How to Successfully Conduct Business During a Black Swan

Estimated reading time: 3 - 4 minutes

We still have to show up to work and prove our worth

Let me start off by stating I am not claiming to be an expert on the subject of Black Swan events. I haven’t written a book or completed any extensive studies on this topic. However, I am on the frontlines helping the world’s largest brands undertake major digital transformation, and as such, see and hear a lot about what leading companies both fear and desire.

During the last financial crisis in 2008, I was just ramping up my sales career. I had nothing to lose, and in fact, only had upside at the time. I ended up thriving and differentiating myself in a time that most people seemed to be panicking...and they had good reason to: 11 of the largest US business bankruptcies of all time occurred following 9/11 or The Financial Crisis of 2008.

However, work still had to go on. Businesses still needed to survive, let alone figure out how to grow. My focus at the time was helping business leaders think through a strategy that helped them to take advantage of the opportunities around them, surpass their competition and build a foundation for long-term sustainable success.

Those same tenets hold true today in the midst of heightened panic around the coronavirus crisis. This moment in time will offer significant hero opportunities for both bold and disciplined leaders.

“The upside of a recession is that, in tough economic times, bold leaders can move to defy the Innovation Paradox and literally leapfrog their competitors. But savvy leaders know that this upside is only realized when they are able to guide their teams to a specific type of innovation that takes into account both the expertise and the fear of teams under pressure.” Mike Maddock, Forbes, 2019 

As we enter a period of economic uncertainty, here are some themes that both executives of leading brands and the providers that support them can consider. 

Let’s be smart in how we conduct business

The worst thing to do is take a red pen to all initiatives and cut and cancel everything. Here are some practical tips to keep working through top initiatives and milestones.

1. Don’t forget your company’s North Star goals. Improving NPS and reducing OPEX, for instance, aren’t just talking points, they become even more critical when the brand is stress-tested. Don’t lose sight of what your business has outlined recently and where you are trying to go over the next few years. A recession can actually be an opportunity to become laser-focused and accelerate those targets.
2. Closely evaluate the initiatives and partnerships that align to these targets. Proposals and business cases on any major initiative need to be defended with facts, industry benchmarks, proven data and clear insights. This is when you’ll need to double down on the “must have” projects and be hyper-strategic with cutting out the fat on the “nice to have” projects.
3. Consider who will be the best partner in getting you through a tough time. Of the strategic partners you are talking to, how many have survived past economic meltdowns? Who has proven to be flexible in working with you during lean times? Will this business be able to support you in a downturn, let alone survive themselves? This is a critical time to conduct proper due diligence quickly and weed out any “shiny new toys” or the bloated partner trying to gouge you on price during a vulnerable time. Success lies in a balanced provider who is big enough to thrive, yet nimble enough to accelerate transformation.
4. Think intelligently about meetings and events. They must go on. Now that doesn’t mean every single meeting or event has to be face-to-face. Teleconferencing and virtual solutions will certainly be a big benefactor going forward. Regardless, staying in touch and conducting quality meetings or interactive events doesn’t always require a handshake. You can still look your partner in the eyes and get as much done with the right technology as ever before. Let’s take advantage of these tools.
5. Respect one another. Speaking of shaking hands. If those critical in-person meetings occur, and there will be plenty, let’s all follow the CDC’s advice we’ve been hearing many times each day and be respectful of our colleagues' and partners’ physical well-being.

Now let’s talk about that must have innovation (part 2)

I am VP of Strategic Account Solutions with leading global conversational AI company, LivePerson (NASDAQ: LPSN).

I work with the world's largest brands helping them to become intents-driven businesses through adopting a trusted conversational AI and using an expert-guided operational blueprint.

We've "built our muscle" by leveraging rich B2C conversational data over the past 25 years, and most recently, by helping over 300 leading global brands shift to an asynchronous communication model.

Follow me on Twitter and read more about LivePerson news here.