What Do We Do Now?
We are now in arguably the most uncertain of days in the most uncertain year of our lives. We face a global pandemic, economic crisis, and a country and government as divided as it could possibly be. I’m guessing that many of us are saying to ourselves, “How do we move forward in these chaotic times?”
One thing I’ve learned from working through major challenges in the past is that a shifting terrain will uncover new opportunities. The trick is being able to identify these openings in the marketplace and then have access to the talent and resources to quickly act on them. And it’s important to do so in a way that mitigates the risk of going off on the wrong path.
Some categories are experiencing strong growth (e.g. cooking, home fitness, shopping/delivery services, DIY and active lifestyle), while others are dealing with significant business issues (e.g. hospitality, travel and tourism, sports and events, shopping malls). Regardless of performance, many businesses are having to manage through supply chain, inventory, and cash flow issues.
The key to survival for companies that are struggling today will be to make a quick pivot to some form of Business Transformation (aka Change Management on steroids). What worked before will not necessarily work now and going forward. However, as necessary as these types of changes may be, they’re often a very tough move to pull off. Personalities, territory battles and the usual resistance to change will likely can coalesce in a push to maintain the status quo. Not to mention that the resources and talent that it takes to implement these kinds of changes may not currently be on board.
There are a few important principles to keep in mind as we navigate across this new and uncertain terrain:
Authenticity - be honest about what your brand stands for, be it positive or negative. What is your brand purpose? Only put forth images, statements and offers that are true to your products, services and overall brand position.
Speed - moving in a fast and agile way is key to both resolving current issues and to capitalizing on future opportunities.
Pilot, Pilot, Pilot - diversification is critical to future success. It’s important not to leave all your eggs in one basket. This is a time to send off trial balloons that will provide quick data on potential new products, channels or marketing options.
Game Theory - chess grandmaster and current World Chess Champion Magnus Carlsen claims that he can “see” up to 20 moves ahead. While this may be extreme, play out the, “if I do this, they do that” for at least three moves. This is the first step towards identifying the most lucrative options and for planning appropriate contingencies.
Risk Mitigation - this is a natural fallout from Game Theory. With every challenge and opportunity there comes risk and reward. Know your risks and if still reasonable to take, have a plan in place to limit the damage if things go wrong.
As George Harrison said, “all things must pass” and eventually the current uncertainties will also fade away. However, because of the magnitude of the challenges that they created, I think they will cause long term and fundamental changes to both our financial and societal ecosystems. Now would be the perfect time to take a hard look at your current situation and to consider what form of Business Transformation would be right for you.