Main Idea:
Has your business changed during the pandemic? Are you comfortable with where you are and where you are going? Is the world changing around you too much and you aren’t sure where you fit in? What is success going to look like in 4 months?
Expansion of the Idea:
It has been interesting listening to various analysts talk about whether Major League Baseball will reopen this year. There are a lot of moving parts in connection with keeping players safe and at the same time creating the right environment for playing ball. The owners leaked some information to put the players on the defensive. The players are digging their heels in and will not renegotiate how much they are paid. The whole thing comes down to money. The problem is that no matter what, everyone is going to take a huge financial hit this year. The one thing that I have not heard much about is whether or not the fans will watch the games online and start to go to the ballpark when it opens up. The owners and the players seem to be taking it for granted. And this could create a huge long-term problem for MLB, especially if they don’t agree and baseball is deferred until 2021.
There are a number of critical pieces that each party must get right. The owners must make sure that they are not committing financial suicide. The players have to maximize their income since it will be cut by at least half. The minor leagues will probably be decimated since they won’t have any revenue. Everyone has to be able to do this safely, which is probably impossible. And all of this is assuming that there isn’t a huge second wave of infections.
I don’t know the answers to any of the above. The point is that it requires a lot of time and discussions to determine what is critical. All of the stakeholders need to be involved. The end solution has to work for everyone.
The same is true for our businesses. We need to define what is critical for our success. This could include:
Sacrificing the present for the future
Looking into alternative methods of delivery of our product or service
Changing how we sell
Changing what we sell
Changing who we sell to
Lowering our margins
Each of us has different things that are critical for our success. My critical success factors have changed dramatically over the last 2 months. Now one of the most important things is the financial (and mental) health of my business clients. This is something that I was always focused on but now it is absolutely critical because clients can’t just get out of a hole because the economy is completely different.
All of us need to spend the time thinking about this and working through our businesses to define this. By focusing on what is critical, we have improved our odds of getting through this period.
Next Steps
Have you identified what is critical to your business?
Can you measure it?
If not, brainstorm with your team to think through your business.