Most executives think of decision making as a singular event that occurs at a particular point in time. Many call this a pivot or transition. Months into the global pandemic has taught us one large lesson: the world is forever changed and it’s not going back to where it once was.
When it comes to the Next New, the ways you do business is forever changed.
So if you are interested in finding the solution that works best in your new reality, you’re in the right place. Everything needs to be considered in light of rethinking your organization’s core business strategy and that’s the place to start.
- Our firm offers a brief organizational assessment here that will quickly give you a snapshot of your organization for free.
In reality, though, decision making can be a process fraught with power plays, personal nuances, and institutional history that gets into the way of producing high-quality decisions. Everything today seems to take so much longer compared to past years. One simple reason is because of the complexity that is inherent with decisions of great importance.
A very good friend of mine, Anne-Marie Wurzel who has faced many personal and family challenges recently wrote in her blog, “WE ARE ALL in the midst of a crisis with this pandemic, school starting, numbers rising. It’s a lot. And when talking with friends and co-workers, we’re all so tired, but feel like we’re exerting less energy. Honestly, everything is just backwards and upside down and unfamiliar. But, we can still dream.”
Financial analysts are reporting that their early data suggests commitments to private equity funds could slow down or become far more selective in the coming months. Previous downturns, such as the Great Recession during 2008-2010 taught us the importance of staying attuned to challenges that produce the so-called “denominator effect.” Executives also learned that strong returns can be achieved by investing during a recession.
As senior executives struggle to design new organizational strategies due to the business fallout that COVID-19 ushered in, it’s important they don’t shy away from good opportunities that come their way. We have seen equity investors pull in their focus to existing companies at the expense of developing new business.
The coronavirus has slowed and shutdown once leading companies who were not prepared for a sustained downturn of business. They lost their ability to fundraise for the long-term due to the inability to sustain their short-term needs. As we watch and advise our clients, we consistently recommend they push forward and not shrink back!
This is the perfect time to rethink what you’re going to do next.
Base this decision on what your customers need most, ask them for their input, and then proceed with confidence. If you learn something new that changes your direction that’s great! Don’t be afraid to challenge your status-quo or reluctant to change because you don’t want to be left behind.