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Hey, everyone, and welcome to your Deep
Dive. So today we’re going to tackle this
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question that keeps popping up. You know,
how do businesses actually innovate when
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the economy is, well, let’s just say it’s
a bit of a roller coaster right now. Yeah,
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definitely a question on everyone’s mind.
Exactly. And, you know, you’ve sent in
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some really interesting sources, study
guides, briefing docs, even this blog post
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from le Luxure, le Luxure, it’s a luxury
travel company over in Mallorca. Oh, very
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nice. Right. And they’re all kind of
grappling with this whole idea of
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innovation during uncertain times. And,
you know, the really fascinating part is
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it’s not about picking one strategy like
do this or do that. Yeah. It’s about
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finding this balance. Yeah. That’s what
really stood out to me. I know. So are you
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ready to dive in? Absolutely. Let’s get
into it. OK. So we often hear about, you
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know, these two sort of opposing
strategies, right? There’s expansion where
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businesses are like, let’s invest heavily,
grab market share while everyone else is
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panicking. I have to go big. Bigger go
home approach. Exactly. And then there’s
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retrenchment where it’s more like, OK,
let’s hunker down, conserve cash, weather
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the storm. Down, down the hatches.
Exactly. But, you know, these sources are
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suggesting that it’s not that simple. Not
at all. It’s way more nuanced. OK. So not
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just picking a lane and sticking with it.
I mean, that makes sense. But tell me,
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back in 2008, during the financial crisis,
did companies actually manage to innovate
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their way through all of that chaos? You
know, some did remarkably well. Some
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really interesting stories there. Think
about companies like Amazon and Apple. Oh,
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yeah. They kept investing strategically,
even when everyone else was pulling back.
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And you know what? When things settled,
they were in a prime position, just
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totally ready to dominate. Yeah, they
really came out on top. And then on the
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flip side, you had companies that just
retreated into their shells and they
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really struggled to recover. That was like
two different worlds, you know? Absolute.
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Two very different paths. So Amazon and
Apple, they saw opportunity in the middle
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of all that turmoil. Fascinating. OK,
let’s break down this expansion strategy a
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bit more. If I’m a business owner right
now facing a downturn, why would I even
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consider expanding? That just seems
counterintuitive. Right. It seems risky,
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but there’s a logic to it. It allows you
to diversify your revenue streams. So if
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one market segment is struggling, you’ve
got others to soften the blow. OK, so
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spreading the risk. Exactly. And if you’re
smart about it, you can capture market
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share while your competitors are shrinking
back. You know, positioning yourself for a
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stronger. Come back when the economy
rebounds. OK, that makes sense. But that’s
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assuming you have the capital to invest
during a downturn in the first place.
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Right. Got to have the resources. And that
the recovery will actually favor those
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areas you’ve chosen to expand into. It
feels like a pretty high stakes gamble. It
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definitely has its risks. No doubt about
that. So where does retrenchment fit into
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all of this? OK, retrenchment. That’s
about stability, playing it safe, you
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know, streamlining operations, conserving
cash and weathering the storm with a lot
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of money. With minimal damage. OK, so
damage control. Exactly. It’s a more
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conservative approach, a way to survive
tough times. But wouldn’t that risk
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sacrificing future growth? I mean, if
you’re not investing in new ideas or
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exploring new opportunities, won’t you
fall behind when things eventually pick up
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again? Yeah, that’s the tradeoff, right?
Retrenchment can make you leaner and more
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efficient. But if you over prune, so to
speak, you might not be able to jump on
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those opportunities when things shift.
Like missing the boat when the tide turns.
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Exactly. It’s a delicate balance. So it
sounds like there needs to be this middle
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ground, right? This balance between these
two seemingly opposite strategies. Is that
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where this secret ingredient of
adaptability comes in? You got it.
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Adaptability. That’s the key. It’s about
having the flexibility to adjust your
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approach based on the economic climate.
You know, it’s always changing. So not
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blindly choosing one or the other, but
having the systems and the mindset in
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place to pivot quickly when you need to.
Exactly. Exactly. You got to be ready to
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move. You know what this reminds me of?
Airbnb during the pandemic. Oh, yeah. Good
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example. Their core business travel
obviously took a massive hit. No one was
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going anywhere. Right. But they didn’t
just retrench and wait for things to go
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back to normal. They launched those online
experiences. Remember those? Oh, yeah.
