Now showing items tagged crisis
Downturns and hard times are often perceived as a curse in business. When lockdowns hit, sales dry up and market share dwindles, leaders often long for the former glory days of growth and prosperity. However, in the same way that nature has seasons, industries have cycles that serve an important purpose. The key to surviving, thriving and achieving enduring relevance in the long-term is to work with rather than war against seasons and cycles – especially the adverse ones.
As events have unfolded this year, the word ‘pivot’ has emerged as a description of the moves necessary in business, society and individual lives to adapt to uncertain times. It is an appropriate word choice to describe these movements, especially as it depicts a motion that adapts its direction, while remaining rooted in one spot. It is clear that in times of crisis, the fundamental need for businesses is the ability to pivot.
While it may certainly seem like a crisis and a pivot of this scale are unique to this year, businesses have been adapting and moving with uncertain times since their beginning.
Last week I posted a blog examining how a crisis provides a unique opportunity to recalibrate and rediscover the unchanging DNA that makes up your business. While this is true, it is also worth examining the possibilities and perils of significantly changing your business in the face of crisis. While such pivots can open up opportunities for maintaining momentum and tapping into a pressing market need, business leaders must tread carefully.
In the last few weeks, it has seemed that every day has brought yet another piece of bad news, pushing the world deeper and deeper into crisis mode. With more and more job losses, confirmed cases of Covid-19 infection and uncertainties arising, it is difficult to see the opportunities being offered by a crisis like this.
It is undeniable that Coronavirus has violently disrupted the way we do normal life. The one unique gift it is giving us, however, is space. In the most literal sense, it is giving us physical space from each other and for many of us, from our regular offices, commutes and meeting places. More than that, it is giving us space to recalibrate.