Never Let a Crisis Go to Waste!

By Tom Sponsel, CPA/ABV, CFF
[email protected]

With COVID and the ever-evolving marketplace around it, the last few years have been quite an endurance test for businesses. But business isn’t just about getting through the daily grind and keeping up with crises. Don’t lose sight of where you’re heading in the long run and the lessons you learned in dealing with the unique challenges you have persevered through!

Never let a crisis go to waste! In other words, dealing with a crisis isn’t just about putting out a “fire.” It’s about making your business fireproof. For example, look at Florida’s reconstruction efforts in the wake of Hurricane Ian. New buildings will feature impact-resistant windows and roof straps that enable roofs to withstand 155-mile winds. They’ll be stronger not only for possible disasters, but for the future in general.

Look toward others’ resilience as you face your own problems. Think about Floridians right now or fast-food companies at the height of COVID. In regard to the latter, think about how mobile ordering, self-service kiosks and curbside pickup have not only made fast food safer for a health crisis, but more efficient on the whole. Always be cognizant of taking steps to make your business better for the long haul.

As you move forward and prepare for the years ahead, also take faith in how you and others have overcome obstacles in the more distant past. What did you do or other businesses do when the dot-com bubble of the ’90s burst in the 2000s? Or during the Great Recession of 2008? Or when the COVID pandemic hit? Did you partner with other organizations? Introduce new products or services? Offer more discounts? Increase online presence?

These big periods of changes and challenges prove that businesses are more than capable of adapting, surviving and thriving amid Goliath-sized issues. COVID has also shown that we can adapt quickly. You don’t have to get bogged down by processes of consulting and vetting. You can modify your decisions and plans as you make them. A crisis often highlights what must be done to make critical decisions and what “activities” can be eliminated to make the decision process more efficient.

As a leader, you have to set the tone for dealing with the long run. Establish a culture of forward thinking when it comes to decision making. Make your team members think, “Are we just dealing with today? Or are we making for a brighter tomorrow?” Build for a successful long-term future!

If we can assist you further with achieving success in your business or personal affairs, please contact Tom Sponsel at (317) 608-6691 or email [email protected].