As the saying goes "whatever happens is for the best", if a company is to survive, it must chose to believe that crisis WILL produce future benefits. It is the hardest thing to do when everyone else is in panic. In companies and in personal lives, quick decisions are made to cut costs, stop investments and spending, sit tight and wait out the storm - which exacerbates the crisis even further.
I say and always maintained that crisis is a great opportunity to show what you've got, to show your character, to test your ability to persevere, to lead, and to discover the limits of your creativity. In fact, it is the time to make investments! It is also a time, when, if you are a leader in a company, you get the highest degree of unity among your employees to help you through this process. Why not take advantage of that and increase your approval rating too :)?
At the end of 2008 and beginning of 2009, in the midst of financial crisis in the US, I began working on a novel idea - to bring US and Eurasian business and political leaders together to discuss opportunities for cooperation in Nebraska. People looked at me like I was crazy. All the benefits I was promoting did not resonate because everyone was consumed with the negative side of crisis. Long story short, my team and I - we got it done and did it with a huge success.
This project produced unbelievable connections and opportunities for many companies. From my personal engagement, it led me to lead and manage another successful project with over $40 million impact on Nebraska and Iraqi economies.
You all know the state the country of Iraq has been for the last 12 years. Nonetheless, I have seen another example of remarkable demonstration of perseverance, belief, and determination in doing business with this country during their crisis. And here is what I can share with you regarding growing your business during crisis:
- You must have unyielding determination - can make even crazy ideas happen if you stay determined.
- You must keep your team together, informed and always in a positive frame of mind.
- You must have ruthless attention to detail.
- You must manage your business daily.
- You must implement effective risk management mechanisms.
- You must "knock" on every door with enthusiasm, even if you are very scared yourself, in other words, lead!
- You must attract and keep the best people around you to help you carry the weight and help you with ideas.
Posted by Nilufar Salama of www.salamatrade.com on 7/14/2015. SALAMA INTERNATIONAL - Providing Value in Growing Your International Business.