Large corporates, SMEs, start-ups, small grocery stores or even a tuk-tuk driver will face many challenges during the times of crisis. When a crisis hits a nation, we cannot predict which segment of the society will get effected. Directly or indirectly; everyone does face the challenge. Generally, we hold to it as best as we can, till the crisis goes away; “Survival” mode. We have always been taught to survive in the world by adopting to the changes.
“The Most important factor in survival is neither intelligence or strength to adaptability”
Charles Darwin
2007-08 financial crisis impacted many countries simultaneously and led to a global economic crisis never experienced since the great depression of 1930, according to the World Economic Forum. Many businesses shutdown their businesses, thousands of employees were let go so that the business can survive. Many businesses did survive. What could we have done differently then?
According to many business leaders, times of crisis are when leadership and business models get tested. say that during a crisis is when are the best time to test the leadership & the business model. This is the time we should think what can be done differently to emerge as winners. If we see the current global pandemic which COVID-19, it has driven many into inventing creative ways to support the health care sector, government authorities and the general society. Remember invention does not always mean technology, it is when individuals or groups look at innovative ways of doing things. Few examples to consider:
- To support the sanitary requirement of constantly washing your hands, an individual came up with a water dispenser, where the tap does not have to be touched by a hand and its operated using our legs. Another individual supported this mechanism by adding a feature to dispense sanitizing liquid. This invention had opened the eyes of many people & even influenced the construction sector especially for builders
- The Sevanagala Factory, of the Lanka Sugar Company, has started to manufacture a disinfectant using ethanol. The disinfectant was manufactured for the factory workers. This can now be promoted to locals with approval of consumer authority by promoting these products and stop importing from overseas, which provides the country with more benefits
- We have always been importing face masks from different countries, with this situation there were plenty of small & medium scale garment manufactures who had stepped up to stitch face masks and donate to health workers & military personals. Some even distributed to public, free of charge. So, if we can stitch them local with proper guideline, why do we have to import these?
- A doctor who had created the full PPE (Personal Protection Equipment) locally for a low cost, for medical staff and it was even acknowledged by the health ministry. It was brought to the attention of the exporter of such protection equipment’s.
- Ventilators is another requirement, as we do not have enough. A second-year student of Sri Jayewardenepura University, has developed a new ventilator design and there were couple of new invention made on the same line. Moratuwa Engineering faculty students came up with a new portable bed with all monitoring system embedded where it can be connected to internet to get the data to the cloud system. These are results of reinvention in crisis, this can even open the eye of investors to manufacture such products locally.
- Invention of an automated guided vehicle robot to be used for medical purpose by one of the Stationary companies- Atlas. Again, this was tested under the supervision of the health authorities and it will be a great support to the health sector during the current crisis. Another business avenue for a stationary supplier.
- With the lock down, e-commerce played a key role, where companies launched innovative ways of supporting the demands. SATHOSAS tying up with PICKME to deliver essentials to the doorstep, in the same line KEELLS & CARGILLS went online. YOHO, a Sri Lankan budget Hospitality provider launched YOHO mart, to cater to the ever-increasing demands and similarly many small time entrepreneurs’ who are in these type of businesses made the entrance to deliver essentials to the doorstep.
- Usage of virtual meeting rooms, while people are working from home, usage of platforms like Zoom, Yammer has increased to have meetings & even training’s. Where we thoughts trainers would have been affected, some trainers conducted one on one sessions with their clients. Even fitness trainers are using similar platform to provide the service to their clientele.
- For many financial institutions who was talking about Digital Banking, it has become a reality with this crisis. And it is ideal to utilize this opportunity to move their customers towards digital banking. We can observe that many banks are promoting their digital tool-kits to their customers to stay safe in the current pandemic situation. Banks are even bringing the ATM to your doorstep.
Based on these observations, do you think we are surviving or reinventing in crisis? Yes, we do have to adopt to the change but with reinventing ourselves and our business, by grabbing the opportunity. How we can do this?
- Have an open mind to absorb the challenge and the circumstances. We need to work towards reinventing ourselves to beat the crisis. Reading some great books, article, adding new skills to your personal life and professional life will provide an opportunity and change the way you think or the way you do your work.
- Get out of your comfort zone, don’t wait till the Crisis to end to do the reinvention. It is in the crisis time you need to work on because that is the time you are uncomfortable which will lead you to growth. This will lead you to be “Resilient” to beat the crisis. Resilience is when you become more aware & learn the situation to grow and sprint forward.
- If you’re an entrepreneur or decision maker, this would be great time to meet your team and work towards brainstorming session to discuss how and what are the new avenues which can be looked at. Yes, social distancing is in practice, but virtual meeting space can be a handy tool.
- If you see above, all the reinvention came across due to a problem or challenge, many organizations seek problem solving training from all the trainers, more than a problem solving workshop you should be doing Design thinking workshop to create answers and solutions for the problem. Design thinking is a Human centered approach where you will go in to practical & realistic approach. Of course, this is not a current day solution but crisis will appear at any time in any form. So, you can train a group of people with diverse back ground on Design thinking approach so they will be working on these lines to reinvent your business.
“Design Thinking is a human-centered approach to innovation that draws from the designer’s toolkit to integrate the need of the people”
Tim Brown (CEO of IDEO)
Next few months will be a hard ride for all the industries. If we can reinvent the new avenues for our business the hard ride can be smoother, as existing model of business will not cope in the market. We can bring out plenty of new industries, new entrepreneurs whom we can encourage to produce locally made products for local markets, reduction of imports and save foreign reserves, as products are locally manufactured & look out for new market for exports. At the same time many local talents can be employed for the manufacturing process which is solution for unemployment. This can be done if we Reinvent our business.
Inventing or reinventing doesn’t require you to be tech savvy person, it’s just you need to have an open mind and utilize the opportunity. Please note that today it is Corona and you never know what will be next. Today you might be a great public speaker which you need a stage to speak but you never know with usage of reinvention of ZOOM in this crisis you will not have a stage in the future.
Don’t try to “Survive” in the crisis with short term approach, try to utilize the opportunity to “Reinvent” for a new avenue.
“Crisis are time to Reinvent & not to Survive”
M Azeem Saheer
