Council Post: Business Growth Strategies For Leaders Facing A Crisis

As much of the world stays at home to help stem the spread of the coronavirus, many of us are using streaming services to help pass the time. Tiger King‘s Joe Exotic and Carole Baskin, for example, have become household names, and Tiger King now ranks as one of Netflix’s most successful releases ever.

While documentaries and entertainment might help lift one’s spirits during today’s difficult times, I believe it’s also important for current or potential business leaders to consider using this time as a catalyst for growth. As the CEO of a company that helps launch new products into the retail space, I’ve found there are plenty of things you can be doing:

Be a visionary.

Have you always wanted to launch a product? Maybe now is the time. Visionaries see what no one else does: potential and opportunity in even the most challenging of times. As the coronavirus threatens the solvency of some businesses, I’ve observed that visionaries are still dreaming, still tinkering, still creating and still bringing new products to market.

No matter where you are in the inventor process, I believe investing your time and energy wisely now can pay off later and propel you ahead of the competition. While some are pausing their work or lacking motivation, consider using this time to ramp up your productivity, refine your inventions, research the steps necessary to bring it to market, evaluate manufacturers and vendors and put your plans into action.

Reinvigorate.

Perhaps you already have a product in the marketplace, but sales have flattened. Use this time to reflect on your business and/or your career. Take a good hard look and plot your next move. Has the business run its course, and is it time to move on? Or does the product or service still provide value? If so, perhaps you need to refresh your outreach to better relay the benefits to consumers and jump-start sales.

Reinvent.

Most brick-and-mortar companies can’t be physically open right now, but I believe these leaders can still take their businesses to the next level by thinking about how they could reinvent their offerings.

To put this into perspective, let’s say you own a restaurant and are already offering takeout and delivery. A next step could be to productize your menu, package and sell your secret sauce and create a romantic date-night-at-home dinner package (and maybe even include a local bottle of wine). Then, you can promote this service yourself; post the package on a discounted online marketplace, such as Groupon; or create meals and sell them online by partnering with a gourmet food site.

Consider alternative business models.

Adapting an alternative business model can be one way to adapt to trying times.

For example, I learned of one fitness business that was scheduled to open the same day New York’s nonessential businesses were instructed to close. Not to be deterred, the owner of the fitness business made a quick pivot and began offering virtual tele-sessions with clients to support those who wanted help staying physically, emotionally and mentally well during this time of uncertainty.

Similarly, I observed a modern-day general store owner who decided to launch her e-commerce business. She started offering free, same-day delivery of produce, cleaning supplies and other essentials. This gave her a new revenue stream and, most importantly, enabled the store to provide support to its community while complying with local guidelines.

To do this yourself, look at your business and consider ways you might be able to set it up to better weather a crisis. For example, you might productize your business and sell online, start a delivery service, offer tele-sessions or dream up a new way to modernize your industry.

Eliminate nonessential costs.

When business is good, owners might not think twice about the costs incurred in running their businesses. But during lean times, it is crucial to cut back where you can. Now is the perfect time to examine your budget and find any hidden cost savings.

For example, do you really need that swanky office space with a corresponding high rent? If the number of times clients come to your office don’t justify the cost of having one, consider workshare spaces. Community workplaces like these provide a respectable meeting place for clients and a collaborative environment where teams can brainstorm, but at tremendous savings due to no costly overhead.

Or, perhaps another way to say would be to implement a permanent remote work setup. After all, some employees who are able to work from home have reported being more productive, part of which I believe could be contributed to the fact they don’t waste hours getting ready for and commuting to work daily.

As you can see, there are a few things leaders and entrepreneurs can do to help their businesses grow and adapt in uncertain times. By following a few of these best practices, I believe you’ll be preparing your company to weather challenges now and in the future.