Strategizing Fast and Slow
As companies begin to reemerge from the Corona crisis, many management teams will go back to the strategy drawing board.
The first impetus will defensive, but in times of crisis we tend to overestimate the speed and magnitude of change in fundamentals such as consumer needs and desires. More often, what changes is competitor capabilities and business models, and their ability to fulfill known needs and preferences effectively.
Therefore, act decisively to safeguard your survival, but don’t neglect to think offensively as you revisit your strategy and business model. In a few years we will look back and realize that some companies used the crisis constructively to make giant leaps forward, finding new ways to create value and to leave their competitors behind.
That is the meaning of the old adage “never let a good crisis go to waste”