As leaders, we need to be reinventing ourselves every day to respond to our rapidly changing environment, and this is no different for business. With business strategies (and budgets) for this financial year in shatters, to survive right now you need to innovate rapidly.
I like to look at COVID-19 as tectonic plates that got shuffled so that the map changed. The critical thing you need to do is reform your strategy.
Recognising that this struggle isn’t permanent will provide you with the fuel to innovate, adapt and survive. Look at opportunities for growth in a new direction, pivot, streamline processes and innovate. Having a positive mindset will be beneficial to success.
An example of this is ‘Finder Verified’. We saw vast numbers of people trying to buy face masks and hand sanitiser, many of whom were getting scammed. No one could tell if the product or company were real, and that was a terrible thing. To solve this, we called the suppliers and verified if they were legitimate.
We filled the gap and rode the wave of personal protection equipment. It’s been a significant growth area for our business. Now, we’re building a whole marketplace on the back of this, which has been an incredible learning experience for us and has allowed us to pivot uniquely. a
My 3 steps for turning COVID-19 into an opportunity rather than a roadblock.
Critically evaluate your business strategy, ask yourself what is essential for success and what is just a nice to have?
Reduce costs. Cut down everything not necessary for survival.
Niche down. Focus on your area of potential growth now and into the future.