Charles Darwin said, “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” The coronavirus is reshaping the global economy. That’s why business leaders in Cincinnati and across America need to take note. It’s time to make some changes. I’ve been a business consultant for 18 years. And I’ve helped hundreds of companies succeed, in good times and in challenging times. So here are the five new questions for business owners in the wake of the coronavirus.
The impact of the coronavirus is sudden and profound. This presents both problems and opportunities to businesses of every stripe. Darwin’s point holds true: to survive, you need to adapt in turbulent times. Change is a mindset. The time is now to embrace it.
What changes to our business strategy need to be examined? The market has changed. Make sure your business plan assumptions have kept up.
What changes do we need to make to keep employees safe, productive and engaged? Don’t just say “nothing is more important than our people.” Demonstrate it. Then take every opportunity to reinforce it.
What changes can we make now to give ourselves a competitive advantage when the turmoil of the coronavirus is past? The flipside of every challenge is an opportunity. Position your company for success.
What costs can we eliminate? Take this moment to right-size. Trim expenses that don’t add enough value in the new business landscape.
What other new approaches to do we need to implement? Rethink your supply chain or update your hiring process to ensure future-focused talent. Or maybe you just need to change the way you view change.
Great leaders step up to help those around them. Especially in challenging times. I hope the five new questions for business owners is helpful as you navigate forward. If you could use a hand becoming more adaptable to change, give me a call. I’m based in Cincinnati but have clients all over America.