Perhaps the most important thing chemicals companies can do in this environment is a bit contrarian: rather than reacting to today’s shifting conditions, think more broadly and more long term. Simply put, take a ‘true north’ approach to strategy development. Start with a clean slate and imagine how customer needs and the value of products that serve these needs will change in the coming years. Understand the driving forces behind these changes, and most important, answer the question of what factors will remain relevant in any future scenario. Then, critically reflect on what few critical capabilities will be necessary for success and be honest about the gaps. Only then can the company start the transformation journey of, for example, establishing new business models, developing products and services, restructuring business units, and building talent pools and innovation teams to target these new potential revenue streams.