The Power of Nowcasting For Your Business
Historically there was comfort in reliable causes and effects. You were able to confidently and quickly make decisions for your company and the future. Now annual forecasting has been replaced with nowcasting. This is the discipline of determining a trend or shift in real time. Nowcasting is fact-based, laser focused and based on what’s known today and trying to predict the very near future.
I’m willing to bet that much of your annual plan for 2020 (created back in Q4 of 2019) no longer applies. So, what’s your new plan?
In a world of constant uncertainty, we need new tactics and new ideas to keep ourselves grounded and our careers and companies moving forward.
Businesses are looking at Sunday Brunch to provide guidance and help them navigate both internal and external communications. We understand that you need to be able to make quick decisions and operate uninterrupted. We want to help. But let’s be frank, there isn’t a playbook with answers for a modern pandemic.
So let’s talk about what we do know.
The world we’re operating in now is a blank canvas. A clean start. A world of opportunity. Those who are going to succeed have an open mind and a willingness to do things differently. Flexibility to try new approaches is a good start. Here is an example.
A couple months ago in person meetings changed overnight into zoom video chats. There was a massive shift in the business community that universally adopted this new reality. I challenge you to ask yourself and your employees how they like living the “zoom lifestyle.” Does this work for your company or is there opportunity for improvement? What customizations would make it better for your culture or customers? Do you need a hybrid solution?
These are uncharted waters. Decisions are going to lead to uncertain outcomes. There will be unknown results. It’s an uncontrolled environment that’s changing overnight. This is the world we’re navigating. But, there is also a real opportunity to advance.
Challenge yourself to a Nowcasting session weekly. Lean into your powers of flexibility, trial and error and give your business the opportunity to rise to the challenge. Below are eight categories of assessment to review weekly.
Nowcasting Category Assessment Worksheet
FINANCIAL: What’s your profit and loss worksheet for next month? The extent to which budgets, investments, and expenses are effectively defined, planned and managed.
SYSTEMS & TECH: What programs and software are being used to support operations? Are these still the right ones? Do you need to make changes? Find new solutions?
PRODUCTS & SERVICES: Take a look at the inventory and assessment of what you’re offering or selling. Are you still creating the desired value for your customers? Do you need new products or services?
DELIVERY: Are you still able to deliver the expected products/services at the same level? Has the speed to market changed?
VISION: To the extent possible, how is your business going to achieve goals within the context of the new market and new corporate landscape?
PEOPLE: Is your current personnel still the correct team to support your business? Do you need different skills or areas of expertise?
PROCESS: Are the business operations still effective? Do you need to make changes to the way processes are defined, documents, elaborated, traced, prioritized or managed?
MARKETING & SALES: These two areas work together - they always have. Now it’s more important than ever for sales and marketing to be lock-step. Be prepared to communicate with your customer both the value of your service/product PLUS create relevant awareness