How Top Entrepreneurs Respond to a Crisis

Learning to adapt during a crisis can lead to opportunities that could potentially transform your business for good. The Coronavirus Pandemic may be the biggest crisis we will see in our lifetimes. Many people are comparing this event to the recessions of the past, but the experts are saying this is much much worse. A huge percentage of companies that have been forced to close may be out of business for a year, and many of them won’t reopen at all.

With the inevitability that we are not going back to business-as-usual, top entrepreneurs are taking advantage of this rare opportunity.

History shows us that during times of crisis, there are some businesses that enter into unprecedented growth. Each business now has the potential to pivot and seek out opportunities to turn a crisis into a success.

Our businesses can survive and even thrive during these hard times.

Here are a few examples you can employ to help:

Re-Examine all Aspects of your Business

A crisis gives you the rare opportunity to question anything that isn’t working in your business, or in your life.

Ask yourself pertinent questions such as:

When everything is “normal”, we don’t often ask ourselves these kinds of questions, believing that normal is good enough for us. If you haven’t asked yourself these questions lately, now is the perfect time to take a hard look at whether or not your business can succeed the way it is now.

You don’t necessarily have to change anything if you feel confident about your future, but it’s important to remember that “sunk costs” are already gone and you can’t get them back. Is it time to cut your losses and pivot your business?

Now is the Time to Refine

Have you been holding off on making changes to optimize, maximize or reform your business? It’s easy to get hung up on the emotional aspects of firing stagnant employees and hiring better ones. Each time you opt out of these necessary changes, you put your business in the line of fire.

Shift to Temporary Workers or Contractors

This is the opportunity to let go of dead weight employees, cut out divisions of the company that are unproductive, and start seeking out new opportunities.

One thing you can do to re-energize the business is to lay off full time employees, and replace them with temporary workers or contractors. This crisis is a unique chance to reconfigure your workforce with little resistance.

Rearrange Your Investment Portfolio

Another option is to have your employees work from home, saving you both time and money, because the employee doesn’t have to commute. There are many apps out there that can help you and your employees track, manage and oversee time spent working from home.

Take this time to take a good, hard look at what you are invested in. Consider making some quick changes to invest in industries that will inevitably thrive in these times.

Learning to shift and pivot your business during a crisis can not only save your company now, but it can also change the way you do business moving forward. There may never be a better time than right now to catapult your business into a period of success.

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