COVID-19 is Also Spreading Decision Paralysis
Totally borrowing this brilliant cartoon from Marketoonist Tom Fishburne, who says that this period of uncertainty is the acid test of business agility. It’s so true.
In the unprecedented face of COVID-19, “uncertainty” doesn’t even come close to explaining it. We need to invent a stronger word. Businesses could never prepare for this monstrosity. And yet, they have to. Or else “decision paralysis” takes over.
“More is lost by indecision than wrong decision.” — Cicero
Fight Uncertainty with Intuition
But you are not powerless in this uncertainty, Fishburne says. You should adopt resiliency, rather than panic and retreat from risk. Get comfortable with the frustration that comes with it.
A lot of what we are reading points to the need for company executives to stand up and make decisions, then communicate those out at a pace that makes them squirm. However, that’s what you gotta do if you want to come out of the uncertainty on top.
There’s no time for cross-functional meetings to debate about it. No handbook to consult. Just pure chaos and intuitive decisions that must be made on the fly. Now. Every day. Probably every hour.
If you’re a wholesale or distribution business struggling with decisions around demand management during this crazy time of uncertainty, contact us. We’re out in the field speaking daily with large businesses just like yours who are feeling scared, confused, paralyzed, hopeless. There are strategies and decisions you can make to stop the hemorrhaging of cash.
For instance, at a time when demand is virtually stagnant, some furniture manufacturers (Klaussner and American Leather Holdings) are jumping in to help produce masks and other protective gear. Brilliant!
Why not let us share what we’re learning?