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5 Ways to Take Action During a Downturn
With the Covid-19 pandemic, our lives have been turned upside down, disrupted and changed for the foreseeable future.
Many of us who own businesses or lead nonprofits may think that the negative impact to our organizations are out of our control. We just have to wait it out, hope for the best and get ready for when things go back to normal.
But waiting it out is not a strategy. I would contend that now is a time to shift our attitudes and take action to achieve success now and in the future.
Here are five ways to take action to be more successful when the economy or environment takes a downturn:
Pivot to better opportunities
Most organizations experienced lost revenue during a time of crisis. The typical revenue streams can dry up. The ability to pivot requires the leader to look at potentially-related areas of opportunity that are in demand during a time of crisis – and then shift their operations and strategy to accommodate that demand. For my company, we’ve leveraged our existing sourcing strength for overseas products to shift to sourcing medical supplies, thus providing a resource for in-demand products and allowing us to replace lost revenue and support the community.
Refresh your branding
Many organizations look at their visual identity – website, collateral, messaging, and designs – only when they have time. A downturn is a good time to invest in a refresh and setup your brand to be more attractive and marketable. For ideas on how to refresh your brand visit Outreach Promos.
Seek new partnerships
Many organizations are looking for support during times of crisis. Building win-win partnerships to support other businesses and organizations is a great way to develop new benefits, increase your reach and open up new business opportunities. Look for organizations that can benefit from your services and can provide value to you and your business. A partnership must be mutually beneficial for it to be successful.
Taking a look at processes, technology, people and key expenses allows you to determine areas to reduce cost, better align your team’s talents and instill new ways of doing things. The results can be a more efficient operation that helps your organization get more done with less.
Think outside the box. Sometimes the best ways to be successful during crisis are not obvious. It is these non-obvious ideas that can be the most rewarding. To get creative, take the time to learn, both from content and books as well as from other people. Study up on industries and businesses that have been successful during crisis. Finally, don’t be afraid to talk through ideas with those you trust. For our nonprofit, Small Biz Cares, we’ve been able to get creative to deliver value to our members, make an impact, and collaborate with partners across Central Ohio.
At the end of the day, leaders have a chance to show their leadership during these times of crisis. By thinking creatively, building new opportunities and improving your business’s brand and operations, all organizations can make the most of tough times and in some cases, flourish.
Nevin is a business consultant that works with leaders to help them tackle their biggest challenges and growth goals. Go to www.nevinbansal.com to learn more about his services.