THE JOURNEY YO REMARKABLE RETAIL

Steve helps organizations understand and respond to retail disruption by creating customer-centric, memorable and profitable growth strategies.

Mike Tyson, Covid-19 And Getting Back On Your Board

Famed business strategist Mike Tyson once said “everybody has a plan until they get punched in the mouth.”

Whether the epic health and economic crisis brought on by the coronavirus is a true Black Swan event is debatable, but it’s clear no business was truly ready for it. Just about everyone’s plan has come undone–including mine.

And yet the lesson we should take from this calamity isn’t that we should gird ourselves for every possible disaster or refrain from doing things that have even a small chance of an horrific outcome. If that were true, we’d never take our car out on the highway or get on an airplane.

For most organizations, the only way to avoid being devastated by this pandemic would have been to stockpile huge amounts of cash and greatly reduce all aspects of strategic, operational and financial risk. Of course, the problem is that in an era of fast-changing consumer preferences and massive digital disruption, that path would likely result in eventual death by irrelevance.

It may not seem like it right now, but the most risky thing we can do in business is to avoid taking risk. As Seth Godin reminds us: “if failure is not an option, then neither is success.”

To be sure, when we take a punch in the face, the urgent thing to do is be certain another one isn’t about to land and to focus on stopping the bleeding.

Then we must re-group and get back on the path to crafting a remarkable future–one that accepts that the waves are going to keep coming–sometimes faster, sometimes higher, often from unexpected directions.

Our next metaphorical punch in the mouth isn’t likely to be as harsh. But it will come nevertheless.

Our response can’t be to cower in a hole or to be afraid to fail.

Our job is to learn to surf.

Please follow and like us:
Is A Neiman Marcus, Saks Merger Inevitable?

Is A Neiman Marcus, Saks Merger Inevitable?

For years rumors have abounded that various forces were trying to lead North America’s two leading luxury department stores to the alter. And I can neither confirm nor deny that I may have been involved in analyzing such a marriage on more than one occasion. Now, such...

read more
Bailing Doesn’t Fix The Hole

Bailing Doesn’t Fix The Hole

The parade of bankruptcies that is being unleashed--or more accurately, accelerated--by the COVID-19 pandemic will result in vast numbers of store closings, layoffs and other major expense reductions as long-struggling retailers attempt to stave off liquidation. Some...

read more
logo

"The Store Operations Council enjoyed every minute of Steve Dennis's presentation on retail's future. He always keeps it real and speaks the language of retail experts."

Cathy Hotka

Principal

Cathy Hotka & Associates

logo

"The Store Operations Council enjoyed every minute of Steve Dennis's presentation on retail's future. He always keeps it real and speaks the language of retail experts."

Cathy Hotka

Principal

Cathy Hotka & Associates

4
5
%d bloggers like this: