Last week I was on a panel discussion on “How to avoid costly mistakes in a COVID-19 recovery.”
For those that missed it, you can now view it at the link below.
In my introduction, I covered 3 common mistakes:
1. When we think that something will never happen, or never happen to us, we don’t prepare. Many have claimed that COVID-19 was a Black Swan. Was it really?
2. When we think something is impossible to achieve, we often don’t even try. Surviving or fully recovering from COVID-19 might feel like an impossible target. What are the mistakes to avoid that can change the odds in your favor?
3. When a crisis happens, we often have to break the rules to get out of the crisis. But when the crisis is over, we normally go back to the “old” rules, seldom questioning whether the new rules that got us out of the crisis, if we had used them all the time, could have helped us to better deal, or even prevent such a crisis in the future.
My presentation covered 4 questions important to avoid costly mistakes:
1. What are the 4 recovery scenarios businesses can experience? (If you want to learn more about this, check out this post)
2. How can you model the financial impact of each of these on your business?
3. What are the mistakes to avoid in recovery?
4. What strategies can be used to avoid these mistakes and possibly transform your business from fragile to anti-fragile.