The World Health Organization declared the global COVID-19 outbreak a pandemic on March 11, 2020. Three years later, what can companies and managers take away from this crisis to do better in the next one? Answering this question is particularly pertinent now, as other crises unfold. Crises offer companies unique opportunities to distinguish themselves against rivals. Our assessment of the performance of more than 1,000 large companies around the COVID shock shows that, in the 18 months before the pandemic hit, the average…