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They were smart about that. Right. They
used their existing technology, their host
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network, and they tapped into this whole
new market of people stuck at home. Yeah,
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that was brilliant. Adaptability in
action, right? Absolutely. Absolutely.
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It’s a perfect example of staying true to
your core competencies while also being
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flexible enough to adapt to a rapidly
changing environment. They didn’t abandon
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their core business. Yeah. They just found
a way to leverage what they already had to
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meet these new customer needs. Brilliant.
Totally agree. This just highlights how
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crucial it is to be able to quickly
analyze the situation, you know, identify
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opportunities, and then have the ability
to pivot and adjust your approach. Yeah.
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You got to be able to read the signals and
react. Right. Yeah. Yeah. Yeah. Yeah. You
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got to be able to build in this
adaptability. Is it about having a plan
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that can evolve or is it more about
fostering a culture that embraces change?
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It’s both. Actually, you need a strategic
framework that allows for flexibility and
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a team that’s comfortable with
experimentation and iteration, you know,
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trying things out, seeing what works.
Okay. So it’s not enough to just have a
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plan. Yeah. The plan has to be designed to
adapt. Exactly. And you need people who
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are comfortable with change, ready to
embrace new directions. What about this?
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What about this other key theme we touched
on earlier, the importance of focusing on
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core competencies? How does that fit into
all of this? Now, that’s where things get
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really interesting. And that’s where we’ll
pick up in part two of our deep dive. All
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right. So welcome back to your deep dive.
Before the break, we were talking about
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how businesses can not only survive these
economic ups and downs, but really come
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out on top, you know. And we were talking
about finding that balance between, like,
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going all in on expansion versus playing
it safe with retrenchment and how
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adaptability is really the key ingredient.
But before we got too carried away with
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all that pivoting and adjusting, we were
starting to talk about another really
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important piece of the puzzle, focusing on
core competencies. Right. Because it’s not
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just about being flexible for the sake of
being flexible. It’s about knowing what
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you’re really good at, you know, what
makes your business stand out, what makes
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you valuable to customers, and making sure
that stays front and center, even as
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things around you are changing. So say I’m
a small business owner trying to navigate
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all of this. How do I even figure out what
my core competencies are? I mean, is it
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just what I’m passionate about, or is
there, like, a more strategic way to think
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about it? It’s definitely more strategic
than just going with your gut. Though
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passion is important, don’t get me wrong,
but your core competencies are really
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about competitive advantage. They’re the
things you do better than anyone else, and
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that truly matter to your customers.
They’re the heart of your business, so to
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speak. So it’s about figuring out what
makes my business unique, what makes it
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stand out in the marketplace. Got it. But
then how do I actually use that? How do I
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use those core competencies to stay
adaptable and innovative, especially when
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the economy is being unpredictable? That
seems tricky. Yeah, it’s the million
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-dollar question, isn’t it? Yeah. Here’s
how I think about it. Your core
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competencies are like your anchor in a
storm. They give you stability. They keep
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you grounded when everything else is
swirling around you. Yeah. But within
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those core competencies, there’s still
room to be creative, to adapt, to figure
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out new ways to express those strengths.
Think about Apple for a second. What do
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they do really, really well? Well, they
make technology that’s easy. It’s easy to
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use and looks amazing. Exactly. That’s
their core competency. That’s their
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anchor. And they haven’t strayed from
that. But they’ve also been incredibly
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adaptable in how they’ve applied that
competency over time. Right. They started
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with computers. Then it was music players,
smartphones, tablets, even watches now.
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They’ve always been innovating, but they
never lose sight of that core competency,
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user-friendly, beautifully designed
technology. That’s their North Star.
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That’s such a good example. Yeah. So it’s
about staying true to your core strengths.
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But finding fresh, innovative ways to
bring them to life. Exactly. And you know
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what? During a downturn, focusing on those
core competencies can actually free up
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resources to innovate. By streamlining
your operations, getting rid of stuff
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that’s not essential, you can pour your
energy and resources into those areas
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where you really excel, where you can make
the biggest splash. So it’s not about
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cutting back just for the sake of cutting
back. It’s about being strategic about
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those cuts so you can actually invest more
in your strengths and innovate in ways.
