successful business leader

Why Economic Crises Elevate Successful Business Leaders

The current pandemic has taken the entire world by surprise, and now we’re all bracing ourselves for the inevitable economic impact. There’s no way around it. For most businesses, the outcome seems bleak.

But even in industries that have had to shut down temporarily, proactive leaders aren’t worried. With every crisis comes possibility. The definition of success has changed, but that doesn’t mean we have to let go of success altogether.

It’s time to show the world what your business is made of.

The answer may involve speeding things up or slowing them down, depending on your industry. But every business owner needs to keep their strategy future-focused in times like these.

Here are some tips to help you help your business through this impending recession.

Keep an eye on competitors.

If you want to stand out in these uncertain times, you’re going to want to be better than the rest. So, this isn’t about copying anyone. But with that said, don’t let your competitors steal the show either. If they have ideas that seem to be working, think about how you can adjust those strategies to suit your business.

For example, if your competition is remaining open to offer no-contact curbside pickup, you should consider doing the same. Those that can still serve customers through the stay-at-home orders are likely to have a head start when things get rolling again.

Evaluate current growth opportunities.

There was an episode of the show Friends where Ross famously kept yelling, “PIVOT!” as they attempted to carry a couch up a narrow staircase. Well, there’s never been a more appropriate time for your business to pivot, if you can step up and meet a need in the world.

Many companies are completely adjusting their product lines to provide value where value is needed. For example, vacuum brands are manufacturing ventilators, and mattress factories are making masks.

Assess risk.

Consider your exposure in the current landscape. And then, think about what happens if things get worse. What can you cut back? Where do you have the opportunity for growth? What about your current customers?

What you can do right now to make customers’ lives easier or reach out to them while they’re going through these uncertain times will benefit you in the long run. You may find small things that are extremely low risk yet will make a major difference for your customers and the future of your business.

Keep yourself afloat.

When you’ve done everything you can do keep your business going and are still struggling to make ends meet, it’s time to do what you can to keep yourself afloat. You don’t have to go down with the business financially.

For some small business entrepreneurs, this may mean getting a temporary job elsewhere until we get back to some semblance of normal. If you need to find a job during a crisis, look to the industries and positions that are currently being deemed as essential.

In times of crisis, we can see which business leaders are remaining level-headed and which are making hasty decisions. Take a deep breath and be the former.

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George Meszaros is the editor and co-founder of Success Harbor where entrepreneurs learn about building successful companies. Success Harbor is dedicated to document the entrepreneurial journey through interviews, original research, and unique content. George Meszaros is also co-founder of Webene, a web design and digital marketing agency.