Unprecedented Times

‘Unprecedented’ is certainly the word of 2020 (apart from Coronavirus, of course)  - well, it is in the UK.  Every commentator talks about ‘these unprecedented times’.

And, of course, we are living in unprecedented times. Economies around the world are in tatters. Many people are working from home, many are furloughed, many have lost their jobs.  

We don’t yet know how well these economies will recover.

The world has changed in ways we don’t yet understand.

But unprecedented times require an unprecedented response. Those firms that will recover are those that are looking at the current situation as a a challenge, a problem to be solved, even an opportunity. They are thinking about the recovery and planning their strategy. They realise competitors may be weak or non-existent. Markets may have changed. You should be looking to identify those industries that will recover first and seeking opportunities to trade with such industries. You should seek to identify possible customer and consumer changed expectations. You should  look to identify new markets, emerging sectors, new regulation, new freedoms, new support channels and other changes to the environment and to your operating context.

Even the worst of situations bring about  opportunities to those who have the ability to think in unprecedented ways about their potential future, their desired future state.

If you are not already looking for such opportunities, you may be too late!