Do you have those days when you are just stuck? You don’t have any energy, or no creativity, or the kids were up half the night? Do you bail and call in sick? I felt that way about writing a post today. I’ve been doing this every Sunday for over 10 years and except for one time when I had no internet in Hanoi, it has gone out every week. This morning I had nothing.
Not really true, I have a lot to say but it is not about business. The volatility, uncertainty, complexity and ambiguity (VUCA) we are living in REALLY requires us to be very clear about our goals and to continue to take just one small step at a time towards achieving them. You MUST preserve cash. Personally and professionally, as the economy shrinks there will be opportunity for those who still have cash. Stay profitable no matter what.
Stay ahead of the downturn. If your sector is shrinking, hunker down if you don’t see any opportunity to grow. Be patient. Don’t assume the future will be like the past. Use this time to learn. Maybe study how to use AI better in your operations. Run scenarios with your team around various options to take market share. Get their thinking. Become more excellent at execution. Just one small step. Department by department, week by week.
Meet with suppliers and customers. What are they seeing? How are they doing? If not in person, by zoom, by phone or by surveys. Ask what are their concerns? How do you work better together to get through this uncertain time? Do a deep dive into what your competitors are doing. Go to trade shows in your industry and talk to everyone. Have your team members do the same with a list of information they should get.
Andrew Grove wrote “Only the paranoid survive.” This week, I plan to reread his book.
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Image of Convict Lake, Ca