Panic and Overreaction in Business Only Benefits Your Competitors

Panic and Overreaction in Business Only Benefits Your Competitors

Last night, CNN's Dr. Sanjay Gupta indicated that panic surrounding reports on the coronavirus is an overreaction, and I believe him.

Today, a client let me know that a large project I had been assigned to manage has been placed on hold, citing concerns over the unpredictability of the coronavirus.

Seeing as the world is close to all out panic over this epidemic, I am only somewhat surprised by my client's decision. Nervous about what is coming, they buckled under the pressure of the unknown, and threw the brakes on a major project.

I may not have an MBA, but I do know one thing - being paralyzed by fear of the unknown in business benefits no one - except one's competition.

Being cautious in times of uncertainty is absolutely understandable. Allowing fear brought on by over the top news headlines to inform critical business decisions is not.

As a former journalist, I understand solid decision-making calls for gathering reliable and accurate facts. The coronavirus outbreak is no doubt worrisome on many levels, so business leaders need to keep full focus on what matters most - the hard facts currently available.

Given how the coronavirus outbreak continues to just raise more questions than answers, what steps are you taking to stay grounded in reality?

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