Opportunities for the brave, the bold and those already ahead of the game
Thinking time is something that I had not realised I’d lost until the current lockdown occurred. I was running at full tilt, often driven by the demands set out in my line of sight and at times consumed by the general busyness of day to day life in the city. But I believe this pandemic, as horrendous and massively disruptive as it is, has created a unique moment in time where economically and socially everyone is in a very similar position leading to a global slow down and a natural hiatus. It has freed up time, not least from travel and general office administration and has given many people the chance to catch a breath, pause and reflect.
Rethink, reimagine, think big and become a catalyst for change
Although we all remain busy, in general this has given us more time for thinking! I believe people will have used this period to reflect on how they, their people, and their organisation have fared during this crisis. It will or should have stimulated a review of strategies and an opportunity to rethink and reimagine operations, but with the view to delivering something bigger, better, and radically different.
Now is a time to consider how easily the business was able to adapt and adopt rapidly to new ways of working and to analyse and understand the impact on customers. Executives and senior business leaders have a unique opportunity to use this thinking time to recognise what has worked well, but also to challenge themselves on what could have been done better and how they can improve in the future.
I recognise that companies have had to make quick survival and tactical decisions. However, as we settle into a ‘new norm’ it’s important to take the time to think about the possibilities for the ‘new version of your business’ and explore the opportunities for securing growth.
I believe numerous new projects will start as the C-Suite uses this time to pause, reflect, possibly lose some ‘pet projects’ and accelerate new initiatives driven by this situation. I also expect to see a swing from larger capital projects. For example, planned expansion of office space might be kerbed and the money invested in technology that allows more flexibility, more scalability, and more growth. Conversely, I think where insurance organisations undertake projects it is likely that they will favour “as a service” solutions or look to work with partners who are willing to table more innovative commercial models that shares the cost of investment for a share of the business benefits realised.
Are you ready for the race ahead?
Regardless, there will come a point, like at the start of a grand prix race, where everyone is lined up and the lights flash green for go! So, is it a case of doing a couple of laps but then dropping into the pits for new tyres because the weather has changed, or get out fast and do all you can to stay in front, regardless of the conditions? We have starting positions and there are choices being made and although we do not know the specific start date, rest assured that those poorly prepared moving forward may not even be in the race.
A challenged market brings other opportunities. It is in times like now that mergers and acquisitions are often considered where companies can be acquired at a lower cost to increase customer numbers and market share. This may also lead to the implementation of new architecture allowing new products and services to be rapidly adopted and easily scaled. Now is the time to rethink, reimagine the business. Think bigger, better, and consider new opportunities to excel and grow.
As I reflect, I think back to a similar period when the Dot Com bubble burst, it was a very painful time. Although many lost out, there were also far more who won by adapting quickly and realigning to the new situation. And I believe we are in a similar position again, right now, where the brave and bold and those able to get their ship in order quickly will flourish.
Author: Tom Maleczek