When we’ve talked about “disruption of status quo” at EdgeDweller, this situation is not exactly what we have had in mind. Fortunately, the tools you need to recover from disruption (whether instigated by new market entrants or world pandemics) are the same ones that experts use to intentionally create it.
Included below are the three strategic moves we think are most valuable. Please take a second to review and, if helpful, schedule a 45-minute quick problem-solve session (we’ve cleared the next four Fridays). Lastly, look out for our simplified and customized set of Intentional Innovation® tools for fast response to disruption. (More information below.)
Keep your chin up. Let’s get out there and disrupt some status quo.
1 – Dump The Junk
- Cut costs to the essentials. Make sure a path to recovery is in your essentials list.
- Eliminate or reconfigure operational initiatives that do not offer immediate/significant impact to the bottom line
- Streamline your innovation pipeline. On average 50-75% of new ideas do not align with needs. Spending time in the wrong place is not an option now.
2 – Pivot for the Short Term
- Assess your customer’s short-term critical needs and revamp your value proposition accordingly. Customers’ needs today are very different from yesterday.
- Reconfigure your current offerings to deliver against new critical needs and value requirements. Make short term/low-cost pivots and communicate their value.
- Assess the overall impact of price reductions and the likelihood of margin recovery. Discounts do not work for many industries.
3 – Prepare for the Long Term
- Move quickly from a reactive to proactive state. The world will not return to the old status quo. New approaches to resourcing, skills, infrastructure, partnering, etc. will be here to stay.
- Use this time to reinvigorate and empower your teams. Offer more effective teaming approaches and build skillsets for the new future.
- Review your short-term pivots and assess how to turn them into long-term plays.
- Make concrete commitments now for reactive vs. proactive resource allocation. This will have the greatest impact on staying ahead of the speed of change.