With 5 success factors through the crisis

Changes always offer new opportunities. Successful companies in particular stand out from others in this respect because of their innovative strength. In the current crisis, it will be difficult for most to innovate, but it is not impossible, as the example at the end of the article shows. In any case, the 5 success factors that can be used even in the crisis still apply:

1) Strong customer focus

Almost all companies currently have challenges that are difficult to overcome. While you are busy reducing costs and optimizing cash flow, don't forget your customers and suppliers! The exchange with the groups that make up the economic success of your company is also important in the time of crisis. Even if you are currently unable to provide the services to which you are accustomed, it makes sense to talk about this with those affected. Who knows what insights and opportunities will emerge?

2) Qualified employees

Working productively despite a no-contact policy is not always possible at the moment. But home office solutions work quite well in many areas. This is an opportunity for decision-makers to try out a new working method and learn from it. Especially now, it is important to be able to hand over responsibility to employees, because decision-makers cannot solve all the sudden changes in everyday business quickly and at short notice. Decision-makers should concentrate on getting the business through the crisis and on handing over less important decisions.

3) High energy

The greatest danger in motivating employees is the uncertainty that the crisis brings. What is needed now are quick successes. Subtasks and projects with a short duration will help to focus the team and, in the case of a positive result, trigger pride. Celebrate and praise even small successes especially now.

4) Leadership with emotion

It's leadership's job to alleviate concerns during the crisis and keep the workforce focused on what matters now. Communicate regularly and positively, and paint the post-crisis picture of having successfully overcome the challenges. Move forward decisively yet prudently. No one says that leading is easy.

5) Cooperations & Alliances

Now is not a good time to discuss collaborations or forge new alliances? Even if funding on certain topics is currently unclear, continue ongoing discussions. I would even explicitly call on you to start new ones. What is impossible in normal times may become feasible in a crisis. New circumstances generate new perspectives and ideas. Who knows how you can also support each other as a company in cooperation if you have not talked about it?

Opportunities are always and everywhere

Sometimes even where you least suspect them. Don't let the crisis discourage you. And very important: radiate this security to the outside world. Think about what you want to do with the lemons that fate has given you: Swallow the sour juice, with a distorted expression, or better make lemonade out of it? By the way, the Bionade brand was born out of an almost insolvent brewery that broke all the rules with a radical idea born out of necessity. Not only did they process hitherto hardly used fruits such as lychee or elderberry, they also filled them in beer bottles and didn't invest a penny in advertising. Instead, they relied on a strong brand and word-of-mouth.

To the author:
Stephan Jansen is managing partner of the M&A and PMI consultancy Beyond the Deal (BTD) GmbH, based in Bad Homburg (Germany). The consulting firm primarily supports medium-sized companies in the purchase and sale of companies as well as in the regulation of company succession and handover. www.beyondthedeal.de