Recently, Petra Coach presented a webinar, “A Black Swan Survival Guide: Navigating from Fear to Upturn During Unexpected Crisis” featuring Jack Stack.
The content is invaluable to leaders during this unprecedented time.
You can find the full recording here.
To augment the recording, we noted takeaways and tips from the presentation. Jack is also currently offering a Black Swan Action Guide to help businesses combat the Coronavirus pandemic, as well as a free preview of two of his books, The Great Game of Business and Change The Game. Click HERE to access.
Top Takeaways
- If you want to keep your organizations together – keep in communication with each other & your team
- Regardless of how well you plan – there is still a blindspot somewhere
- Think about having a diversification in your business – plan for different markets getting hit
The upturn will be harder than the downturn
- Think about the resources you will be needing once everything goes back to normal
- Everyone is going to be after those same resources, and you need to make sure you are prepared
- Be in communication with your suppliers and create a relationship so that once you are able, you can get what you need
When do we begin to return to normal?
- It all comes down to a gut feel, and right now that gut feel is August 2020
- Before this happened, we had been predicting that something like this would happen – minus the pandemic
What should we be doing in the meantime?
- Train your team!
- Think about what you will be wishing you had spent time on during this time when we go back to normal
- Think about last year’s Q3 as a starting point for your business right now
How much should a business owner disclose to the team about the financial impact on the business?
- Do not talk about salaries
- Talk about your cash
- Where it’s coming from
- Where it is going
- What debt you have
- How to sustain yourself throughout different scenarios
- We have to make people feel secure – have empathy and be optimistic
