During recent economic downturns, some 15% of businesses grew both their revenue and profit by positioning to capture opportunities and shape their post-crisis future.
These companies adapted effectively and rapidly to a highly disrupted and fast-changing environment. This is what we are now all presented with by the COVID-19 twin health and economic crises which have both an uncertain intensity and an uncertain duration.
In this current environment, we believe the level of change we are experiencing means:
one year has become 2 months
a quarter has become 2 weeks
two weeks has become 2 days
We call this the 'Triple 2' and it is the speed of response you need to embed in your organisation during the COVID-19 crisis to cope with the fast-changing environment.
Who is on the 'Triple 2' response team?
Your response team should be made up of a select number of employees who have the mandate, the authority and temperament to act quickly and decisively to ensure your business not only survives but can thrive in a post-COVID-19 world.
It is worth noting that not all your steady-state pre-COVID-19 managers are cut out for handling a crisis. However, you will find talent in unusual places who can shine in highly uncertain and ambiguous times.
This is a time for action and not for saving egos and compromising the business.
The response team has a set of cross-functional teams supporting them, each executing streams of interrelated work. This ‘team of teams’ structure gives the right level of urgency and dynamism to cope with a fast-changing environment.
What is the Triple 2 cadence?
Triple 2 cadence is:
running a strategy reset every two months based on the presenting realities
running two-week strategy execution sprints
running 20-minute coordination and synchronisation stand-ups every two days
This is six times faster than a normal annual strategy process with quarterly reviews.
However, we would argue that this is the pace demanded by the fast-evolving COVID-19 crisis which is creating not only significant new health demands but significant new economic demands.
For example, we are regularly hearing stories of companies going virtual within four days to meet the new health and economic demands. This speed of response is unheard of for a change that would have normally taken months if not years.
This pace of change has to be coordinated to ensure it remains coherent and delivers the desired result.
To underpin this, the organisation needs a single repository for the survive and thrive strategy capturing the milestones, timelines and assigned responsibilities. The tool must allow collaboration and radical transparency to ensure the collective effort remains visible, focused and dynamic.
Executing a 'Triple 2' response
The changes caused by COVID-19 are rapid and vast and it has created a pace of change many of us are unused to and unprepared for.
We need to quickly unlearn our normal decision-making processes and align with the realities of a fast-changing world.
We recommend your organisation adopt the 'Triple 2' response team and cadence method to become one of those businesses that not only increase revenue but also increase profit during the COVID-19 crisis and positions you to thrive in a post-COVID-19 world.
If you are interested learning more about how the Triple 2 method can effectively work for your organisation, please get in touch >