How Businesses Should Think About Reopening-And Why It Matters?
As the economy re-opens amidst what will likely be the greatest recession since the 1930s, business leaders would do well to keep FDR’s exhortation in mind. The same spirit of boldness and experimentation can help businesses survive the crisis and contribute to the recovery.
Different businesses will, of course, face very different challenges. But I’ve run more than a dozen companies, many following periods of serious upheaval, and there are a few core approaches that are applicable to all firms in the present crisis.
Navigating these volatile conditions will be an exercise in critical thinking. Consider the situation a high-stakes case study in improved reasoning. Private trip
Given this ever-evolving situation, leaders should look to make quick but informed decisions. If the economy opens up faster than expected, businesses need to be in a position to take advantage. At the same time, if things go slowly or — worse, there is a second wave of infections — businesses need to be able to either find new sources of revenue or ramp down without having to shutter completely.
To prepare for this uncertain set of circumstances, smart leaders should map out possible scenarios as well as effective responses to those scenarios. A highly effective strategy for improved reasoning, scenario mapping should be driven by data as well as counterfactuals, while potential responses should be stress-tested by a variety of colleagues both within and outside the field.