Is Your Plan B A Strategic Faux Pas?
Updated: Dec 22, 2020
The Covid-19 crisis has accelerated changes and forced many of us to develop a plan B. In my business, meeting clients physically was an essential part of the job. That was until a few weeks ago! Since then, many businesses in various sectors, have been hit by the crisis, and it may just be the beginning. Most of them have developed a plan B and are
now bending until the storm is over. Restaurants for example, are proposing takeaway menus or deliver home. But what if the storm continues for months, or for years? The situation is unprecedented. The UK for example might be facing its biggest annual economic decline on record, according to Office for National Statistics (ONS) data dating back to 1949. V-, U-, W-, L-shaped recovery? Nobody knows. Restaurants may be well advised to build a radically different plan A. When things get back to normal, they may not want to go back to the old business model. If the crisis lingers on or worsens, they will rejoice to have stepped out of the water before it became deadly boiling. Shouldn't we all consider a radically new plan A? Should we bend and wait with a plan B or fast forward to a new plan A? What is your strategy? #leadership #entrepreneurship #executivedevelopment