Through the Survive to Thrive Series, we outlined our top-level perspective on the seven key mistakes to avoid and seven urgent opportunities to implement so businesses can emerge from the current economic downtown in a position of strength. The processes and methods from Phase II: Revise that we started sharing with you over the past several months now come to a natural conclusion as we look forward to where we go from here.
What a year it has been!
Our Phase II: Revise articles have zoomed in on error detection and improvement development in targeted areas. Together, we have explored the blunders that businesses are most likely to commit in times of crisis and then provided corresponding pathways that lead to proven growth.
It is equally important to take a moment now to take a bird’s eye view of how we actively identify, prioritize, and create sustainability through times of uncertainty with the roadmaps we have presented. Specific articles from Part A and Part B interact with one another, so we recommend revisiting these pieces in the following four clusters.
Think of them as direct conversations between the blunders you might be making and the potential opportunities to right your course.
Survive to Thrive Topic Clusters
1. Industry Cycles Affect Visioning and Scaling
The very first blunder we introduced was Mistake #1 Misdiagnosing Industry Changes, where having a good understanding of where your industry is, your place within it, and how your clients’ needs may have changed was vital to getting ahead of your competitors. This analysis influenced both Opportunity #1 Visioning and Opportunity #3 Scaling as the first step to determine relevancy through shifting markets and landscapes.
2. How Risk Relates to Vision
The risk assessment profile outlined in Mistake # 3 Risk is a critical input for Opportunity #1 Visioning. You use this profile as an aid in prioritizing which growth opportunities are suitable strategic and cultural fits for you, your team, and your business as you work through areas of potential growth.
3. Course Correcting with Products and Packaging
Do not get bogged down in Mistake #6 Boom Packaging, where your product offerings are tailored to the previous business cycle. All companies can apply the 5-Question Packaging Framework from Opportunity #4 Products and Packaging to meet the customers’ new and anticipated demands in current and future times.
4. Remember Your People
Finally, our last mistake and last opportunity concern the measurement and regulation of your workforce’s expended energy. Difficult times impact individual and team energy levels, and a lack of awareness can prevent your people from being able to participate in the recovery. We recommend reviewing Mistake #7 Energy Management followed by Opportunity #7 Adjusting Team Capabilities to counteract the depletion of energy during a pandemic as people experience a range of painful emotions, including fear, anxiety, and uncertainty, all while living more isolated existences.
The beauty of the framework we established in Phase II: Revise is that the lessons implied in moving from Mistakes to Opportunities are applicable to almost any major business crisis. This guidance can be read and reread any time you are up against a serious challenge and seek a roadmap for growth. Here they all are again:
So Where Do We Go from Here?
The great thing about the birds eye view is you can see further ahead, compared to those in the trenches. This has indeed been a challenging environment. As entrepreneurs the good thing about overcoming the difficulties we outlined in these article makes us stronger going forward. You and your team now have more resiliency, your customers have new needs and some of your competitors will have missed the opportunity to propel their businesses forward.
Now, take a moment, two…or ten and savor getting through the most difficult of times! We plan to do so with our colleagues, friends and family and look forward to sharing more insights and experiences to guide you on whatever path faces you next.