Given the rapid pace of global economic developments with Covad-19, organizations are faced with a pretty stark choice!
What I’ve learned over 25 years is that it is our ability to keep focused on the future in the face of massive uncertainty is that our ability to move forward defines our success.
With that in mind, you can:
- Freeze: do nothing
- Panic: make rash decisions on structure, markets, investments.
- Innovate: respond to rapid market change through innovation, particularly with respect to strategies, structure, capabilities, markets, products, activities
The first choice won’t serve you well. Inaction is not a good choice, because markets, customers behaviour, cost inputs and just about everything else will change even faster now, and so you need to change faster.
The second choice might seem to be the only response given the velocity of events as they occur, and it will be an unfortunate reality for some as this new era of volatility unfolds. But for others, panic will truly get you nowhere.
Option 3 — continuous innovation — remains the only thing to focus on. You need to work hard to align your current strategies with fast paced economic events.
Why? History bears this out – here’s a clip where I’m referencing a very powerful study!