“It’s not what you see, but how you see it”
The World exists as you perceive and sometimes your worst time can help you look at the most beautiful things, but only if you have an eye to see it.
It’s hard to run a business…
But it’s harder to run a business when the world around is drowning in the crisis, the economy has fallen in the pit and your business was not in operation for a long time due to lockdown.
Standing up back to continue building your empire is what a fighter is expected to do. As COVID-19 has changed a lot of things for people leaving nothing as before in the world, a change in the way a leader of an organization THINKS should also prevail.
To help such entrepreneurs to develop a new way of thinking with the changed time, below are some viewpoints that can help them think from a different frame of mind.
5 critical thinking approaches entrepreneurs should adopt to recover crisis
There is a difference between need and luxury
A change in the business purchase pattern and behavior is seen as the COVID-19 outbreak surged around the world. As most of the people are staying home due to the social distancing orders, people started focusing more on purchasing things they think are needed for living in order to avoid getting into any financial crisis by evading spending on luxurious items.
Here there is a lesson for a business owner to understand, that a product or a service can blow off the market unless it centrally focuses on solving the problems of people or helps them with their needs. Taking note of it, the business owners while planning to launch a new product or develop a service should focus on how it solves the problem of the audience and how it can become one of the needs of people.
Strengthening the core of a business is important
There is always one thing in any business that leads it towards success, for some, it’s their unique point of selling, while for the other it could be the hardworking team. Understanding what is leading the business towards the uphill can accelerate the process of evolution by getting a centralized point of focus to work after to help businesses survive any crisis.
Lockdown has made many businesses and their employees work remotely, having a strongly built team with a deep understanding of business and are compatible with each other can hardly allow the crisis to affect their workflow. While on the other hand, nurturing the basis of the businesses with which it has been started can help one create a deep-rooted foundation that’s harder to be uprooted with a crisis like today.
So here we got our second perspective as “Business growth is only possible if the owner is well aware of his business core strength that leads him from nothing to the current position of success”
Try to think from a millennial mindset
Change is evitable for growth, you can not stick to your 20 years old mindset and try to rule the current world. The COVID-19 pandemic has taught many entrepreneurs to leave their traditional working patterns and work from home using digital devices.
Similarly, you being an entrepreneur have spent a lot of time in the industry to apply all your thoughts and ideas, try to enter into a new space of thoughts by listening to some new ideas from your young employees. Try to think from their perspective, use your experience but be open to their inputs to revise some strategies and upgrade your business as per today’s need.
Understand, the world before and after a crisis is different, the strategies that worked before might not be effective in today’s time. Adopting a mindset that is more matured and conventional can help you strive for your business through the changing times.
The crisis is a chance to clear the headspace
Difficult times lead us to make difficult decisions, but these are the times which actually breaks the chain of normal to bring out some extraordinary things on the desk. Sometimes getting out of the game is the opportunity to get yourself aside to think about a reformed strategy to rebound more strongly than before.
Taking this crisis as a time to detox your mind and body, clear your thoughts to make space for more innovative ideas to come across. Empty your mind from daily workloads to make space for new things and ideas to enter the head and reform businesses. Spend time with families, create a refreshed vision to your problems, take time to observe the need for change and that is when you can come up with the next best step to success.
Diverting businesses towards digital space is inevitable
COVID-19 crisis has surged the need for digitization for most of the business. Looking at the current situations and statistics, only the business with online presence survived during the crisis as they were the ones running the economy with their online selling and purchase options.
Today as 75-80% of people are using smartphones, investing in digital infrastructure is a profitable deal to make. Having an online presence through a website or marketing your brand through social media platforms is a great way to remain connected with your audience.
Breaking the norm of brick and mortar business operations and diverting your customer interest towards digital space by utilizing these virtual shops and space for business can be a fruitful decision that can prove to be a great benefit for a long term business plan especially for new-gen.
Sometimes we need to move a step backward to move two-step forward. The crisis comes with this step back notification that asks us to be prepared for the jump of the two-step awaiting us.
Well getting prepared for this leap is only possible if a person has the ability to find silver linings in these dark clouds. Above were some refreshing perspectives for the entrepreneurs to help them overlook the drawback of the crisis and absorb the innovative light that crisis is throwing.
James Vargas is an experienced business expert, consultant, and manager at Get Everything Delivered, startup consulting and team building services. He has 1.5-decade corporate experience and is tailoring the best project delivery and team training practices to the businesses and startups to generate great revenue for their business.