What sort of “hibernation” are you going to have?

There has been considerable discussion about businesses “hibernating” during the period of government mandated social distancing. For some businesses, particularly those associated with activities now actively discouraged or banned, there is little choice – think travel agents, fine dining restaurants, nail salons, event venues, discretionary medical services, professional sports. Other businesses are seeking to adapt just to survive, such as cafes offering home delivered meals. Then there are businesses that can function relatively well in the current environment – those where services can be provided remotely using telephone, video conferencing, cloud-based computing and file storage. Fortunately for many receiving this communication, financial services is such an industry.

Talking to our client firms and industry colleagues, there has been no slow down, let alone hibernating! Market circumstances have demanded a strong customer service response, and this is happening. The common refrain at present is that people are busier than ever, and overall communication levels have risen since the move to home-based work.

We suspect the level of reactionary activity will reduce as people adjust to the “new normal”, and that in a short period of time each of us will have the opportunity to lift our eyes to the horizon and think again about where we are heading. The temptation is to adopt a mindset that says “for the duration of this pandemic, it’s all about survival and we’ll get back to progressing our strategic goals when it’s over”. While it may be tempting to moderate our ambitions in trying times, it feels like a mistake.

Firstly, credible experts suggest the current social distancing restrictions may go on far longer than the initial 3 to 4 month estimate. How long do you put progress on hold? Furthermore, clients like to see their service providers finding ways to serve them better, and employees take confidence from their organisation pursuing excellence.

It seems to us there are some questions we can all ask ourselves: Are my opportunities defined by the pandemic, or is it simply another “environmental factor” to contend with along with many others? Are the current market circumstances and my capacity to respond to them telling me anything about how my business needs to change? Do I want to come out of this pandemic where I was before, or where I now plan to be?

Have a good week.

Brett Sanders