Did you know that iconic companies such as Apple, Netflix and Airbnb started or pivoted their business in the midst of economic chaos? They all have something in common: the ability to think flexible and adapt their strategy to a new reality or economic climate.
Being flexible and willing to change is fundamental. We are going through something no one ever experienced before and once the restrictions are lifted, I do not believe businesses will be able to return to normal. What worked last year or last month may no longer apply.
“A bend in the road is not the end of the road,unless you fail to make the turn”
Recognize the Need for Change
First of all, it is necessary to recognize the need for change. Think about how the new circumstances may impact not only your business but your entire eco – system. Stay close to your customers in order to understand how their business evolves and what their concerns and needs are. Evaluate if your products are still relevant and appealing. Be open to broaden your perspective and look with fresh eyes for gaps in the market, seeking novelty and innovation.
Adapt your Strategy
It may be hard to toss your existing business plan in the trash, but it does not all have to be gloom and dome. It is the perfect opportunity to let go of what no longer makes sense and to focus on new growth opportunities. Strategies can be adapted in various ways; some companies will focus on other market segments; some will need to make changes in their offering or competitive positioning. Create a clear vision and think about where you want to be. Explore new avenues and do not be afraid to look beyond the obvious and to think big.
Quickly Implement the Change
Once you have developed new, hopefully big ideas it is time to get going and take steps towards your goal. Think big, start small and learn fast. Taking small steps towards your goal will enable you to learn, adapt and change when necessary. Experiment within tolerable risk and give yourself permission to fail.
The businesses who unlock the ability to embrace change and have the talent to be flexible in this moment of history have a greater chance to survive and even thrive. Although the current situation is making unprecedented demands on us, it is actually asking to tap into a desire we all have – our ability and desire to adapt, to explore and to generate new ideas.
From my home to your home, I am wishing you the best.
Greetings from Silicon Valley