We still know little about what life, recognizable society, and the condition of our commercial markets might be like in six months, a year or five years. People need qualified information to make decisions. Right now, it seems like we’re all on our own as business leaders in finding accurate information we can base sound decisions upon.
Reaching the right conclusions today about tomorrow will have a profound impact on your business and your future. Tomorrow might look a lot like yesterday in many ways, but not all ways. A good place to start an examination of future viability might be to look at your industry, then your business through the eyes of the 2021 or 2022 customer. If these future customers’ need perception is different from your offering and go-to-market platform, you’ll need to change your plans now.
From a prior experience standpoint, this world-wide emergency finds us all with one hand tied behind our backs. Few of us really have enough information to make sound decisions and need a wider range of reliable sources, fast.
If you are the leader, begin by bringing together your own team of veteran business leaders, industry insiders and independent advisors. The best conclusions and business advice will usually come from the most experienced managers, practitioners, and those at the white-hot core of your industry. Of course, a tactical innovator on your advisory team couldn’t hurt either.
Next, assemble a wider ring of knowledgeable individuals by following postings and other social media statements. Connecting directly will help get you positioned for a free flow of advanced information and insights. Look to your vendors, industry association leaders, “channel partners,” and if not already a part of your inner-circle, look to your regular professional advisors, like your accountant, banker and others. Don’t forget to include reliable sources of publicly available insights you have come to trust over the years.
Becoming an information channel yourself will help raise your profile, benefitting your business and you personally. Actively contributing to the knowledge of others assures a two-way flow of accurate and up-to-the-minute insights on the crisis, and its effects on your business and your industry, both here and around the world.
This is likely to be as reliable as the information is going to get. Use today’s perspective to create sound projections about where you expect to be in two years. As facts come in, confirm assumptions and re-evaluate the projections you made.
Many professional firms are offering webinars on pandemic/economic/business topics. These include lending program information, grants and tax guidance, as well, some industry trade associations have created forums for their constituents. My firm, in conjunction with other professional service providers is launching free 75-minute, expert panels. These twice monthly sessions begin June 23, 2020. Reply here with “Expert Panel” in subject line, for more details or to join.
To get the help you really need, find a resource like Steve Lauterback with a marketing-led perspective, operational fix-it skills, and a willingness to “get involved.” Contact me now, at 973-889-9393.