There is a wise saying "Rough seas make good sailors". If view of that as business leaders we need to navigate strategically during a storm. Here are my 5 tips to keep the business going:
1. Continue to be Productive; with all the technological advances, use tools that can help with business continuity. My favorites are Zoom for meetings, Slack for project collaboration and LinkedIn for lead generation. There are also other useful tools out there and most are even free. These tools can help everyone to stay connected.
2. Be Creative in Finding New Customers (Noncustomers);
In such times start exploring new customer basins, use the Noncustomers tool (Blue Ocean Strategy) to explore new markets, undeserved and unserved customers, pivot your product and services to suit these Noncustomers without losing your existing ones. For example, if you are a B2B business, explore those businesses that are thriving at the moment. Create value for them.
3. Form Strategic Collaborations;now is the time we should ‘Hunt in a Pack’. Find partners that can be of value and vice-versa. Collaborate with non-competing businesses and form smart partnerships that can extend your clientele. Negotiate a win-win partnership, give and take. Increase each other’s revenue pool. Built trust and create a healthy working partnership.
4. Be Hungry for Data & Analytics; now is a good time to reflect and review some key data points and analyze them accordingly. Just as a sailor uses navigation data to chart his course, so must a business leader use data to navigate through tough times. For example, externally analyze current trends in the market and internally analyze search data for your business.
5. Have Perseverance and Sheer Grit;at the end of the day, it is imperative to never give up, dig deep and keep plowing and fighting through. Having faith and believes always works. If you are a religious person, pray, meditate and keep the fire alive. No crisis remains forever neither does a storm so remember the storm will soon past so keep looking out for that rainbow and stay motivated!
These are my top 5 tips to navigate through rough seas. In the meantime stay calm, stay safe, stay positive and stay focused.