It’s Not About Returning To A New Normal It’s About Creating The New Normal
Getting back to a new normal is not a plan! For the normal is not defined, it will instead be created. Entrepreneurial spirit will bring life to new beginnings, and it will be entrepreneurial spirit, which will defeat those things which the circumstances of the virus deemed less warranted.
The year 2020 will consume the pages of digital history books. The closing of the globe was by far the most impactful thing anyone living today has ever witness.
The trillions of dollars in new debt, the political vitriol, the different values of the five generations active in the marketplace today, and the absolute unknown. Will cause the entire world to evaluate the realities of many things thought once un-changeable.
In my vision, the people of the world will face challenges and opportunities like never in modern history. The opportunities will be a by-product of how the world handles the impending problems born of the virus.
The technologies available today most definitely eased the pain for many around the world as individuals from nearly every society moved to isolate themselves as the world went home to work. One can only imagine had this virus came 30 years ago how complicated many things which were easily accomplished these last few months would have been. As we all witnessed today, however, unpleasant this isolation was our technologies made for many comforts and conveniences through the madness.
The rebuilding will come as more destruction takes place. There will be no grand openings. Society will evaluate everything forward with harsh memories of the past three months and their unclear visions of the next 12 to 18. All leaders or decision-makers, with common sense, will now be obsessed with preparing and positioning for a repeat of the circumstances the world just endured. The world can now never say “We didn’t see this coming.”
Nothing can proceed without income, and income cannot be lower than the cost to achieve it, and when it is, one must have the savings to compensate for the difference as they either continue cutting costs or raise income. Unfortunately, for many, they are at the mercy of others for the needed income.
The individual needs the job; the entrepreneur needs the customer, and this customer is the individual with the job.
The reality with most businesses and individuals is that both have very little savings. This lack of liquidity will cause a deadly grip on the economics of most of the world. As many companies and individuals personally will either not financially survive or struggle immensely in the recovery phase of the shut-down. The ways to recovery will challenge many status quo programs, policies, responsibilities of governments, companies, and individuals.
The Reset Button
Moving forward will take cash and credit. Unfortunately, obtaining credit may be worse than the experiences back in 2008-09. Remember that crisis was not a total economic shutdown. The probable defaults resulting from this are staggering and many lenders will need to tighten their belts in their approaches to new lines of credit and will evaluate business sectors as desirable or not. The circumstances of the Virus have brought awareness to both beneficial and undesirable industries, products, and services.
These things sound very. Pessimistic, however, Being overconfident in unchartered waters is more deadly in my mind. People must prepare and act with a plan. Those who hope based on overconfidence are leaving themselves vulnerable to drowning. The athletes who won their championships did not show up to the competition, hoping they would win. Instead, they trained and planned their strategy to win. In enhance, winning was a result of the training and the strategy.
This crisis will bring awareness of new technologies, and with that awareness, the relevance of both products and industries will be questioned by its customers. It will be how those questioned industries and organizations respond to their needed reinventions, which will position them to prevail.
“All threatened industries must exit this pandemic with a creation mindset over a saving mindset.”
It will be easy to fall back in an attempt to save what was if organizations lose focus on their new post virus customer’s desired outcomes.
Those stubborn to maintain a pre-virus customer based on product-centric mindsets, post virus, will result in delivering a poor customer experience as the post-virus customer’s new awareness gains in momentum. This momentum will lead to the search for customer-centric partners, over those still focused on their per-virus product.
Industries and organizations must remember that a product-centric deliverable includes not just the product or services they sell but also consists of the processes used to sell or service what’s sold.
“A true test of leadership is their ability to deconstruct obsolescence, as they construct relevance.”
Those industries needing re-invention, please listen to what your customers tell you and remember, just because a particular customer is not yet aware of a better customer-centric way doesn’t mean they won’t be made aware. So, shouldn’t you bring that awareness?
Some suggestions for creating a new normal
Create the income, control the cost, and save more than ever before. Regardless of what products or industries you represent, reevaluate the deliverable. Through this reevaluation phase, remember the end-user customer will also be creating their new normal. It will take entrepreneurial leadership to align needs and desired outcomes based on those newly created normals.
Status quo is the killer of all that will be invented.