It’s often said that a crisis is really an opportunity in disguise. If that’s the case, then today’s business owners have some massive opportunities in front of them. We’re all still wrapping our heads around the enormity of the COVID-19 impact and its long-tail economic fallout. As businesses try to return to some semblance of normalcy, they’ll need to summon all their resourcefulness and creativity to turn this crisis into a chance for growth.

The best way to start is by formulating a plan. How will your business respond to this ongoing crisis, and make the most of the reopening period? Here are a few recommendations you might consider.

Responding to a Crisis

1) Start by re-evaluating everything.

With the world turned upside down, there’s really no time like the present to ask some of those big, scary questions that you’d typically prefer to avoid. Questions like… are you in the right industry? Are you focusing on the right products, or courting the right audience? Has your team gotten too big?

These are tough questions to ask, but they may be useful to help you reframe your sense of purpose; and, to expose some of the sunken costs that are holding you back from real business growth.

2) Implement reforms.

Identifying areas that need change is the first step. The next step is actually implementing those changes.

This might mean hiring, rehiring, firing, or retraining. It may mean dismantling an entire division within your company, one you now recognize isn’t adding value or contributing to your overall sense of mission.

It might also mean promoting or delegating to promising young employees who’ve been eager for their chance to shine.

3) Show some flexibility.

The pandemic has impressed on many business owners the importance of being fluid. Maintain that mindset while moving onto the challenges of reopening and beyond.

For example, one of the best ways to keep your employees happy and healthy (and potentially to scale back some costs) may be to create a culture in which you’re more accommodating of telecommuters and remote teams.

You may have people who’d rather not return to the office yet, and who may not need to… so why not let them continue what they’ve been doing throughout the quarantine?

4) Revisit your culture.

Finally, use this opportunity to think more carefully about the kind of culture you’ve built, and the level at which it does or doesn’t serve your people.

There’s nothing like a pandemic to expose some lapses in your mental health resources, workplace wellness initiatives, etc. Be on the lookout for ways to be more supportive of your employees, especially during a season in which many will be struggling with anxiety or grief.

Pivoting from a Pandemic

Nobody asked for a global pandemic, but for some businesses, it might provide some silver linings… or at the very least, some opportunities to regroup and rethink about how the business is run.

If you have any questions or would like to know more about post-COVID business resources, reach out to FullHR at your next opportunity.