Tom is President of Liquid Capital of Illinois
Here are three ways you can win big with resiliency during the COVID-19 pandemic.
“Resilience” is defined by Harvard Business Review as “The ability to recover from setbacks, adapt well to change, and keep going in the face of adversity
To say that we’re experiencing substantial economic and social changes would be an understatement. At the center of this maelstrom is a viral enemy that has affected the globe in a profound and deadly way.
It has dramatically challenged our healthcare capabilities and our ability to support the supply chain. It has crippled numerous industries, with resultant massive unemployment, while overtaxing industries that have been charged, willingly or unwillingly, with providing crucial goods and services. It has forced a social society to be distant and rightfully fearful. It has exposed our vulnerabilities on many different levels.
Having to deal with so many unknowns, both current and going forward, challenges our emotions and ability to cope. No one knows for sure what the “new normal” will look like and what will be required to adapt to it.
To be sure, America and the world are being severely tested. Resiliency will help us battle through and persevere.
Human connection: The key to overcoming the pandemic
While the above scenario is troubling, to say the least, there is a massive effort to contend with it and somehow prevail.
Heroic actions by healthcare professionals and first responders, as well as governmental efforts to shore up the economy and assist its citizens in their time of need, give rise to the fundamental mantra that provides needed solace at this time.
Together, we will get through this crisis.
To be sure, there’s no lack of commentary by the news channels, medical experts, economists, money managers, government agencies and the like that hypothesize and even predict what the U.S. and the world will look like going forward.
The overall impact will not be known fully for some time. Some businesses will fail altogether, some will have reduced capabilities, and others will change their industry focus and operations.
From the supply chain, all the way through to the end customer, every business will be affected in some way.
That impact isn’t necessarily all in the red though. While we’ve already witnessed the effect this crisis has left on many prominent industries, there are a select few — such as eCommerce, augmented reality, robotics and e-Learning — that have been positively impacted.
There’s a need to pivot strategically
Not surprisingly, the psychological and emotional impact on business owners has been profound. Being able to deal with the ongoing challenges posed by the pandemic while trying to maintain some semblance of a positive attitude can be daunting.
Making the situation feel worse is the unknown. How long will this go on?
To survive and surmount this scenario, business owners need to steel themselves with a can-do mindset combined with a keen focus on situational analysis, flexibility and innovation. Decisions need to be made about potential changes in the business model, processes, markets, customer profiles and requisite resources.
For business owners and leaders, some changes will require minor adjustments while others may require significant realignment of teams and priorities. The key is for the business owner to act decisively.
Recent research by IBM reasserts that COVID-19 has forever changed how companies around the world operate. Executives are shifting their top priorities as they plan for the future, with 55% reporting the pandemic has permanently changed their organizational strategy. Another 60% indicate they’ve adjusted their approach to change management and even accelerated process automation.
One way or another, 2021 will be different from last year
Throughout this most difficult period, and likely continuing for some time, business owners will need to continue to reaffirm their resolve to move forward.
This can be challenging, given the range of issues affecting their businesses. In the face of adversity, resiliency is the common thread with those who will find success. Being able to visualize opportunities where none appear to exist, will also improve the likelihood of success.
And as the old saying goes: When life gives you lemons, make lemonade.
This speaks to the spirit of an entrepreneur imbued with the will to win. History is replete with many examples of individuals and businesses facing dire circumstances—only to come out stronger and even more determined to succeed.
As we get to the other side of this crisis, the process will ultimately make many business owners more durable and wiser. Experience, although sometimes painful, provides a frame of reference for the future. Hopefully, we won’t have to endure a similar situation going forward, but the experience should better prepare business owners to address their challenges and seize opportunities in a more informed way.
Liquid Capital of Illinois