With this COVID-19 crisis, many structural market assumptions that we built our businesses on are now questionable - or simply no longer true. Two things we now know for sure:
There will be changes
Changes will come with new challenges and new opportunities
If positioning your team to successfully navigate market volatility over the next year or so is a priority, start with a rigorously realistic and comprehensive assessment of your current situation – and write it down. This will foster meaningful team conversations about the changing environment and its implications, uncover new opportunities, and help deploy limited resources more effectively. The team will also experience a boost psychologically as it understands what is true today – and can be true tomorrow.
In our free downloadable PIVOT 2020 ebook, the Current State Assessment tool has four sections, each with multiple queries. Examples of queries include:
Crucially, there are then two additional queries for each set of responses:
What are top implications for your business?
What actions might your business consider given these implications?
As the saying goes, a crisis is a terrible thing to waste. Your grip on your firm's current reality will build confidence and clarity about its starting position and future possibilities, boost resilience to the turbulence to come and accelerate your rebound as the new normal emerges.