Adapting to uncertain times
I was prepping for a speech I’m giving next week and I came across a wonderful HBR article from 1997. (“Strategy Under Uncertainty,” HBR, Nov/Dec, 1997) It’s apretty long article and I’m not going to review all of it here, but I do want to comment on a way to think about adapting during these tough times.
Take the time to consider your organization’s future and the degrees of uncertainty you are facing. Then consider your options for action.
- You could do nothing and wait for the storm to pass. Â (not recommended)
- You could take some “no-regrets” actions like improving communications and relationships with customers and employees. (highly recommneded)
- You could put some low-cost options in place (like basic business education for the workforce) and prepare for the inevitable uptick in business. (highly recommended)
- If your organization is healthy you could place some “big bets” like buying a competitor and take advangtage of weaker competitors’ troubles. (depends on your real business health).
Here’s the bottom line. Sure, times are tough; but this is NOT the time to hide in a corner and whimper. Do what you can to keep your organization prepared for the future. It’s in your hands.
Date: February 21st, 2009 @ 09:18
Categories: Adaptive Strategy
