How to thrive in the new normal
"It's about time somebody punched this economy in the nose." --from a Southwest Airlines sign
Welcome to 2010! Time to focus on how to survive thrive in these uncertain and turbulent times.
Here are some great tips from McKinsey Quarterly in an interview with four chief strategy officers who share their thoughts about strategy and planning in these turbulent times. Here are my takeaways:
- "The discussion around a new normal is ultimately a discussion around the shape and timing of economic recovery" -- Peter Pintar, Smith International
- Niki Manby of Visa talked about forecasting using a few key measures or "indisputables" on which to base the forecast. She said it is extremely difficult to find indisputables in the current environment.
- Peter Jueptner of Estee' Lauder said there is a "new normal" in how you run your company. Adaptability is front and center.
- Niki Manby adds "flexibility" and "alignment." "You want to be nimble, but at the same time you want to make sure you are turning whole ships and not parts."
- Think "potential reviews" -- do your underlying assumptions and opportunities still hold?
- Strategy should drive structure, structure should drive business processes.
- Key question: "How do you make sure your corporate processes and the structure that you've got in pace are actually in line with where you want to go strategically?"
You can view the interview video clip or read the transcript by downloading the pdf.
What is your plan to thrive in this "new normal?"