Build the right conditions, competence, companies and communities to flourish in the post-COVID recovery world
For small businesses that SMBEx serves, the choice does not have to be to continue in the status quo or decide to go on a trajectory of failure. To be progressing on the winning track, small businesses need to rethink and be planning towards being repositioned for success in the decade ahead.
SMBEx marketplace are businesses that esteem a higher purpose of existence than merely for profits. These are challenging times for all types of businesses as they come out of COVID crisis. To thrive in the new decade, businesses need to rethink and reposition instead of trying to recover to an economy that existed before COVID.
As always change is forced through crises. Businesses that take advantage of crisis the right way gains a leading edge over their counterparts. For that the first thing the business leaders and owners need is the right perspective.
Having the right perspective is firstly about ability to see through the challenges new opportunities. The word CRISIS in Chinese language is composed of two Chinese characters. One character signifies “danger” and other “opportunity” respectively. Crisis is not merely about danger. Crisis can be a blessing in disguise to the businesses that can see through the hidden opportunities. Businesses need new thinking and not be stuck in the old thinking particularly if they have been in existence for some time. Danger can be the starting point to a renewed thinking. It motivates people to consider change. People tend to react outside the status quo during troubled times.
Desperate times calls for desperate measures. When the economy threatens the future and livelihood, people tend to react better. When it comes to your business analyze the internal “danger” faced within the company. The internal issues can be the effect of the crisis on the cash flow, payroll and so on among others. The external “danger” faced is the environment around your business that relates to customers and other external parties such as suppliers, lenders and so on. Then consider the new opportunities and new ways to face the internal and external threats facing businesses. Instead of the status quo, businesses need to use creative thinking outside the box to solve the internal dangers from the crisis.
Secondly, crisis is a time for existing businesses to consider the core purpose of existence. Ask the simple “why we are doing what we are doing?” question. To reconsider the overall mission and vision of the business from time to time is a good practice. It is also a good time for the team to reevaluate their big purpose and realign their practices accordingly. Crisis can cause the companies to reset the company in the right direction. This applies to businesses small and big alike.
Thirdly, crisis is the time when the leadership of businesses need to step in to lead the business through the necessary changes. When a business or business environment goes through crisis the faster the leadership rises to the occasion the company can be positioned for new opportunities ahead. This is especially true in the case of a a worldwide crisis such as the coronavirus situation. The businesses that quickly realize the danger, opportunities and purpose need a leadership team to implement action steps. It is one thing to evaluate the business conditions and another thing to take action. The leadership plays a key role in the right changes to position business for success.
Fourthly, during a crisis the right culture within the organization determines the extent to which businesses can move from a place of surviving to a place of thriving. The thriving mindset depends on the work environment, company culture and the leadership team. Agility is key during crisis situations. Businesses that have a culture favorable towards producing results without much red tape competes better during crisis situations.
During crises the demand for products can go up or down with uncertain patterns. Some businesses adapt to changes in demand to bring better quality products and services to the market at greater speed during crisis. The positive mindset and energy of employees play a role in how businesses come out thriving during crisis in general. In the case of COVID depending on the business sector the recovery could be slower or faster. However businesses that are ahead of the game with regard to its competitors have a better chance of thriving in the new decade.
Fifthly, right planning is a sign of a healthy business environment. Dwight Eisenhower said, “planning is everything, the plan is nothing.” Having a solid plan is a hallmark of good leadership. The plan itself will not bring in results. The process of implementing and planning is important to success. Planning is not a one-time deal. It is a process that needs to be continuously in place that triggers the teams into action with the support of the leadership. In the case of COVID, planning to restructure to the new environment is something every successful business needs to have in place. Without planning there is no roadmap to action.