The economic, financial, political and social pressures playing out the world over (Arab Spring, summer and fall, EU sovereign debt, US Congress debt failure) do not mean we all disappear from the face of the earth any time soon.
These massive disruptions simply have become normal.
You do not need to act globally to feel the effects of uncertainty on your business. This is the time for organizations and individuals to re-evaluate their specific situations and build new contingencies, develop new strategies, uncover opportunities for value innovation. Your capacity to analyze, understand and adapt will shape your outcomes.
This is the time for the kind of iterative 360 degree research and strategy process I use in my practice, and others use in theirs. It is by examining internal and external factors and helping people evaluate various dimensions rigorously that together we can shape a powerful direction forward. More than hope it provides pathways for decisive action, grounded in fact and using built-in measures to recognize when course corrections may be necessary.
A few questions
Are your customers particularly stressed due to the financial market turmoil? Which customer segments are more affected and how?
If you are in the B2B sector, are you aware of your business customers current concerns and how you can enhance their opportunities?
As a for-profit or not-for-profit corporation how are you taking account of changes in your environment, in your customer base, among stakeholders? Have you re-examined the assumptions in your 1-, 3- or 5-year business plans, yet?
Are you part of an industry / a sector that has been struggling already to maintain a resilient customer base? Have you accounted for and created strategic responses to the alternatives challenging your products or services in the market today? Have you examined how your products and services are essential – or hard to replace – to your customers?
How are you perceived in your community? How have you been managing your brand in order to create value and trust? How are you evaluating your impact on your community?
How have you responded to the massive changes in consumer behaviour due to the internet and now mobile technology? How have you leveraged the new opportunities that come with online and mobile communications and what are the next opportunities?
These are a few of the questions worth considering. It’s in part the impetus for the series of thought pieces I have been sharing on value innovation in the performing arts, a sector I care deeply about. The process is the same no matter the sector.