Every Crisis is an Opportunity: What to do Now to Ensure Your Business Comes Out of COVID-19 Strong
In the past few days, I have gotten comments from colleagues mentioning that now is a good time for them to catch up on projects they are behind on. My advice to leaders is to not look behind or simply get caught up, but start looking ahead to ensure their businesses come out of this situation better positioned for future growth.
With every crisis, there is opportunity. At the end of this, some businesses will close, while some will flourish.
Imagine a future time. Pretend the crisis has past, the virus is over, and social distancing is a thing of the past. People are back in the workplace. While the world is different, given this situation, and there are many unknowns, company strategy is built on brainstorming to predict the future.
How has your client and prospect’s business changed? What will they be experiencing with their clients? Do your homework, read about the effects in their industry. Conduct phone interviews with clients and prospects, if appropriate, to understand what they are going through and what changes they have had to make.
What will your clients and prospects need then? Now that you know what your clients are experiencing and understand their changing business needs, how are you prepared to help succeed - and quickly. Are there new products and services that you can offer to help them in their recovery and growth? How can you make your current products and services more efficient and cost effective in the short term to aid in their recovery?
Conduct a SWOT analysis. This is a strategic management tool that is very effective. However, in this situation, imagine you are in the future and listing what you see for each bucket - Strengths, Weaknesses, Opportunity and Threats. If it is in the future, people are back at work and you know what your client’s needs are, how does your client’s business look in this future environment?
Develop your action plan to meet this future business world. What business changes do you need to make now? What will your employees need? Are there new lines of business you have wanted to create that now make sense to develop?
And finally…Abundance vs. fear. We are currently in an unknown time which is stressful. Not knowing the future is scary and creates fear. Keep this in mind as you go through this exercise and remove this fear. Remind yourself that things are cyclical and instead think in abundance and how you can create a business plan that makes your business even stronger than it has been in the past.
It is natural during this time to hunker down and sit and wait and see what will happen. Being proactive with your strategy will not only create a sense of control for your future but start moving in the direction of recovery and success.