Could this Pandemic Create New Business Opportunities?

Posted on March 13, 2020 Updated on May 15, 2020

Originally posted on LinkedIn.com/in/chipn

For most businesses now is a time of caution and uncertainty. Mitigation and emergency planning is likely underway. The CDC has provided solid guidance and new information is forthcoming daily. Communication Plans are being rolled-out and revised as needed. Travel and meetings are being curtailed. Disruption may become the new normal for the next few months.

Alexander Fleming, the Nobel Prize winner who invented Penicillin, is quoted as saying:

“The unprepared mind cannot see the outstretched hand of opportunity.”

More people will be working from home, face to face meetings will be limited, and large gatherings will be avoided as well as travel to those meetings or gatherings. Working from home can be challenging for people who are not accustomed to it so helping them make the transition may be very important to your financial bottom line.

Collaboration tools such as Slack, Basecamp, and Asana can help maintain productivity and foster necessary interaction. Some tools include video conferencing, but even so, having tools like Zoom or Webex can help both internally and externally. Seeing the person you are speaking with helps increase engagement and lead to more effective communication by spotting nuances such as facial expressions that could otherwise be missed.

Tools that are secure, are easy to implement (cloud-based solutions have an advantage here), and are easy to learn and use can be a cost-effective way to keep your business on-track. An additional benefit could be the creation of an effective distributed workforce.

But wait, there is more!

There may be important projects that you could pull in and start now. That is another means of keeping your teams engaged and focused. This could also be an opportunity to enhance skills with online training or to conduct research on new technologies or business models.

This could also be a great time to buy and sell products and services. Business demands could temporarily decrease in many market segments.

• Sales organizations could leverage that as an opportunity to provide appealing offers to your customers and prospects.
• Buyers could leverage their ability to quickly purchase products and services to secure better deals during this lull in business.

Reasonable concessions are mutually beneficial and could be a boon for both parties.

Negative events like a pandemic are not ideal and should not be taken lightly, but they can provide opportunities to advance your business and be positioned for even greater success once this situation is under control. It is like that wise old saying, “When life gives you lemons, make lemonade.”