As I talk to businesses and leaders, a recurring theme has surfaced. I don't know what I should do next.
This statement is usually surrounded by a sense of fear created by the current (Q4 2021) economic conditions and the uncertain outlook. The fear is understandable–it also can be paralyzing.
The one thing that resolves most of the fear is Action.
Action can take many forms, but I recommend one of three.
Do nothing and stop fretting. Staying the course is always a viable option. This is NOT to be interpreted as "ignoring it and hope it goes away". Keep on your current path and step-up your observations of your business and what affects it.
Move forward with your current plans. If you have considered and planned for the reasonable obstacles, then move forward with your business plan. I recommend increasing the frequency of project and economic reviews so you can stop a project quickly if warranted.
Pause your projects and take a deep look into your business processes and changes in customer behavior. Determine where you can improve efficiency and effectiveness as you address the changes in your customers' buying habits and patterns.
What are you doing in this time of unprecedented change to remain successful? If you are trying to simply hold on until we get back to "normal," then you are failing to take advantage of opportunities to leap ahead of your competition.
If you want some ideas to dramatically improve your product strategy and commercialization, let’s talk.
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