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 and the like. This is incredibly sad for these businesses and those working within them and we hope for their sake, and our own, that the proponents of the V shaped recovery thesis are correct.
Other businesses are seeking to adapt just to survive. Cafes and casual restaurants that are offering prepared and semi prepared home delivered meals and treats would be an example. We see signs that the community is going out of its way to support these businesses where it can.
Then there are the 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 – all from home. Fortunately for many receiving this communication, and for our respective clients, 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 with client calls, meetings and webinars, and that overall, communication levels have risen since the move to home-based work.
We suspect that the level of reactionary activity will reduce as people adjust to the “new normal” and that at in a short period of time, each of us will have the opportunity, should we choose to recognise it, to lift our eyes to the horizon and to think again about where we are heading and how we get there.
Of course, the temptation is to adopt the mind set that says, consciously or sub consciously, “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, there are scenarios being discussed by credible experts in our mainstream media that the current social distancing restrictions may go on far longer than that the initial 3 to 4 months estimate. What if they prove to be correct? How long do you put progress on hold? Treading water can allow you to get your bearings, but at some point, you need to progress to your objective.
Furthermore, clients like to see their service providers finding ways to serve them better. Business employees take confidence from their organisation pursuing excellence. Respecting and besting our competitors demands the relentless pursuit of improvement.
It seems to us that there are some questions we can all ask of ourselves:
Are my opportunities defined by the pandemic, or is it, for a period, simply another “environmental factor” to contend with along with many others?
Are the current market circumstances and my capacity to respond to them and care for my clients 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