Getting Full Value out of Crisis
There remain many different and varied trajectories and outcomes for businesses in our current new reality. Some of course are not fairing well, and that is very unfortunate. However, there are also businesses thriving during this time. There is only so much you can do in response to the current reality. The question is; are you doing it?
Get Full Value of this Crisis
There is a tremendous opportunity right now for many businesses who are surviving. The opportunity to get their full value out of this crisis. Business leaders often face the challenge of figuring out how to work less in the business and work more on the business. Many leaders go at such a fierce pace and so much of the day to day operations of their entity depend on them. This creates a problematic dynamic as they are then unable to be as strategic as they otherwise could be and are not available to work “on” their business.
The Gift in this Crisis
For many companies there is a gift of newfound time right now. They are now unable to undertake many of their usual business (operational) activities in the way they have been doing for years. This could be an opportunity not worth passing up. Now is the time to assemble key people in the company and to together work “on” the business. Consider what kinds of processes can be reviewed and improved upon that may make things better, faster and/or cheaper. Think about the various systems that run your company’s economic engine. How can they be enhanced or streamlined, to not only create efficiency for today, but also so that when things settle into the new reality, greater efficiency can be enjoyed long-term.
Next Steps in this Crisis
If you are surviving right now, likely one or both of two things are true. One, you have adequate cashflow. This is because your business model and the way in which you have handled cash has been such that you have the cash to weather the storm. Two, you have quickly pivoted your business successfully such that you are matching your offerings to a current market need, even if that is something you never imagined doing. Don’t stop there, take the next steps.
Cameron’s Call to Action
- Create intentional time and space for all staff at all levels to contribute ideas and suggestions on business improvements.
- Focus on the handful of systems and processes that drive your economic engine. Find ways to do them better, faster and cheaper.
- Open dialogue with the customers, clients, competitors and your own staff about what opportunities might exist that you are not noticing at first glance.
Don’t miss out on your opportunity to position your company such that it will be able to dominate a part of the market as things get moving again. Be ready!
Cameron is an Executive Coach and Consultant specializing in business growth and creating psychologically healthy workplaces.
Read our other blogs written specifically for the current economic crisis
The Rise of the Great Leader in Crisis
Business Owner – Covid-19 is NOT an Economic Crisis