How to keep moving through the immobilizing crisis?
Current situation with the coronavirus has laid a curtain of uncertainty in front of us all. Companies need to rely on their leadership and ability to navigate through the darkness to find the light at the end of the tunnel.
We challenge you to think: What are the possible scenarios ahead of you? How do they affect your company? Only with careful scenario planning are we able to take the challenges head on and succeed.
The first and foremost step is to understand that there is a huge amount of different factors that affect the spread of the virus, and thus the environment we are working in. All of these reflect on our scenario consideration. Extremely careful thought must be put to assess the probabilities and best assumptions to use in planning. The more right we are in our different presumptions, the better long term decisions we are able to make.
To form a comprehensive picture of the future, we need to consider the impacts in different domains. How severe are the effects for human health? Does this change dynamics of human interaction and generational relations? What are the measures businesses take to cope with the situation? Will new technological innovations relieve the crisis and persist afterwards? How fast can the economy bounce back or do we slide into a long recession? How can governments overcome the potential civil unrest and politic instability caused by the virus?
Fear is a natural emotion to feel in this situation. Fear of unknown can immobilize us and our capability to make decisions. Scenario Planning is a way to cope with the paralyzing feeling of uncertainty. But we can’t move forward without acting. We can’t make mistakes if we do nothing, but neither can we succeed. We need to do something. Scenario Planning increases our understanding of what to come and helps us conquer our fear of failure, giving us confidence in uncertainty.
The best resource for Scenario Planning are people. Bringing people together to share their thoughts and assumptions increases our confidence in the scenarios we are building. And listening to peoples’ opinions helps bring them on board the execution as well. Don’t forget to include data as well, as it can give us crucial implications for correct decisions as well.
It is the time to bring all resources available to the front lines to tackle this crisis – understand the situation, expect the upcoming changes and be proactive in making the best decisions for the future. The clock keeps running no matter what we do, and we need to start acting fast to create impact.
Fingertip is a platform where you can bring your people, data and scenarios together and create instant movement for making fast decisions and impact. Together.
Read more about the First Aid Kit Fingertip are offering for companies to tackle this crisis.