Everyone in our country and around the world are making changes to how they do business. Some market sectors have been more dramatically damaged, such as hospitality, restaurants, and travel. Firms in these segments are being hit the hardest because they demand more direct personal touches than cloud-based businesses. So you might be wondering why is my confidence high this year?
I agree with the many leaders who say “normal” is not going to return. However, we can expect that there will be a “new-new” once we get through the pandemic. Already we have observed a strong interest by organizations in rethinking strategies and operations at our firm, so much so, we offer virtual Rethink Workshops based on the book, ReThink that I wrote before the pandemic.
There are three specific reasons I’m bullish about business this year:
- We have faced many profound challenges in our nation’s history, such as World War I and World War II, the Great Depression, the Great Recession, and now Covid-19. In all cases, people came together and worked toward a common goal. This same spirit is at work today. Yes, there are strong points of view and perspectives of how to be successful, but objective conflict is a healthy formula for innovation that leads to successful solutions.
- There is a renewed drive to be fair to everyone, not just a select few. This desire cuts through cultural boundaries, diversity issues, and financial remuneration, so everyone is fairly compensated for their work.
- People have a natural desire to share both the good and bad times. Today is no different. This desire will drive solutions to eradicate the virus and clear the way for innovation. Of course, strong caution of how you gather is of utmost importance, including face masks, social distancing, and keeping your hands washed.
Making change happen is analogous to losing weight. It takes time to put weight on, and it takes as long or longer to lose those extra pounds. The type of strategic change you need will vary based on your organization’s particular challenges.
Today’s “business as usual” is gone, so don’t make the mistake of solely relying upon what has worked in the past. It’s more likely change is required to maintain a healthy business, and that needs rethinking. As we say at MarketCues, Think Smarter. Grow Smarter.