It is easy to think about business when things are proceeding as expected, since you have the time to think about everything that is happening and why. In a crisis, all of that changes. Things start to happen to you, instead of waiting for you to take action, and they happen faster than you are able to handle them. This quickly overwhelms your standard operating procedure and makes it harder to operate.
The current global situation caused by Coronavirus is a crisis hitting all businesses, in all countries, in various ways. In a matter of weeks the virus, and the necessary steps to contain it, changed consumer buying, capital investment, and directly constrained entire industries.
In a crisis, you have to start working differently. Unfortunately, the high stress of a crisis makes it hard to think clearly and make rational decisions, which is why many companies start to make mistakes. Using data is essential to staying focused and thinking rationally, but the very nature of a crisis makes data harder to use since everything is changing. All of the historic data about your business might not help at all to predict how the crisis will unfold! Just when you need more data, it gets harder to use.
Even so, it’s possible to wield data as a mighty weapon to not only survive a crisis but to turn it into an opportunity. We’ll cover various methods and approaches to do just that, which you can use immediately to take back control.
- How to quickly triage what you can trust
- Planning in an uncertain market
- Identifying Early Indicators of recovery
- Finding Green Shoots of new opportunity
- Agile Decision Making to ensure you move as fast as the market
Quote of the Day: “Nobody ever won a chess game by resigning.” – Savielly Tartakower