August, time to jump into action!
Being stuck in isolation for as long as we have, it’s easy to forget what normal life looks like.
It’s also easy to catastrophise the scenario we’re in and feel years of work are being undone with just a few months of the world self-isolating. Amazingly, this might be exactly the wrong way to look at this situation. Crises happen, and this isn’t the first or last time businesses big or small have weathered a storm. What’s more important now though, is how you can turn this crisis around to benefit from this situation.
Crises are where some companies break and new companies rise to take their place. Think of a forest after a hurricane. There’s a lot of damage. Large trees collapse. But within months, there are new saplings and tree giants to take their place. Crises are times for renewal and change within markets and industries. And with change comes opportunity.
The opportunity for small companies
Small companies are more agile than their behemoth counterparts. With small teams to coordinate, small and medium sized companies are able to change direction to fit the market need. Yes, people are spending less on discretionary items, but non-discretionary goods, as well as goods and services related to health, deliveries, and the online market place are way up.
Use this opportunity to expand business when the competition is reeling. If you’re able to stay stable over the next few months, you will be in a far better position as the world rights itself back to a “new normal”.
The opportunity for large companies
Larger companies have more resources compared to their tiny cousins. While small companies use their flexibility to weather the storm – large companies use effective management of their resources, built over years, to handle disruptive waves. Like small companies, now is the time to expand.
As Warren Buffet famously said, “be fearful when others are greedy and greedy when others are fearful” – now is the best time to buy out companies that are struggling. Internal branding and identity is key here, to ensure people in your organisation are with each other during this tough time.