Are you backing a winner?

Published by Toby Cotton on 10 June 2020

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The art of ‘being lucky’ has been synonymous in the world but how much of it is down to chance and how much of it is down to a result of good preparation and planning?

Let’s take a simple race as an example. You have researched the participants thoroughly; the statistics are telling you this one participant will win and you’re backing your chosen winner. The race starts and finishes, and the participant you are backing comes 2nd and you utter those words, ‘That was unlucky!’.

This is not down to luck or chance but due to preparation, fact or circumstance. What this shows is that there was one participant better than the one you were supporting on that day. There was a statistic or something that had been overlooked and was the reason the one you were backing came 2nd and did not win.

The reason I’m highlighting this is that a lot of individuals and businesses are going through a phase where they need to make choices regarding their long-term future and direction. This pandemic has shaken people to their core.

If they haven’t already, companies and individuals need to start thinking about if they are ready for when this new normality ensues and if they are in a good position to come out of this more robust than before. Businesses should thoroughly plan, prepare and look to find the ‘golden nuggets’ of information and knowledge that makes the difference between backing a successful and fruitful option to an inferior or stagnant choice.

The market and environment are forever changing, and we need to embrace the new opportunities that are arising. We are a predominantly risk-averse nation but sometimes we need to take calculated risks to get to where we want to be.

This period of uncertainty provides us with the best opportunity to take a step back and think. It may be a good time to revamp and update your business plan to set your direction in motion. Some of the questions to think about are:

  • What is your vision/purpose for being in business and is this aligned with your corporate/personal image?
  • What is your business’ one ‘campaignable’ asset and are you getting the most out of it? This is the asset that your whole business is built around.
  • Is it time to differentiate your products and services?
  • Are there any areas of the business that could be developed or resources that are being underutilised?

I am a firm believer that we make our own luck and it is the choices we make that define our future. Therefore, with careful and calculated planning and preparation, we can come out of this stronger and take advantage of new opportunities so hopefully we will all be ‘backing a winner’.

We are hosting a series of practical webinars helping businesses to look ahead and plan for a post COVID-19 future. View the topics and details of our ‘Looking ahead’ webinars here.

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