Is This an Opportunity for Purposeful Change for Businesses?

Is This an Opportunity for Purposeful Change for Businesses?

There is no question that we are in a crisis. This week, I have spoken with several organizations that are either laying off or furloughing significant percentages of their workforces. The news is not good. More and more leaders seem to be close to panic as the situation worsens, revenues have diminished or ceased altogether, and the unknowns have grown. In times like these, leaders must lead and plan the path forward.

Times like these are always fearful because we know that businesses are closing and individuals are suffering incredible losses to their livelihoods, their families, and their health. However, there may be things you and your organization can do to try to survive and to navigate this time — and potentially emerge better than before.

1. As leaders, we should force ourselves to have and project a positive mindset. Remind yourself and your employees of crises you have weathered before, and do it out loud. Panic and worry waste a lot of energy without doing any good, and we need to be innovative more now than ever before.

2. Put out the fires as much as you can as fast as you can so that you can focus on planning. We need to make a huge effort not to let ourselves fall prey to the negativism and panic around us. Take stock of what you have. I, like many other business owners, feel a lot of uncertainty; and I recently felt a small root of fear trying to grow. I forced myself to assess my situation realistically. I evaluated my cash flow, looked at areas in which I could significantly cut costs, evaluated the new options made available by the Federal rescue package, etc. and found areas where I need to rethink my business entirely, including how and what I deliver. I am making plans for how I will emerge from this current situation, and I am putting those pieces in place now. None of this is earth-shaking — no new ideas here, but when everyone else is panicking, we can become distracted and forget what we know to do.

3. Understand that this time is an opportunity. I am encouraging my clients and friends that this is actually a perfect time to re-imagine their businesses. I would bet that over recent years or months, many business leaders have wished they could realign or restructure their organizations, make work more meaningful, perhaps build a new, purposeful culture. Renew those ideas, prioritize them. How can you put them to work? Although everything seems to be upside down and out of control, this is actually a perfect time to plan for how you and your organization will emerge from this challenging time. Leaders must think creatively (and continue a disciplined approach every day). Do I know how the “story” will turn out for my business? Not at all. But past crises like Desert Storm (and how the bottom fell out of the consulting business at the time), 9-11 and the ensuing uncertainty, and the various economic crises of recent decades give me a level of confidence that we will come out of this, and we will be better for it. Start planning now. You don’t need face to face meetings to get it done. Now is the perfect time to invest in this activity. What do we have to lose?

I firmly believe that many businesses and leaders can use this time to realistically re-evaluate, plan, and emerge from this current crisis even better than before.