Decide and act, adjust later
As the recovery gets underway, many organizations will need to make a new set of important decisions. How fast to get furloughed staff back to work. When to invest in the innovation project you were planning before the lockdown. How to structure the new flexible working policy.
If you’re in that position, I have 3 suggestions:
1) Fix what needed fixing anyway: Now is the perfect time to address those nagging issues you never got around to. Whether it’s refreshing your positioning, axing a poorly performing product, or firing an unproductive employee. Sort it out now.
2) Don’t wait until you “have enough data”. If you do, you'll be left behind and even when it arrives, it probably won’t be reliable. Make the best decision you can now, act quickly, but be ready to adjust course as necessary.
3) Don’t focus solely on your employees. Every decision you take also affect prospects, customers, suppliers, shareholders and others. You must have a good idea of what these impacts will be and be ready to justify them – or live with the consequences.
Now more than ever, a fresh set of eyes on the situation could help you get clearer on the right course of action.
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Copyright Hamish Mackenzie, 2020