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Most companies were forced to throw their 2020 plans out the window. As the first wave of lockdowns began last March, companies tended to utilize two distinct strategies—hibernate or accelerate.
When I say hibernate, I’m referring to companies taking a more defensive, protective approach. Many of these companies used the strategy of hoarding their cash and reducing expenses with plans to ride out this crazy time by retaining enough resources to quickly rebuild.
In contrast, companies that chose to accelerate took more risks and essentially “doubled down” during uncertain times. These companies worked harder and faster in an attempt to pivot or grow their business while their competitors were waiting to see how things turned out before charting a path forward.
Both strategies are sound, and both can backfire. It’s really a decision of risk or