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That will give you an edge when things
turn around. Exactly. It’s about using the
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downturn as an opportunity to get laser
-focused, to become even better at what
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you already do well. And remember,
innovation doesn’t always have to be some
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huge, expensive undertaking. Sometimes the
most impactful innovations come from
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making small, consistent improvements to
things you’re already doing. That reminds
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me of something we talked about earlier.
The idea that even small-scale innovation
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projects during a downturn can make a big
difference. It’s like prepping for a
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launch. Exactly. By keeping those
innovative juices flowing, even if it’s at
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a slower pace, you’re staying ahead of the
curve, trying out new ideas, developing
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solutions that will be ready to go when
the market is ready for them. So you’re
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not just surviving the downturn. You’re
actually using it to become a stronger,
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more innovative, more resilient business.
That’s the goal. And speaking of
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resilience, one of the sources you shared
really emphasized that economic
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uncertainty, as tough as it can be, can
actually force companies to be more
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resilient. And that’s why we’re working
with companies to become more creative and
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resourceful. Oh, that’s interesting. Tell
me more about that. Well, the idea is that
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when you’re faced with adversity, when
things are tough, you have no choice but
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to get creative, to find new ways to solve
problems. It forces businesses to
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challenge the way they’ve always done
things, rethink their strategies, and
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figure out new ways to create value. It’s
like that saying, necessity is the mother
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of invention. When things get tough, we
have to think outside the box and come up
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with new solutions. Exactly. And those
innovations that come from tough times,
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those can often be the breakthroughs that
change the game. Okay, so we’ve talked
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about how to figure out what your core
competencies are, how to keep innovating
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even when things are tough, and how all
this economic uncertainty can actually be
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a catalyst for positive change. It’s
pretty mind-blowing stuff. And remember
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that one central theme that runs through
all of this, adaptability. Right.
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Adaptability is key. But what does that
actually look like in the real world? How
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can businesses actually make a difference?
How can they make themselves more
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adaptable in a practical way? Well, that’s
a question for another deep dive, maybe
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even a whole series of dives. But for now,
let’s look at some concrete examples of
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what adaptability looks like in action.
Remember that Airbnb example we talked
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about earlier? Yeah, their shift to online
experiences during the pandemic was a
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brilliant example of adaptability.
Exactly. But their story is just one piece
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of a much larger puzzle. There are so many
other examples of businesses that have
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successfully navigated these uncertain
times. And that’s where we’ll pick up in
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part three of our deep dive. Welcome back
to your deep dive. We’ve been unpacking
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some really powerful strategies for not
just surviving, but thriving in these
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crazy economic times. Yeah. We’ve talked
about that balance between expansion and
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retrenchment, zeroing in on those core
competencies and making adaptability your
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secret weapon. But how do you actually
bake that adaptability into your business?
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Yeah, it’s one thing to talk about it in
theory, but actually putting it into
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practice that can fill that gap. It’s one
of those things that can make you feel a
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little overwhelming. Totally. It’s like
having all the ingredients for an amazing
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meal, but not knowing how to put it all
together. Exactly. So what are the key
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ingredients, so to speak, for creating a
business that can really roll with the
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punches? I like that analogy. Okay, so
what are those ingredients? Well, one of
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the most important ones is fostering a
culture of curiosity and continuous
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learning within your team. So like
encouraging people to be lifelong
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learners. Yeah, exactly. If your team is
always looking for new information,
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challenging those old assumptions,
experimenting with new approaches, you’re
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already way ahead of the game. So creating
an environment where people feel like they
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can learn and grow and even make mistakes
without being penalized for it.
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Absolutely. Mistakes are going to happen.
It’s inevitable. But in an adaptable
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culture, those mistakes are seen as
opportunities to learn, not something to
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be afraid of. I love that. It’s about
shifting the mindset from fear of failure
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to celebrating experimentation. Okay, so
curiosity and learning are key. What else?
