business

How to Benefit from Crisis

January 12, 2024

As the world crumbles

The business environment is a dynamic system that is constantly evolving and thus, might go through moments of growth and crisis. But when the going gets tough, the tough get going. Even in the face of challenges and losses, companies are not just learning how to bounce back but also how to thrive.

Don’t wanna sound like an old-school but do you remember what Einstein said? “In the midst of every crisis lies great opportunity.” So, maybe we can flip the script and see the crisis as a chance to do something awesome? Let’s uncover those hidden opportunities together.

Escaping Comfort Zone

When things get harder, we have to go out of our comfort zone. That’s how new approaches are adopted and alternative solutions are found. They can lead to unexpected growth.

Sensters' team experienced it on our own skin when a sharp decrease in active projects made us enter the US market to survive. Navigating new market territory was an escaping comfort zone for the team. It was and still is a challenge but we used it as a chance to level up.

We started implementing cool methods like OKR (Objectives and Key Results) to track personal achievements of each team member and Scrum to create better processes, tweaked our PR and email marketing, and even launched new corporate initiatives. 

Embracing Flexibility & Adaptability

Another thing companies have to learn when a crisis hits is the ability to adapt.

As for us, we switched things up by implementing remote work options and flexible schedules to let the team work from anywhere, anytime. But it’s not just about work stuff. 

We put extra effort into fostering a supportive work culture, such as setting up one-on-one meetings with team members to check on their mental health and offer support if needed. 

Open talks build a strong team, even when things are not in the right place. And that’s how we can stay strong in the face of market challenges.

Boosting Efficiency

During a crisis, tough decisions like staff cuts are sometimes necessary to save resources. It’s not easy but often, it turns out to be the only way to make things run smoother and boost efficiency. Keeping the most talented and dedicated team members around means the company can be more efficient, streamline processes, increase productivity, and put the resources where they really matter.

Let us remind you staff cuts also benefit employees by giving them a chance to review their career aspirations, goals, and general vision. That’s how everyone can make the most of it. Sounds like a deal, doesn’t it?

Uniting Under One Common Goal

Another benefit of crisis – it brings people together, creating a sense of unity and sharing purpose. 

In the face of challenges, people tend to set aside any disputes and team up for a common goal. And the studies back it up – the University of Delaware checked out how people act in natural disasters and crisis conditions. Turns out that tough times make us more altruistic resulting in increased collaboration and stronger team bonds within groups.

Failure Is Not an Option 

How does it feel now? Does crisis still look that scary? Bet, it doesn’t. 

Just remember: you can choose failure but it’s not an option. Seeing the opportunity in every situation is the mindset every business should stick to. 

So, chin up! There's a wealth of knowledge and experience waiting for you to discover, all of which can contribute to not just surviving but succeeding in your business endeavors.