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Making the most of unexpected disasters. Make the most of disasters. No one asks for a disaster to hit their business but when one comes along look for the opportunities that come with it. If you do this as part of business continuity planning you can come out of the disaster quicker stronger and more resilient.
16th March 2020 Inspiration Healthcare Group Secures Massive Order To Supply Ventilators To NHS
Inspiration Healthcare secures its biggest ever order due to coronavirus pandemic and the coming lack of ventilators to treat the number of people expected to need such specialist equipment.
A disaster can be an opportunity to grow if you change your mindset.
Many businesses are not going to survive the coronavirus pandemic
One disaster in focus is the coronavirus pandemic. Many people do not realise how bad this is going to get. Countries like the UK and USA have yet to experience the full force of the COVID19 pandemic in terms of deaths. Our leaders are being very coy about the expected deaths and economic consequences. Both are going to be catastrophic. Families and economies are going to be decimated.
However the current pandemic is just one example of how businesses must be prepared to work from major risk events. To come out the other side of a significant risk event takes prior planning luck and hard work. You can control two out of the three and hope that this makes your own luck!
To come out the other side of major risk event stronger includes being ready to seize new business opportunities as well as mitigate downside risk impact.
You may be able to bring forward future planning as result of risk event. If you have a major fire then do not just build what you had before. Bring forward better ways of working that you may have planned for 5 years time prior to risk event.
Take the coronavirus. Your business may discover that out of the bad there are better ways of working you did not have time to evaluate. Having been forced to introduce the new ways of working due to virus you may find you need to make permanent changes.
Ways of working introduced to try to survive coronavirus may be ways of working that are more cost effective in non crisis operations. Working from home is not a panacea but it does create many environmental social and economic benefits to workers and businesses.
Competitors how are not resilient as your business may not survive crisis. This may allow you to change pricing or provide opportunity to introduce new marketing campaign to mop up their customers.
You products or services may simply be more in demand after the crisis than before it. Attitudes of business buyers and consumers will change during and after the crisis. Your business maybe well positioned to take advantage of change of attitude to sell more and grow your business faster. Retailers with online presence are struggling to keep up with orders which may mean those without online ordering and deliver service are going to miss out now and will when coronavirus is more under control.
There is nothing morally bad about making the most of a bad situation. If you survive a crisis you have the right to explore a new way of working that will benefit both your business consumers and society.
Many great inventions or innovations have been introduced and transformed life and business due to mistakes. Some new drugs and products were discovered when the inventor or developer was trying to achieve something totally different from what transpired as brilliance.
Necessity is the mother of invention
When forced into an existential situation it is human nature to fight to survive. There will always be risk events that threaten survival in business. Sometimes they risk event may be located on one business. On rare occasions a risk event threats whole business systems of working.
Around every 10 years business leaders should expect a financial crisis that threatens business survival. It is almost impossible to know how the financial crisis will arise. The cause of the risk event that creates the crisis is less important than the resilience to overcome the impact on your business.
Th last financial crisis was 2008. May countries in Europe have still not recovered from the 200 financial crisis never mind businesses. In some ways the financial crisis from the coronavirus is overdue. It is a couple of years late!
The point is that if you are in business for the long haul then you need to be prepared for at least one financial crisis every 10 years. In between you need to be ready for your own individual crisis’s that pop up just for your business.
Learning opportunities from a crisis
Major risk events are perhaps alarmingly more frequent than one expects. Rather than being overly alarmed maybe the best thing to do is learn from risk events. Take the good from the bad to improve future business performance.
We can also learn from other businesses who make mistakes on our behalf! If they suffer find out what they did wrong learn from their mistakes and make sure your business does not suffer the same consequences.
More than that find out what lessons other business leaders have learned from their past mistakes or negative risk events
Sharing bad experiences allows the herd to be better protected! Sharing successes helps the herd to join in on the success for faster growth and speedier progress.
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Adversity is the mother of invention. Adversity and success have a close working relationship. However it does not have to be your business that suffers the business adversity. A strong business has a developed and tested business continuity plan BCP. The BCP will not only help you to maintain your business to survive adversity but it will help you identify ways to bring forward business improvements or seize new business opportunities.
Necessity is the mother of invention. If you have to find a new solution for your business you will find it. Human beings are very clever. Much more intelligent than we realise. However adversity can unveil otherwise hidden abilities to do things better than before adversity hit.
Entrepreneurs and business leaders who overcome adversity
Top entrepreneurs and business leaders quickly identify and exploit opportunities from adversity. The adversity suffered maybe that of your competitors rather than your own business.
Sometimes benefiting from adversity comes from increased demand. Private jet hire cannot cope with current demand due to the coronavirus or Covid19. Thousands of people have died and many tens of thousands have been infected most in China. Commercial airlines like British Airways stopped flying into or out of China due to coronavirus outbreak. Many cannot or do not want to book a flight out of China. Many do not want to fly anywhere with other people they do not know. The result for private jet hire companies is more demand than they can supply. This will boost private jet hire revenue and profit.
The opportunity to grow from adversity is mainly about the change of demand potentially with a reduction in supply. Sometimes profiting from adversity just comes from a reduction in supply. The collapse of a business in your industry may mean you then have the opportunity to sell more and sell more profitably. Thomas Cook holiday and travel business collapsed in September 2019. Many people lost their jobs but many were subsequently taken on by Hays Travel who massively expanded their business within just a few months. TUI travel business had its best month in January 2020. Other holiday and travel related businesses have massively grown on the back of the collapse of Thomas Cook.
The key is to protect your business with a business continuity plan and to be dynamic enough to be prepared to capitalise on potential shifts for demand for your type of business. This includes being very clear on where you want your business to be in x years time and how you could get there. If you know where you are going you can perhaps more easily bring forward your business development plans in the event of a significant risk event not affecting your business directly.
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27th February 2020 Coronavirus COVID19 Continues To Boost Some Businesses and Kill Others
The coronavirus COVID19 is boosting sales of disinfectants. Massive consumer goods giant Reckitt Benckiser has reported increased sales of its Dettol disinfectant wipes and Lysol cleaning products. However it is uncertain whether disinfectants like Dettol and Lysol can help prevent the spread of COVID19. It is unclear whether the virus can survive on hard surfaces where disinfectant products would be used.
A UK manufacturer of one metal bit in face mask has doubled its output to keep up with demand.
People in Hong Kong have actually robbed a store of toilet rolls.
The price of hand sanitisers in Italy have jumped.
There are always winners and losers in business when disaster strikes. The key is to be able to rock and roll with the punches to still survive and even prosper.
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