This is the perfect time to quote a medieval Italian philosopher. Wait, don’t stop reading! You need to hear this. Nicolo Machiavelli once said, “Never waste the opportunities offered by a good crisis.” As long as the opportunities affect positive changes that make your company stronger, allow you to solve new problems, and help you better serve your customers, I couldn’t agree more.
Entrepreneurs are made. We are made through the crucible of education and experience, no matter how or where they occur. We are made through collaboration and partnerships, obstacles and issues, failures and setbacks, good times and bad. We are made through the lifestyle we have chosen, which few understand and even fewer want. We are made through the entrepreneurial journey itself.
If you’re a business owner, you’ve been through a crisis or two before. Chances are you came out the other side stronger and wiser. I don’t know how COVID-19 will affect your business but I do know this, it will lay bare your strengths and weaknesses at work and at home. It will test your will and your ability to maintain the stoic mindset of the entrepreneur. Don’t waste a good crisis! Learn. Adapt. Improve.
As this crisis unfolds, keeping these five things in mind will help you view this crisis for the opportunity it is:
01. Be on the lookout for problems to solve and ways to serve customers that you didn’t see before.
It is natural for entrepreneurs to ask themselves a serious question right about now: How can I protect my business during these uncertain times? One way is to help your customers solve problems that present themselves during this crisis. Call them up and talk to them about the issues they are having due to coronavirus. Demonstrate that you are adaptable and flexible, and ready and able to help them during their time of need.
Also, in a much more strategic approach, look for ways to create disruption in your industry. Some of today’s biggest brands owe their existence to the 2008 recession; think Airbnb and Uber. Ask yourself, what weaknesses or needs has this crisis uncovered that your company can address? You can bet that as a result of COVID-19 new category kings will be crowned in industries that support remote work, telemedicine, and home-based education just to name a few.
02. How can you sharpen your focus on the handful of things that really matter?
In my experience, most companies spend way too much time and energy on things that don’t really impact their success. This crisis will likely force you to brutally prioritize what your company spends it’s time doing, so why not change the way you operate by focusing only on the most essential elements--that handful of things that really matter? Pareto’s Law, which states that 80% of the results come from 20% of the time and effort, can be your guiding principle here. Identify the few critical tasks that contribute most to your success and focus your team on those few things.
03. Before you go into problem solving mode, ask yourself: Is this the right thing to do for my business, my people, and my customers?
Entrepreneurs are people of action so you are likely feeling pressure to take action during this time of crisis. Before you act, ask yourself: Is this the right thing to do for the long-term success of my business and my customers? Leverage your team and use your collective observational brains to see things for what they really are and not for what you perceive them to be. Then take smart, focused action--right action.
Speaking of your team, think back to the last crisis you faced. Did you come up with the best solutions or did your team? Almost always it is the people closest to the problem or obstacle that have the best ideas on how to move forward. Here is an example. When US Bank stadium in Minneapolis was under construction, a tour guide told my group how an error in the architectural plan was discovered. It was a big issue likely to cause millions to correct. It was the person with the welder’s torch in hand that figured out how to fix the problem at minor cost and with little delay.
04. Take close note of the strengths and weaknesses this crisis uncovers.
COVID-19 will certainly show you where your operations, culture, and systems are strong and where they are weak. This is a gift! Keep careful notes on how your processes, teams, policies, communication strategies, etc. served you during this crisis. Use these notes to make improvements to your company’s way of doing things and seek help in areas where you feel you can’t do it yourself.
05. What can this crisis teach you about simplicity and agility?
Ask anyone that works in crisis management and they will tell you that the more complicated something is, the more likely it is to fall apart in a crisis situation. Where can your company benefit from simplicity? Has this crisis shown you where you can apply the “keep it simple” principle to your operations? Survival of the fittest applies to businesses too. Those companies that are agile and adapt quickly to this crisis are the ones that will thrive. Here is an example. While many therapist’s offices are closing, one in my hometown is moving to teletherapy using Zoom. They just decided to do it because it is what their clients need. They were not paralyzed by fear and uncertainty. They took smart action. Keep it simple. Be agile. Continue to serve your customers.
If it is not COVID-19 it will be something else. Crises are a fact of life. What matters now is that you take the long view. Control what you can. Focus on your people and your customers. Use this situation to build a stronger business. Just don’t waste a good crisis.
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