Decisions in Uncertain Times
A lot of the people I’m working with are immobilized. These are smart people, experienced. But we’re faced with a situation that few of us have ever seen in our lifetimes.
Everything is uncertain. We’re dealing with a virus and recession with no reliable projections for resolution.
Literally nobody on the planet knows what the next six months will look like.
So how do we make decisions in this environment?
We start off with understanding that uncertainty is always with us. For example:
I could die tomorrow. That’s why I have life insurance and invest in a business continuity plan and training for my people.
A new competitor could arrive. That’s why I keep up with the state of my industry and do the best I can to stay on the leading edge.
The planet could get struck by a huge meteor. There’s absolutely nothing I can do about it, and the probability is really low, so I’m OK with ignoring this. I’ll focus on things I can affect.
In the current environment, things are changing more quickly and unpredictably. But that doesn’t mean you ignore some key principles:
Plan out different scenarios, especially the ones which seem most likely or have greatest impact.
Keep on top of the news which affects your business decisions. Those will be in your industry and appropriate regulatory bodies.
Connect with people who seem to have the clearest thinking, and stay away from sources which make you emotional but don’t give you useful information for your decisions.
Always make decisions in light of your overall mission and goals.
Ultimately, you have to come to peace with the fact that we’re in a rapidly changing environment with conflicting advice and confusing news sources. Yes, it’s a pain.
But stay positive that we’ll get through this too.
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