Black Swan Events Like COVID-19 Prove Hard Work Doesn’t Equal Success

As a leader, you can’t expect guidance on what, how, or when to make decisions and take action. This is even truer for extraordinary situations like the COVID-19 pandemic.

Relying on hard work, especially in such situations, will get you nowhere unless it’s coupled with creativity and intuitiveness.

Standing by in reaction mode, waiting for others to call the shots often results in an inevitable disaster. As the leader, you certainly do not have the time to stand back and observe, instead you must lead from the front, manage resources, and do the best with what you have at hand.

Otherwise, you’re bound to be left behind.

Avoid merely reacting to the changes in your industry – focus on creating solutions for your business to help it endure the uncertainties of a difficult time.

As a leader, you may fall victim to the pounding pressures of a struggling business. However, your inability to meet your goals doesn’t necessarily mean that your strategies were faulty or that your business is doomed.

It’s natural to feel like you’re failing, but here’s a slightly different view of the situation:

Maybe, the pandemic is testing your company’s ability to withstand the storm – and that may be a blessing in disguise.

The adversity will make you stronger and help you fortify your business against future obstacles. Remember, now is the time to survive, hold on, and weather the storm. The prosperity and growth will come in due time.

Some of the biggest and most prominent business leaders agree that there’s no playbook for COVID-19, no one knows a surefire way to emerge unscathed from this crisis, but everyone’s trying.

And that’s all you need to do as well.

Work smart and take steps to manage finances and other risks while seizing new opportunities every time you come across them. This is not the time to play it safe, so as you continue to protect your business, don’t be afraid to take risks – it may end up opening new doors for you and your team, as you investigate gaps in your operations.

It’s also crucial that leaders refrain from living in the past. There’s no doubt that the past is a source of wisdom; however, it certainly cannot predict the future, nor can it guarantee your success.

Your business needs to adapt to the evolving market. By improvising on the continually changing situation, you help your business stay at the forefront of your industry.

For starters, get all stakeholders to the table and together come up with a risk management plan that’ll help your business survive the crisis. But beware, there are a lot of knee-jerk reactions at such meetings as people try to move too quickly.

Create a plan and some ground rules to ensure that your clients and employees, as well as other stakeholders, don’t feel left out.

Think of the bigger picture and what it entails for your business. COVID-19 may serve as a harsh wake-up call for leaders who failed to innovate with the times.

Now is not the time to fixate on past ideals and traditional business tactics – research what competitors are doing to keep up – and beat them at it.

According to a Harvard Business Study, business people with goals are 10% more likely to be successful. And yet, that statistic means nothing if you set out goals, but eventually forget them.

While you embrace the possibility that all your hard work may end in failure, recall the reason you became a business leader, and what inspired you to be where you are today.

Losing touch with your purpose and drive can compromise your ability to focus on why you started in the first place. How can you achieve results when you can’t remember what you were aiming for?

There’s no doubt that now your end goals are susceptible to change, at least in the short term – it is still essential to keep them in mind as you make your business work.

Considering all I have said, an appropriate starting point for your business would be self-analysis. You must list down the problems threatening the stability of your business and potential issues that may cause trouble in the future.

Assess supply chain disruptions, communication channels, and industry competitors. Follow up with company growth plans and evaluate whether they need to be put on hold effectively.

The situation is quickly changing, and your predicted outcomes may not hold in the future. As a leader, you need to take every scenario into account and plan accordingly.

A pro tip: Invest in businesses and projects that offer coronavirus-centric services at this moment. The pandemic will last a while; such services are bound to have a high ROI, especially in the near future.

Whether you adapt to the change or not, is no longer a choice. Today, even the slightest missteps can jeopardize the sustainability of your business.

However, I am here to guide you on how to keep your organization on track and ensure it continues to grow in the future. With a demonstrated history of unleashing the potential of your organization’s leaders, I can help you cultivate a winning environment that consistently outperforms the competition.

Want to know more effective ways to nurture your business during the pandemic? Get in touch with me today and learn how your business can thrive!