Right now, many companies realize that they have an urgent need to act fast. As the saying goes—no one wants to waste a good crisis. Teams with the means for investment and the ability to execute smoothly can take steps to ensure they come out of the current situation better than they came into it.
Some of my clients are pivoting as the market has changed. Others are iterating on ideas faster to realize market fit. Whatever your business—now is the time for instilling focus. At this moment, more than ever, having a clear, transparent, and crisp strategy that your entire team is aligned on is of utmost importance. As I said, the best companies are already ramping up their engines to seize the moment.
Unfortunately, many other companies are still in waiting mode. I can’t say I’m sure what they’re waiting for, though. Redoing your strategy right now (in fact, a few weeks ago) is the right thing to do. Yes, even as ambiguity abounds. We will not be able to get rid of all of the current ‘fog of war’ for a while. Sitting on your hands will not help.
This is the time of the strategy as a tactic. You clearly need to get going now and make a tactical move. That move should be based on a nimble, agile, and succinct strategy that your entire team can comprehend and deliver on—no time for dilatory analysis.
Put the kibosh on your old way of doing things. You probably invested weeks in coming up with your 2020 plan, which became irrelevant less than a quarter into the year. There’s no logic in doing the same now. Decide on your strategic factors and the right propellants for your business today. Don’t come up with a five-year plan, but decide on the right direction for the next 6 to 12 months. If things change dramatically—revisit. The important thing is to have an updated plan right now that your team can rally around.
If you need help putting in place such a strategy, contact me. By this time next week, you can already be on your way executing on your updated strategy. The lackadaisical startup doesn’t win the race.
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