Crises are common events today, although in some cases their effect may be limited, there are larger events that can paralyze several countries (or a specific industry) for long periods of time.
When a crisis occurs, the first reaction may be to maintain the “status quo” or simply go backwards. However, we must consider that many of these crises create opportunities for different businesses and companies.
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“Thinking” is the most important activity
One of the most important activities of an entrepreneur is “thinking” how to grow his business or company, however many times the routine (or day to day), we leave this very important activity aside, however when a crisis comes and a business is paralyzed “by force” is that we just have time to be able to “think”, however it is at that moment when the best ideas come up to develop and grow our company or business.
Expenses versus uncertainty
Generally, in the face of a crisis, there is a tendency to reduce expenses, this is a common behavior in times of uncertainty, however, the correct thing is to increase spending but intelligently, for example, if the rest of our competitors reduce their advertising expenses, we can take advantage of This situation to increase our advertising budget (intelligently) and stand out above our competitors, another example is to invest in I+D, to develop new products or services that differentiate us from the competition or allow us to open a new market.
Change focus or replace business
Crises can highlight the weak points of our company or business, however, these weak points can be reinforced and serve as a “catapult or impulse” to grow our company or business, for example, many companies that are dedicated to sending packages to House. It had problems during COVID-19 due to “supposed” risks of infection in its packages, this has led to the appearance of new companies and services that incorporate a “package disinfection” system, solving the problem and differentiating itself from its competitors.
Put our commitment to the test
It is during crises (or in difficult times) when the commitment of the entrepreneur is really “put to the test”, in general people are always recommended to undertake projects that they are really passionate about, because when they go through a crisis (or difficult times are coming) many entrepreneurs who entered only for profitability (but who are not passionate about what they do) will simply abandon the business or project.
What do you think about this article? Do you know of other positive aspects of a crisis?
If you have any questions or query you can contact us or write your query at the bottom (comments section).
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