It is undeniable that the COVID-19 crisis has had a huge impact on the world. And with the current situation, it's still impossible to predict how it will end. Amid the uncertainty, ambiguity, and not knowing when consumers will feel safe enough to return to their normal lives. Therefore, the forecast of the economic return remains comprehensive.

However, the sector's standstill waiting for clarity is not the right choice. On the other hand, analysis by Boston Consulting Group found that in the subprime crisis (2008 - 2009), business groups make immediate adjustments to cope with the situation. Operating results are better than those of the companies that started to change when the economic downturn was full.

Business modeling by dividing the crisis into three periods: Flatten, Fight and Future, or 3F. Will help plan suitable management It compares the COVID-19 crisis and planning each time to get a clearer picture.

1. Flatten: 

During the period when the COVID-19 virus began to spread in different areas. And can't control There are a lock-down and an announcement of a state of emergency in the country for about 2-3 months. To control the spread During time Business owners must respond promptly to crises.
 

By examining how the crisis has affected. For example, having to close the business temporarily, reduce income, and cause unemployment or economic recession. Then check the cash flow liquidity. Reduce unnecessary expenses and may need to cooperate with fewer employees to come to work and ask for a partial salary reduction to avoid layoffs.

In addition, negotiations with creditors should be negotiated. Owner or government agency to delay payment, debt settlement, or taxation. To help reduce the cost tension. And the most important part of this period is to set up a team to develop a response plan and prepare for the fight.

2. Fight 

The timing of the COVID-19 outbreak was controlled to some extent. But still unable to produce vaccines or stop the outbreak completely. It was a time when measures began to relax. And business began to return to normal.

During this period, the business owner must apply the plans they have prepared. The risks must be assessed periodically. Because the situation has not yet entered normally. Business planning from short to long term Including a backup plan to deal with unforeseen situations is essential. Business resurgence and monetization must be adjusted primarily in order to build consumer confidence. The key is to protect yourself, employees, customers, and others from infection by strictly following recommendations from public health authorities to prevent a new pandemic. The flight period lasts from 12 months and can be if 36 months if the outbreak is not controlled.

3. Future 

The period when a cure was discovered or a successful vaccine was invented. And there is no longer a pandemic. Which is expected within the next year. During this time Both business owners and consumers can now adjust and live their normal life. And will cause a wide economic expansion. If the owner has been well prepared since the Flatten period and can deal with the uncertainty. Along with making comprehensive business planning during the fight, it is the right time to adopt strategies to develop business for future growth.

Business planning to accommodate the new normalcy, serious study of consumer behavior, adopting modern technology, and continuous business development are strategies that help generate sustainable income and profits

However, no matter how normal or better the situation is. Business owners must always be prepared to deal with uncertainty. Because no one can predict what will happen in the future. Modeling a business for dealing with crises with 3F is another step-by-step approach to crisis management. And help them find ways to cope with each moment properly. With the main aim of allowing businesses to survive and continue under any circumstance.