A few weeks ago, my colleague Mary Ann McLaughlin wrote a fantastic article that kicked off this series titled “The Essential Sixth Stage." As humans, we cope with tragedy or crisis by emotionally traveling through 5 distinct stages (Denial, Anger, Bargaining, Depression, Acceptance). The theme of her post is how we elect to respond to the COVID crisis will determine the future viability of our businesses.
Mary Ann suggested a 6th stage to the healing process…”Perfection.” By doing so, she identified a North Star that we should all set our compasses to. The “Perfection” means progressively improving while you strive for perfection and I believe innovation is a key component, particularly in these current times. Innovation in a time of crisis has proven to reward those companies that go on offense rather than accepting a fate by hunkering down.
According to McKinsey in a June 17th article, Innovation in a crisis: Why it is more critical than ever. The article points out that companies who go on offense (innovate) by adopting a “growth mindset” were richly rewarded vs. the companies that took a "fixed" mindset.
“Organizations that maintained their innovation focus through the 2009 financial crisis emerged stronger, outperforming the market average by more than 30 percent and continuing to deliver accelerated growth over the subsequent three to five year