Opportunities in a crisis
There are opportunities all around us during the COVID-19 crisis, but if you are risk averse and completely focused on survival, you will miss them. You need to look for the gaps and identify opportunities.
There are four types of people you can identify right now in the COVID-19 crisis – and only one set of people will emerge triumphant.
1. Those that are in panic and prophesying the worst. These are the people who were stockpiling toilet paper, causing rationing worldwide and in turn, inciting other people to panic.
2. Those who were – until lockdown restrictions were enforced - just going about as normal, seemingly oblivious to the situation, ignoring advice and denying the existence of the threat of the virus. This group of people appeared unaware that the world had just changed under their noses, like ostriches with their heads in the sand.
3. Those using the situation for personal gain, playing on the fear of others, such as those who are selling toilet paper at huge mark ups and preventing disadvantaged people in need from getting essential everyday supplies.
4. Those people with a watching brief, who are modifying their behaviour, adapting to the situation, reassessing and making decisions daily as circumstances unfold. These people are also optimistic and realistic in balance - chameleons able to adapt to the circumstances.
The top two types of people are acting out of fear, although their fear is demonstrated through very different behaviours.
The third type is a response of scarcity and ‘survival of the fittest’ – “as long as I thrive I can play on the fear of the weak.”
The fourth is the group that will be able to take advantage of opportunities and act quickly, creating benefits for themselves and others - a win-win solution.
These people are reading the environment and poised to respond, to make decisions and change if required. They are aware this situation will pass - however, they also understand that business will be different as a result of this situation.
These people are prepared to respond quickly and will have the opportunity to be on the leading edge into the future, reading when the world has just significantly shifted and how to move with it or in front of it.
My advice is as follows…
· Make the hard decisions now. If this situation continues for 3, 6 or 12 months – which is highly likely right now - the impact of delayed decisions will be magnified across all your metrics.
· Change your priorities to what really matters. Postpone, cease or eliminate all non-essential activity that is not adding value to your customer’s needs and wants.
· Invest resources where they matter, not where they have historically been spent. Analyse and review your operating model. Is it fit for purpose? Does it align functions, drive efficiency and effectiveness, does it maximise and streamline communication and clarity?
· Review performance. If there is a part of your business - function, product, service, team, division, process, or customer segment that is under performing against industry benchmarks, invest time and resources to understand why, identify the root cause and make the necessary decisions to resolve issues.
· Don’t stop all spending. Most absolutes don't work for a long-term solution. No spending is unreasonable and can and often does lead to unsafe work practices.
· Review your decisions regularly. Check in with your decisions and other people’s interpretations of your decisions, to ensure you are on the same page - that the intention is right and the decision is realistic. Don't leave it to others to decide. Make the decision for the team and give them the guidance.
· Carefully consider redundancies and ‘holding off’ on appointments. There are a lot of people on the market at the moment looking for roles. Now may be the time to recruit that key role that enables you to achieve your strategy. If you can do this sustainably, it is critical to your future success.
The key word in crisis is ‘sustainable’. Are the decisions you are making sustainable or are they short-term focused? Do they work now but will not work in six months’ time?
