On Media Watch this week Paul Barry spoke about the most overused phrase in the media during this pandemic. It was “Petrie dish”, as in the “schools are like a Petrie dish for Coronavirus”. Since this pandemic started to bite into the economy about 3 weeks ago, the most overused word in business seems to be “pivot”, as in “we need to pivot to stay relevant”.
I attended a great online discussion hosted by Ivan Kaye last week, with Professor Clive Smallman as the guest presenter. Clive is a specialist in crisis management (www.clivesmallman.com) and he helped me put the pivot in perspective relative to the greater changes around a business today.
Clive put up this fantastic graph to show what a business is going through at the moment.
The brief summary, and Clive does this much better than I can, is that the crisis hits and we immediately drop revenue, take some time to adjust costs, make some adjustments, prepare for...