Covid-19: Threat vs Opportunity

We’re in the midst of a global lockdown caused by Covid-19 and the media. The majority of populations around the world and businesses are living in great anxiety about their health, their loved ones, their food supply and their income.

Businesses are on the brink of or in the process of going into liquidation or scrambling to change the way they function such as implementing working from home. A family member is a police officer who is working from home until further notice, not sure how that one works, that’s very intriguing and when I get the opportunity I will find out how. But this situation forces us to become creative in the way we live and run our businesses.

Focus is key

"you can choose whether you focus your mind and your business strategy on the opportunities or the threats. You can also choose to focus on you strengths or weaknesses and whether you adapt accordingly."

Having lived with 2 badly damaged lungs in the form of severe Bronchiectasis in both lungs for 13 years, I along with most people am acutely aware of the dangers and the desire to see my children grow up. However, as with most situations I try to find (sometimes have to search hard) for the opportunity in the situation. A force of habit. Like most situations such as Brexit and Covid-19 you can choose whether you focus your mind and your business strategy on the opportunities or the threats. You can also choose to focus on you strengths or weaknesses and whether you adapt accordingly.

Create Relevant Content

Some companies are suffering badly such as airlines, trains, convention centres and restaurants where as some are souring such as hand sanitiser and toilet paper suppliers in the UK or in the case of the USA - guns. Some people and companies are exploiting the situation with no integrity or humanity such as those charging £50 for a small bottle of hand sanitiser which normally costs 99p. I get the supply and demand argument but at the end of the day if a company has charged £50 for an item normally costing 99p how many customers are going to return after the event? If companies are behaving with this lack of integrity this is not exactly a great long term strategy and will not create any customer loyalty or satisfaction. Companies like this will inevitably be deserted and their 5 minutes of growth will be over. Companies who stepped up, adapted and helped in this time of need will not be forgotten.

Time to diversify

"When you look past the fear, this is an amazing opportunity for many businesses to grow"

When you look past the fear and the need to change the way we operate, this is an amazing opportunity for many businesses to grow, expand and adapt the way they operate. We have seen the surge in online platforms enabling companies to allow their employees to work from home. Will some of these habits remain in place? The climate activists are probably hoping so. They see this as an opportunity to implement all of those climate saving habits that many find so hard to give up.

Time to get creative

The loss of international holidays will inevitably create a surge in domestic holidays by the time summer comes. Whilst domestic holidays are quiet are they putting any strategies in place to meet the demand? What technologies are out there to drive efficiencies and save on costs? What marketing campaigns are they putting in place? Will there be an upsurge in people gardening so garden centres may see growth. Supermarkets have had a huge surge in online growth and store decline, what technologies are out there that can help with this transition? Restaurants may have to close its doors but people still want to eat so if you have a restaurant can you register with Uber Eats and become a home delivery restaurant instead? Waiting staff could deliver instead.

Every industry will have its threats and now that the initial shock moment is passing, now is the time to put the strategy in place and start implementing how you can turn this situation into an opportunity. It may be a new route to market, new industry focus, it may be product adaptations, it may only need a well targeted marketing campaign. Whilst you have the lack of distractions working from home (assuming the kids are leaving you to concentrate), what ways can you come up with to turn this situation into an opportunity for your company? Covid-19 is an opportunity to allow your creativity to surge, bring some integrity and humanity into business and change the world for the better. #thegreatawakening, #strategy,