What the world is experiencing right now is the real deal - a rare Black Swan Event.
According to Investopedia...
A black swan is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences. Black swan events are characterized by their extreme rarity, their severe impact, and the widespread insistence they were obvious in hindsight.
We will tell our grandchildren or anyone that will listen at the country club or nursing home about our 2020-21 COVID-19 Black Swan experience.
Will you be able to say, "Veni... vidi... vici..."?
I came... I saw... I conquered...
Welcome to a period in history of unprecedented change and opportunity.
Like you, I have done the analysis. I have looked back in history for similar events seeking to understand the boundaries of this monster. Just how deep and long could this contraction will be?
There is no parallel data. Nothing compares to this "Black Swan Event".
We are in the early stage of an 18-24 month historic period of change and uncertainty.
- The human loss will be simply incomprehensible.
- The financial losses... Staggering and prolonged.
Will you, your team and your company get in front of this opportunity and shape your future or become a victim?
Human Nature 101 - Human beings become paralyzed in crisis.
In a crisis, human beings often over-analyze, agonize, over-strategize and ultimately defend the status quo.
This is why...
- Companies often fail to change their strategy even in the face of new, credible and compelling information.
- Companies ride bad decisions into the dirt.
- Consumers freeze their spending.
- Businesses freeze new investments that could pay off until information is near perfect or perfect.
This is an opportunity.
This is an opportunity for bold action.
Five, ten or twenty years from now, you will look back at this time.
- Take a hard look at your business model and boldly slash what is not currently adding extreme value to your Customers? In fact will you double down on your winning strategy?
- Ignore sunk costs and cut your losses?
- Identify your very best salespeople and employee team members and "Alamo up" - tell them you have their backs and will do whatever it takes to protect them?
- Remove your low performers?
- Double down on identifying the best talent you can find in the industry?
- Keep a keen eye out for new opportunities to create extreme value for your Customers?
Or did you just survive?