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We are starting a series over the next 8 weeks called “Leading in Crisis”.  In this first episode, we will talk about how to navigate this season. Our world has never seen a crisis with this many moving parts. Schools are closed, economies are diving, and if that is not bad enough there is a virus that is threatening our way of life and killing hundreds of thousands around the world. How do we navigate this season?

[00:01 - 02:22] Opening Segment

  • The facts about how COVID-19 and the Financial Crisis impact us

[02:23 - 12:27] 5 Principles When Leading in a Crisis

  1. Assess the Situation
  • Understand what is happening and the impact to the business
  • COVID-19 will create new and different economies
  • There is an opportunity to transform your business, close gaps in your product, and change bad processes
  1. Set a Vision
  • Long term changes will have to take place as a result of COVID-19 in many businesses
  • Crisis brings clarity. It orders our priorities quickly
  • You will change things due to pain that you would never have changed in good times
  1. Create a Clear Strategy
  • If you haven't changed your business model you are either highly efficient or out of touch
  • Create a clear strategy that explains how you are going to get there
  • Another way to think about strategy is the what, the who, the how, and the why
  1. Understand the Financials 
  • Understanding your incoming and outgoing funds is critical
  • Model out 3 scenarios with triggers: One short term, one medium-term and one long term plan. Understand what it will take to execute on all of them
  1. Act and Execute
  • Strategy without execution is dead upon arrival
  • In project management, you have the triple constraint: Time, Scope and Cost
  • A leader must master both strategy and execution

[12:28 - 15:08] Closing Segment

Action Steps:

  • Look to your CFO because they understand the capital structure of your company
  • Look to your Sales, Product and Tech organizations to tell you what to create
  • Get in front of the customer quickly to see if its urgent enough for them to buy
  • In crisis, customers are only buying what they cannot live without and what adds value

 

Tweetable Quotes:

  • Pain is a better change agent then knowledge” – Natalie Born
  • “Some wait to be disrupted instead of being the disrupter.” – Natalie Born
  • “Don’t just get out of the box. Break the box and set it on fire. Let’s go transform something.” – Natalie Born

Resources mentioned in the episode:

 

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Let’s create and advance your innovation process. Let’s work together and start building. Check out my website innovationmeetsleadership.com or connect with me on Linkedin, Facebook, Instagram, Twitter, and Youtube

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Let’s go transform something!

 

1. Leading In Crisis with Natalie Born

26 April 2020