advantage of a window during which those capabilities were easier to acquire, but were also better positioned to outperform, once conditions for growth returned.

Wherever possible, companies shouldn't just cut their budgets to meet cost targets, but deploy their assets to accelerate the most promising efforts in light of likely post-crisis realities. BCG research shows that companies that shifted — or even grew — research and development spending in the last crisis created more shareholder value.For many companies, this moment may be the best opportunity for culture change in a long time. Take advantage of the opportunity for the long term.

Bosch, the German automotive supplier, for example, partnered with Randox, a UK-based medtech company, and was able to develop a potential new COVID-19 rapid diagnostic test in just six weeks.The crisis also offers companies an opportunity to reimagine the way they innovate.

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