With numerous production projects on hold due to the current state of affairs, I have, admittedly, been more immersed in Netflix than usual. However, some motivational gems have appeared amid the hours of television consumption. The most poignant for me, at this given time, is a line of dialogue repeated throughout Narcos: Mexico, spoken by Angel Felix Gallardo, played by the very talented actor Diego Luna: “In crisis, there’s opportunity.”
So now, when so many businesses are struggling to survive—pivoting, contracting, or justifiably hitting the pause button on operations—where can you look for opportunities amid the COVID-19 crisis? How can you recognize opportunities when everything feels so bleak?
Assess
With business ops slowing down or coming to a pause, this could be a great time to assess your business from the inside out and ask pertinent questions:
• Has the current crisis revealed any gaps – both in your business or in your industry? Is there an opportunity to fill those gaps to create a strategic competitive advantage moving forward?
• Has the crisis provided you with any opportunities or new insights on how to innovate, change your business model, or otherwise strengthen your position (even if strengthen, at this moment in time, simply means surviving)?
• What are your company’s points of differentiation and value propositions? If every business like yours is being impacted in the same way by this crisis, is there anything that you can do differently to increase your chances of survival?
• Now, with a couple weeks of hindsight since the beginning of the crisis, is there anything your business could have done better to prepare for such uncertainty?
• Has this crisis revealed any leaders in your firm (or weak links)?
• What has the crisis revealed about your own character? Is there anything you’d like to bolster or change?
Catch-Up
The pace of my business, and certainly my life in general, has slowed significantly in light of the COVID crisis and orders to shelter in place. This has provided me with the opportunity to catch-up and do a lot of the things I didn’t have the time, energy, or focus to do before.
• Strategize. Now is a great time to review your firm’s strategic plans, and if you do not have strategic plans in place, to begin formulating them. I have been collaborating with numerous businesses to help devise their digital marketing strategies, video strategies, and social media strategies.
• Create. Write those blog posts you’ve been putting off. Record those videos you’ve been avoiding. Outline your social media content calendar so that the next three months are ready to go.
• Communicate. Re-connect with the people in your life – those in your personal and professional life.
• Update. Now is a great time to update that aging website, refresh the images and branding elements across your digital channels, and refresh the old templates you’ve been using for a decade.
Reflect
Times of crisis always present an opportunity to reflect, check-in, and change.
• Are there trade-offs that your company (or you, personally) need to make? Creating an impactful strategy and a successful business means making choices – both what to do and what not to do.
• Do the different components of your business ‘fit’ together? Are there any weak links? Did any of those weak links make your business more vulnerable to the current crisis? Perhaps your portfolio of clients was not diversified enough, or your revenue was overly dependent on a single client.
• If your business disappeared, are there other things in your life that bring you joy? If you could no longer go into work, what else would you do? How would you fill your time?
As much as we try to prepare for the unknown and shelter ourselves from turmoil, we will continue to face crises of all varieties. However, by confronting these crises head-on and taking the time to understand their implications, perhaps you can find the hidden opportunities that lie tucked away in the folds of chaos. Don’t forget: “In crisis, there’s opportunity.”
Need help with your firm’s strategy? Want guidance on how to accomplish these goals? We’d love to work with you.