Crisis and Its Seeds of Opportunity for Businesses
February 17, 2021
Throughout history, experiencing a global crisis has played an essential role in the development of our societies. The present coronavirus crisis is no exception.
Even though the current crisis is rather very disruptive, it has pushed the business industry to up their game and realize the long-overdue transformation that has been underway even before this pandemic hit on a global scale.
In times of crisis like this, businesses are offered two choices – transform or be destroyed. The good thing is that destruction is not the only option.
Taking the Challenge Head-On
Every crisis comes with seeds of opportunity. It is up to entrepreneurs to rise to the challenge.
Businesses play an important role in both helping societies get through an economic crisis and in making innovations that can help shape society after a crisis.
Today’s pandemic has created a global catastrophe of shocking proportions and has brought about unparalleled disruption in almost every aspect of the social as well as business lives of millions of people all over the world.
Despite the widespread distress the pandemic has brought, this crisis has and continues to provide opportunities for transformation and new growth for some businesses.
Questions to Consider
Regardless of whether you have a small or large business, when faced with a dramatic crisis like the current pandemic, there are three questions that you need to consider for you to take on the challenge to transform and thrive in the industry.
First, you need to ask, how do we cope with the crisis now? This question is often the first thing that most people think about, as it also tends to dominate your news feed.
The second question that you can ask is – what opportunities does this create? This time, you are looking beyond the coping strategies to survive the crisis. You are thinking out of the box and determining the new opportunities that the crisis offers.
Lastly, you can ask the question, what can be done to anticipate crises in the future and efficiently prepare for them? Even though you can determine a future crisis, some things can be done to respond to the crisis effectively and in a timely manner. This way, disruptions in business operations are significantly reduced.
Business Strategy Tips to Prepare Your Business
Both small and large businesses need to understand how to best prepare the business and the team to not only survive during a crisis but also thrive during and after such challenging times. Here are some business strategies tips that can help you manage adversity and rise to the challenge.
It is never too late to prepare.
Yes, we are all affected in any way by the pandemic. You should not think that it’s too late to do something about it. There is help available from both private and public sources especially for the purpose of economic recovery.
Also, it is important that you take note of all the things that you have done and wished you have taken before the pandemic hit and start planning ahead for next time. It is ideal to consider the things that you could have done differently, the resources that you wished you had access to, and how you can better prepare your employees for such a crisis. You can use the data gathered to develop new crisis management protocols that you can use in the future.
Brainstorm Strategic Ideas for Business Growth
A good opportunity to look into opportunities that a crisis brings is through brainstorming. You can lead your team to brainstorm for positive and strategic ideas that can help a business grow despite disruptions and challenges. You will not only find good ideas but you can also significantly improve your leadership skills.
You can definitely lead your team to turn a bad situation into a good business opportunity. For instance, you can think of products and services that your business can offer that are different from the norm. You can think of out-of-the-box ideas that will not only help your business thrive but also provide your customers with the products and services that they need despite the pandemic.
Ask for Help and Have a Good Read on Crisis Management
Even though asking for help tend to make you feel vulnerable, this does not mean that you are. When you genuinely ask for help, you will find that there are people who are willing to lend a hand and help you out.
If you are experiencing a change in your business, not just during the crisis but also during changes that leave you with questions, you can ask around for advice or you can read leadership books on crisis management to help you.
Reach out to your trusted mentors and you will definitely be surprised by the support and encouragement that you will receive.