How we measure success is a constantly evolving metric. At the same time, how we manage to rise above and beyond the most challenging of times shows a lot about our potential to be resilient and successful. At the root of knowing whether to jump ship or reinforce the sails are data-driven decisions. Leveraging technologies like AI, prediction, and the Cloud can be the make or break factor in weathering a storm.

Present

The habit of measuring success by the degree to which frozen inventories have been liquidated, or the extent to which expenses are reduced, is right and necessary under certain conditions and as temporary measure, but it can never become the guiding principle or the permanently dominating force in a successful enterprise.

Past

As with any disruption, certain industries are seeing new opportunities to succeed while others aren’t. Retailers being a prime example, some survive and thrive while others are forced to buy or sell. Whether it’s an indispensable lesson in weathering the storm, or a turning point in the business’s success—challenging times can present valuable opportunities for change.

Present

The return to what is called normal varies in different industries and in different parts of the country. Some industries may be enjoying a moderate return of prosperity while others may still be in the depths of depression.

Past

No matter the level of expertise, there are certain things none of us can predict. In times of uncertainty we need to pay closer attention to the credibility of insights, timing of opinions and predictions, as well as accuracy of information that we base decisions on. Knowing there is no crystal ball, we must rely on data and analytics to position us for clear directions towards what’s next.

Present

When shall the sailing master, having ridden the ship with bare poles and stripped canvas through the storm, decide that it is again safe to break out the main sail and bear back to their true course from which the storm has blown them? No one can give a definite and exact answer to these questions; each business leader must decide for themselves. And on the accuracy with which they answer the question depends largely the future success of their business enterprise.

Past

Whether you’re financially well-positioned, or facing cash flow issues—global crisis or not—there is always some inherent degree of risk for conducting business. Many factors out there are out of our control; from Mother Nature, to financial markets, to bursting industry bubbles. While these risks will always be out there, it’s important to know how to navigate them so your business stays resilient.

Present

The business leader dare not risk even a minor defeat. On the other hand, the financially well entrenched can better risk some loss in gauging the time for a change in policy from the defensive to the offensive.

Past

No matter what the current financial state of your business, there are ways to plan ahead so that investments are made accordingly. Your financial position determines your starting point for recovery in the midst of challenging times. Knowing what to prioritize now can make or break how things might look in the future.

Present

The degree of chance which the industrial leader can afford to take in anticipating better conditions and gauging the time of their offensive must be governed by the financial position of the company. If financial reserves are low, the business leader dare not take the risk of being too early in an attack to achieve objectives.

Past

While being prudent during uncertain times is the standard, action taken before the world restores complete order is key in being ahead of the game and remaining competitive. High levels of risk require timely action—which means managing them before they become reality. Resilience comes with being brave and taking the plunge before others start to—the rest will follow suit eventually.

Present

Just as a military commander risks defeat if they launch their defenses too soon, so the business leader must gauge the time for change of policy from retrenchment to aggressiveness in such a way that natural forces are with them and not against them. This does not mean that the industrial leader can wait till all signs of depression have cleared away before launching their business offensive. If they do, they will be too late.

Past

Among the few advantages of challenging times is the opportunity to pivot the business into something the world needs right then and there—perhaps even indefinitely. And as competitors may be thinking the same thing, there lies your opportunity to play the offensive. Such opportunities are supported by a number of government funding initiatives and advisory teams ready to help you make the next big move.

Present

Sooner or later the offensive must be resumed. At what point, then, shall the business executive unfetter the enterprise from the shackles that were cast around it during the long depression?

Past

In business, survival mode means anticipating every risk before it has a chance to happen. A time of global crisis—no matter how big or small—calls for crisis management strategies that detect, notify, escalate, and share information so that collective decisions can be made. This also means that resources be used most effectively. In times of crisis, we must take a step back to see the bigger picture and play the defensive accordingly.

Present

There must be periods in business life, as in military campaign, when a purely defensive attitude must be adopted. Many industrial and commercial enterprises have gone through such a period since 1929. Liquidation and retrenchment have been the order of the day. Collections rather than increased sales have been stressed, liquidation of frozen inventories, rather than development of new designs and models. Expenses have been cut to a point where curtailment of outgoing funds rather than value of dollars expended was the determining factor. In other words, business went into a state of defensive warfare.

Past

While every organization and individual has their own rendition of pandemic challenges, a constant solution has been making remote life easier. Implementing and/or streamlining modern technology across an organization addresses productivity, collaboration, and better organization—no matter how people choose to work. Moreover, investing in talent is integral to ensure well-rounded teams are there to service clients. Staying connected is as important as ever in such rapidly changing times; and shared challenges mean shared solutions, too.

Present

If through over-caution the business leader delays too long in resuming the offensive, they are caught with empty warehouses and a disorganized machine at the time when their customers, themselves with empty shelves, become merchandise-hungry and only await an aggressive sales policy to become active buyers. Perhaps some of their competitors, anticipating with more courage the return of better times, get away to a flying start and thus gain an advantage.

Past

Global business disruptions have come and gone over the years, showing us that this state of vulnerability won’t last forever. That being said, there are precautions that can be taken during such volatile times to ensure the business stays protected. Periods of uncertainty—however impermanent they are—bring opportunities for hackers to take advantage. Cybersecurity measures are a prime example of how to keep your business resilient while you limit resources and reduce business activities.

Present

This method of doing business obviously cannot continue indefinitely, and it is just here that our military maxim comes into play. The liquidation period in business, like the defensive period in warfare, tends to stultify initiative and progress.

Past