There are always two sides to every situation. Depending on how you want to view it, you choose to see the positive or negative side of the state of affairs. The truth is, every crisis while totally disconcerting, also has seeds of opportunity.
I bet by now we have adapted to the new normal by taking it a day at a time, dealing with the abrupt changes that COVID-19 brought with it. With these tough times though, we need to focus on the opportunities that a crisis presents to us especially the entrepreneurs.
As an entrepreneur, are you pivoting your business through some kind of repurposing and redirection? How are you surviving and adapting to the “new normal?” I believe businesses must navigate the challenges of coronavirus and most importantly address the current needs of their customers. Remember it is much easier and cheaper to retain the clients that you already have than to acquire new ones.
For instance, we have all seen individuals and start-ups producing and selling face masks and shields to their local communities. The local taxi man has now turned his car into a grocery stop shop and is also a delivery man. This just shows how innovative we have become.
So how do you find the post COVID growth paths? How do we transform the crisis into opportunities?
- Change your mindset
Instead of focusing on the current or pre-crisis times, you need to think about what lies ahead. Ask yourself how you can use the current situation to speed up the long overdue changes. This is a wakeup call for us to leave our comfort zones and explore new ways of doing things to achieve better results.
- Identify needs / opportunities
For your business to slowly bounce back, you have to solve a need. Sit down and observe what the community around you need at the moment or will need in the near future and develop a product to solve it. Crisis breeds innovation and opportunity. Keep looking for that value addition.
- Think Technology & Innovation
If there is one thing that the crisis has made clear, it is the power of digitization and this in turn has paved way for great innovations. During this quarantine times, you can come up with an innovation(s) that help solve an issue in the society. If for instance, you are in the technology sector, combine your efforts and capabilities to create the next frontier of techno-developmental interfaces. Look at all the possible needs that can erupt from issues coronavirus has created.
I believe this crisis will pass, but we must not forget that innovation and digitalization are the path to survival and development, the fuel for constant progress and the model for the rise of a company and a nation.
- Talent Nurturing
During a crisis, talents will emerge. A crisis has a way of letting the cream rise to the top. As an entrepreneur, it is time to look at the skill sets and talents that your team possess. You might just realize that an employee has the answer to a challenge you are facing. Time is now for you to build an agile dynamic team and develop talents for your team.
Working with others is a sure way to cushion your business against losses. As I have always said, our businesses can never thrive in isolation. In times of crisis, look for companies or businesses that you can partner with to offer solutions, services or goods that are needed by the markets.
There is so much value addition that can be actualized if companies come together. Through partnerships, companies can pool resources that can help cushion them during such times. Partnerships are a sure way to help companies navigate the COVID-19 pandemic.
In conclusion, once a crisis is in motion, turning it into an opportunity often requires new ways of seeing, thinking, and responding. Applying traditional responses could lessen the pain temporarily, but often is insufficient to solve the underlying problem.
Despite the difficult circumstances many business people have found themselves in at the moment, I believe there is an amazing opportunity for creativity, connection and even reinvention of businesses in a positive way.
You decide how you come out of this pandemic on the other side. Keep going.