5 Strategies for Success in a Crisis
Five Strategies for Success in a Crisis
There are many articles and videos about how to survive, thrive and adapt in the midst of a crisis. Disruption creates opportunity and we are seeing many conversations happening today that were not occurring pre-coronavirus. People don’t like feeling powerless, so we do things to try to maintain a sense of control and of purpose.
When business is good many people avoid the risk of making changes, but when the tide turns, the biggest risk is to businesses unwilling to change. In the body of work available, we see 5 common themes every company should be considering, no matter how hard or seemingly unrealistic they may be, to have the best chance of exiting the pandemic stronger than before.
1. Talent. According to Ad Age, employment in advertising, public relations and related services tumbled by 36,400 jobs in April as the ad industry plunged into a deep recession. This totally sucks for those affected and the industry as a whole. However, it also creates an opportunity to work with or employ incredible talent. There are directories and services popping up to help connect companies looking for talent with those available to work (OAAA, The minimum viable list). Every successful company is built on incredible talent. You get the benefit of the amazing work product from that talented individual. Further, great talent attracts more great talent as people gravitate to working with the best.
2. Mergers & Acquisitions. Now is a great time to look for opportunities to merge with or acquire companies. Acquiring a competitor can bring a significant increase in market share as well as the potential for talent as mentioned above. Acquisitions can also bring new capabilities and will likely be available at a discount to pre-pandemic prices.
3. Technology. Now is the time to evaluate workflows, operations and processes and consider where software or technology can increase efficiencies. While there may be less work in certain areas, the work reduction is rarely in perfect balance with the employee reduction. How are you going to get the work done with fewer people? Look at the repetitive manual tasks that are inefficient and find a technology solution for the problem. When times are good it is easy to mask inefficiencies and the default thinking is often that it could be better but it’s not terrible, so why rock the boat? Now the boat has been hit by the wave and disruption has already happened, take advantage of the opportunity to implement future-proofing changes.
4. Strategic Partnerships. What will things look like when businesses reopen? What will I need to do differently to be successful? What are my partners/peers/competitors doing? Now is the time to make connections and explore opportunities that may previously have seemed crazy. Engage in conversations and be open to new ideas and different ways of doing business. Chances are, your competitors are already doing this.
5. Communication. Frequently update your clients and prospects on what’s happening. Do you have news to share? Are there material changes to your business? Is there a new person/capability/technology available that may help your clients or entice your prospects? Yes, you need to be sensitive to the environment and be appropriate with your messaging, but don’t go quiet and allow people’s imagination, or worse, industry rumors to take over your narrative.
The world has changed. Now is the time to embrace that change and define your strategies for success.
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