While some businesses fear a global recession, others are taking this time to prepare for the economic impact. Successful people and businesses are paving the way for companies trying to navigate this pandemic wave by sharing insights on how to use this time to learn and develop different skills. With a “half glass full” mentality, these entrepreneurs believe that every downfall comes with an opportunity for creativity.
Keeping the light at the end of the tunnel in mind, it’s important to implement these newly developed skills and mindset in your business’ journey going forward. Here’s a roundup of insights and advice from successful companies and entrepreneurs, including those evolving their business strategy, to help ease these trying times…
“As the eminent sociologist Benjamin Barber once said: ‘I don’t divide the world into the weak and the strong, or the successes or failures…I divide it into the learners and non-learners.’ And in the current crisis, those startup founders who learned new skills to overcome unprecedented challenges will emerge with stronger businesses.”
“Incorporate learning as you go through this time. Ask how this will affect the future of your enterprise and make adjustments. As with any downturn, there are opportunities for creativity and change. Recessions create new problems that can turn into business opportunities. Some incumbents will fall and open doors for new startups. Smart investors will continue to look for good ideas and people. Stay vigilant in seeking out options that might pay off when things return to normal.”
“Small businesses will need to persevere through a temporary depression in most markets. This varies by geography and sector. This is the time to do everything possible to retain cash flow and maintain business operations, employees, product development and plans for future growth. Building a successful company and investing are long-term endeavors.”
“From experienced owners such as Giovanni to others who just got started, the pandemic is testing their entrepreneurship and teaching valuable lessons about surviving and innovating, whether it’s doing more business remotely, grabbing the opportunity to make a new product or sacrificing some business to cut down on costs. Owners who are ingenious are learning how to survive the pandemic, and hopefully, to prosper in the future.”
“Mark Cuban believes that one man’s crisis is another man’s opportunity, even in the time of a global pandemic, where everything seems falling apart. ‘If there’s ever a benefit from a pandemic, it’s that there will be people who have a new vision for the future. I call it America 2.0.,’ the billionaire entrepreneur said Tuesday at CB Insights’ virtual Technology Conference”
Evolve Your Business Strategy
What other tips or advice can you offer companies finding their way or evolving their business strategy during the pandemic? Drop it in the comments below.