Great leaders know that how they fight a war often decides whether they will win the peace. Yet as executives continue to combat the myriad of challenges thrown up by 2020, there is growing uncertainty about what strategic approaches to deploy.
Many worry about the shorter term and take defensive measures to minimize losses and downside risks. Others feel that such a crisis presents unique opportunities to expand, and invest in more offensive moves. Almost all business leaders accept that 2020 marks an inflection point: the world after it is unlikely to resemble the one before it. Their priority, when they get a moment’s respite, must be to remake their organizations to cope with the ‘new normal.’
But business leaders, like generals in the heat of battle, are so busy tackling short-term priorities that the future is obscured by the fog of war.
Companies that master the delicate balance between cutting costs to survive today and investing to grow tomorrow do well after a recession. But just what is the optimal combination of defense and offense? How can you know? What steps can you take to find out? How is 2020 different than previous recessions? How do optimal strategy combinations differ across industries, and why?