Happy Tuesday!
Many areas of the world seem to be waiting.
Others are moving full steam ahead.
And yet, here we sit, trying to weigh all the risks and alternatives in a time of future unknowns and lots of uncertainty.
I get exposure to a lot of different companies and approaches. Some are charging ahead, while others are being much more careful with their actions.
When thinking about the pandemic, it's often hard to tell what the right approach is.
For example, New Zealand has one new case and announces a complete lockdown. Meanwhile, Vegas is back and partying like it never left. As of recently, I could finally get a haircut and buy goods considered "non-essential."
Comparing the overall pandemic response to businesses setting strategy and making decisions is difficult. Still, we can learn a few things from those who struggled to make progress before the pandemic and those who continue to struggle now.
One of the biggest problems that most companies face is spending way too much trying to find, collect, compile, and fact-check information before making a decision.
They do all that without ever asking if all the extra information will help them.
But this isn't just a problem with information gathering. And it's not an IT problem or a research issue.
It's a problem of decision-making and the ability to take fast action.
This problem is especially true for senior managers or company owners.
It's easy to get caught in the trap of waiting before taking action.
Waiting for more information.
Waiting for better information.
Waiting for more numbers.
Waiting for something to change.
Waiting to see what everyone else does.
Waiting for…
When the truth is that most of the time, waiting hurts us more than the "wrong" choice could have ever hurt us (again, much more challenging to compare to a global pandemic than business!)
Bill Gates wrote about a concept called The Speed of Thought.
It's the ability to go from idea to prototype, test, and roll out with lightning speed.
And yet, we tend to procrastinate by telling ourselves that we need more information, better information, or need to see something happening first.
Take small action now – today, and use the feedback to get better.
Things will likely be moving at a slower pace for a while, but that doesn't mean you should do the same.
Your Challenge For This Week
Think about the top problems that you're grappling with right now, and instead of asking, "What is the very best thing I can do?" ask this instead:
"What is the fastest way I can test out new ideas to see which work best?"
Hit reply and let me know the biggest challenges you're currently dealing with and what new ideas or approaches you're thinking about testing.
Best,
Noah