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Data, that’s another big one in today’s
world. We’re swimming in data. The
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challenge is making sense of it all and
using it to make smarter decisions. Right,
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that makes sense. But where do you even
start? What kind of data should businesses
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be paying attention to? Well, it depends
on the business, of course, but there are
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some basic metrics that are pretty
universal. Things like customer
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acquisition, cost, website, traffic
conversion rates, employees. Employee
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engagement, stuff like that. Okay, so
those core numbers. Exactly. By tracking
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those metrics and looking at the trends,
you get a much clearer picture of what’s
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working, what’s not, and where you need to
adjust. So it’s not just about collecting
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data to have a bunch of numbers. It’s
about using that data to tell a story, to
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uncover insights that can actually guide
your strategy. Exactly. Data can help you
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spot opportunities, get ahead of
challenges, and make smarter decisions,
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especially when things are unpredictable.
Okay. That makes sense. But what about
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feedback? How does that fit into
adaptability? Feedback is crucial. It’s
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like having a compass that helps you stay
on course. And it’s not just about getting
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feedback from your customers, though.
That’s obviously important. It’s also
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about having open communication within
your team where people feel comfortable
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sharing their ideas, concerns, even
criticisms. So it’s like this feedback
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loop, right, both internally and
externally, that helps you constantly
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learn and improve. Exactly. The more
feedback you gather, the more adaptable
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you become. Makes sense. Yeah. So we’ve
got curiosity data and feedback. Anything
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else we need to add to this adaptability
recipe? Well, no adaptable business can
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really function without agile teams and
processes. So like breaking down those
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silos, empowering teams to make decisions
faster, and streamlining those operations
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so you can be more flexible. You got it.
That makes sense. But what does that
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actually look like in practice? How can
businesses make their teams more agile?
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One way is to adopt those agile
methodologies, you know, like Scrum or
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Kanban. Oh, yeah. I’ve heard of those.
Yeah. They give you a structured way to
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manage projects, break things down into
smaller chunks, and prioritize based on
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what’s most important and what’s most
urgent. So it’s a more collaborative way
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of working, right? And as opposed to that
old top-down approach. Exactly. Agile is
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all about frequent feedback, continuous
improvement, and delivering value quickly.
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Okay. And what about streamlining
processes? How do you make them more
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adaptable? That can be a bit trickier
because it really depends on the specific
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business. But the general idea is to find
those bottlenecks. You know, the things
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that slow you down. And then eliminate
unnecessary steps. Give teams the power to
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make decisions without having to go
through a million layers of approval. So
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removing roadblocks and giving teams more
autonomy to adapt to changes. Exactly. The
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more agile your teams and processes are,
the better equipped you’ll be to handle
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whatever the economy throws at you. Okay.
So we’ve got curiosity, data feedback,
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agile teams and processes. Anything else
we’re missing from this adaptability mix?
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There’s one more ingredient that’s often
overlooked, strong relationships.
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Relationships. How do those play into
adaptability? Well, in times of
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uncertainty, having strong relationships
with your customers, your suppliers, your
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partners, even your competitors can be a
lifesaver. Oh, that’s interesting. They
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give you a support network, a source of
information, a sounding board for new
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ideas. So it’s about building a community,
a network of people you can trust, even
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when things are tough. Exactly. Strong
relationships build trust. Trust,
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collaboration, and a sense of shared
purpose. And those things are so important
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when you’re navigating challenging times.
That makes a lot of sense. Yeah. So how do
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you build those kinds of strong
relationships? It starts with a shift in
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mindset, you know, from competition to
collaboration. Instead of seeing others as
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rivals, see them as potential partners,
share information, share resources, share
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ideas, build genuine connections based on
mutual respect and trust. So creating a
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win-win where everyone benefits. Exactly.
And those relationships, they’ll pay off
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in the long run, especially when you’re
facing those economic headwinds. Wow.
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We’ve covered so much ground in this deep
dive. We’ve explored the challenges and
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the opportunities that come with economic
uncertainty. And we’ve uncovered some
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really powerful strategies for not just
surviving but thriving. And remember, this
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is just the tip of the iceberg. There’s
always more to learn, more to explore, and
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more ways to adapt and innovate. So as we
wrap up this deep dive, what’s the one
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thing you want our listeners to walk away
with? Economic uncertainty is a fact of
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life. It’s not going away. But it doesn’t
have to be a threat. By embracing
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adaptability, focusing on your core
strengths, and building those strong
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relationships, you can actually turn
uncertainty into an opportunity for
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growth, innovation, and resilience. That’s
a powerful message. And on that note,
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thank you for joining us on this deep
dive. Until next time, stay curious, stay
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adaptable, and keep innovating.