Uncertain times mean things are not going to behave as expected. The lack of certainty means who knows what’s around the corner. It’s a brave new world so how well will you navigate these uncharted waters?
It is clear we are not able to control the impact of COVID-19 now, in a few months or even in a few years. The case is the same for many disasters or crises you’ve ever experienced in the past. But what we can do is navigate and mitigate the impact these events have on our business, our customers, and our partners.
So, how will you navigate these uncharted waters?
Create a safety net
Put in a safety net by maintaining strong cash flow, strengthen your pipeline, and work hard on delivering. Above all else, keep a close eye on all your numbers. These are the key ones to watch:
You have to stay competitive
Stay competitive and on top of all your client needs and demands may be harder than it used to be but it’s more important now than ever. Your clients’ needs may well have changed. You just have to change with them.
Demands have evolved significantly in some industries in response to the new and uncertain future we are all facing. International restrictions, fear, changing competitive advantage, geopolitical rumblings all have an influence on individual and business consumption patterns.
This may be an advantage or a disadvantage to you. But it’s your job to work out which it is.
Customer preference will change
How long will social distancing be in place and how do you most effectively mitigate the effects of it on your business.
Consumer preferences have changed and will continue to change which will impact demand either directly or indirectly.
Though we have been able to adapt quickly, the situation is changing more rapidly. One of the best ways to deal with uncertainty is to continuously evaluate and track it.
New markets will emerge
New markets will emerge over time as we move into a more digitally reliant world. People have adapted very quickly to the need to connect virtually and I feel many have found this change surprisingly liberating.
It’s the tip of the iceberg really.
There are already stories of workforces working at home permanently and office spaces becoming vacant as face-to-face is replaced by screen-to-screen.
This has dramatically changed many people’s views on what is possible with a fractured and remote workforce.