Adapt your business strategy
Once a crisis hits, your task force must stay ahead of it. That means reforecasting revenue and reexamining costs. It also means reprioritizing the work to be done and reimagining how your teams will do this work. As you weigh the possible paths forward, revisit your existing business strategy. Start by identifying which strategic goals no longer make sense—then focus on a small number of critical priorities. Use the activity below to see how to ensure alignment on new business strategies.
Your company could sit at the forefront of innovation and cutting-edge technology. But when a crisis hits, you may not have the luxury to continue these high-risk, high-reward ventures. Instead, you may decide to refocus on retention of existing customers and selling existing products. It may run counter to what you’ve done in the past. But until you stabilize yourself in an uncertain market, rely on what you know to better ensure company survival before you get back to doing what you do best.
Business strategy assessment
In a high-stakes, high-pressure scenario, time is of the essence. You need to make a leadership call regarding how to adapt the business strategy in light of the crisis. This decision likely won’t be unanimous so make sure you have a way to align your leaders. Tools like the PI Strategy Assessment™ can help provide transparency into beliefs and a platform for alignment to occur.