“Never let a good crisis go to waste” – Winston Churchill
There are two Kanji characters used in both Chinese and Japanese to spell the word ‘crisis’, the first symbolizes ‘danger’ and the second ‘opportunity.’ I can’t think of a more appropriate analogy for today’s unsettled COVID-19 world.
The global pandemic has proven to be a dangerous crisis. But it can also lead us to opportunity. If we look.
The quote from Winston Churchill alludes to the phenomenon that a crisis can provide the opportunity for real lasting change to take place. The crisis acts as the catalyst. From there we have to look for the opportunity, and then take action.
Why is this? The fear, uncertainty, and constraints created by a crisis trigger a primordial human fight or flight response. We essentially have two options: We can try to run or hide from the challenge. Or, we can embrace it. In either case, we have to recognize it and take some action.
This process of confronting a crisis, and getting inspired to take action requires focused thought and problem-solving creativity. The shocking and disruptive forces of a crisis like COVID-19 can expose cracks and weaknesses in business and political structures, beginning the process of breaking down barriers and eliminating roadblocks to change.
If we recognize and embrace them this phenomenon can accelerate change and lead to real innovation.
While it would be an absolute lie to say that I’m thankful for this crisis, I do appreciate the opportunities it will provide. Again, I categorically detest COVID-19, but as a business strategist and eternal optimist, I am choosing to see that some good might come from it also.
Let me explain.
In the short-term we are likely to remain in a business environment where there will only be room for “must haves” versus “nice to haves.” Due to reductions in financial and human capital, most business leaders will limit themselves to operating with a survivalist mindset of protecting the core.
However, truly strategic business leaders will also have their eye on the future. Growth strategists will realize that there has never been a better time in history to challenge assumptions. Every business in every industry is at some risk of disruption.
Long-term, everything is up for grabs. Business models will change. Industries will transform. Some organizations will grow, others won’t ever come back…
My counsel is to embrace this year as a strange gift. If you are a brave business leader, or in marketing or strategy, it is a chance to be a pioneer. A rare opportunity to transform your business, industry, and career.
Entrepreneurial change agents will seize this moment as an opportunity to think about “what should we do differently” instead of “how do we get back to where we were” and, as a result, position their organization for growth as we emerge out the other side of this crisis.
If your organization was in good shape before, use this crisis to get even stronger and grow market share. Don’t be afraid to challenge assumptions and make improvements that will help to future-proof your business. If you were weak, or threatened, it is an invitation to double-down and blow up your business model. While not quite a free “do-over” it is a great chance to “re-set.” Take it!
Now ask yourself, what trends will this crisis accelerate in your industry? How will you compete and thrive in a post-COVID economy?
More to come on these questions in upcoming articles…
-Onward