Turning crisis into an opportunity
Accept your situation for what it is and own the solution to move forward
published : 20 Jan 2020 at 06:09
writer: Arinya Talerngsri
Let’s be honest, not everyone reacts to a crisis in the manner they should. Rather than running from crises, some people embrace certain elements of risk and transform those challenges into opportunities. But these people are rare.
In the business world, challenges can arise daily, whether it’s trying to satisfy investors and meet payroll, dealing with unexpected complications or trying to deliver a new product or service to the market. Not everyone is cut out for the job of navigating such stormy waters, but those who are able to turn what seems like an unending stream of crises to their advantage usually emerge stronger and achieve more.
Turning crisis to opportunity can result in fundamental, long-term growth and success if it’s carried out well. According to the professional services firm EY, it’s all about making sure business objectives and risk management are aligned with one another. It cites a study in which 97% of companies said they had developed and improved as a result of better alignment of levels of risk with potential rewards.
It is important at the outset to understand the depth of a crisis and how to overcome the obstacles life seems to be placing in your way. Improving yourself or your company requires acceptance of risk and willingness to change the course of events. Instead of reacting with negativity and complaints, individuals should embrace the opportunity to learn and overcome the hardships a crisis presents.
In other words, rather than sitting back and feeling sorry for yourself, take control and think of the greater good. Consider, for instance, that successful companies like Microsoft and LinkedIn were both founded during times of economic downturn. Therefore, instead of letting your perception of events cloud your judgement, allow it to be the source of motivation to strive against the current.
By accepting the situation for what it is and owning the solution, you will be able to control the outcome more effectively. Customers also tend to feel more connected with companies that exhibit a more desirable approach beyond self-driven interest. When people see extra effort being made to do what’s best, businesses will be able to accomplish more in the long run.
Channelling Risk to Grow
Uncertainty is a constant in businesses but having sturdy risk management helps companies to thrive and adapt to capably. All organisations go through a series of strategic decisions before they start to grow and generate consistent value. In order for the business to remain successful, individuals or team members should know how to identify, manage and respond well to challenges, and how to shift their focus to take action when needed.
It takes teamwork and agility when it comes to channelling risk to create growth. It helps to define a clear pathway for those who are accountable and must transform their roles. With competition intensifying, employee expectations on the rise and digital disruption a daily reality, such predicaments must be tackled thoroughly to pave the way for any necessary changes to take place.
Getting Things Right
It all comes down to thinking differently and transforming your mindset to push past what you think is impossible to making it a possibility. Not every crisis or dilemma will be the same. For instance, some organisations might see a bad review or a few negative comments in an online forum as a big deal, while they might mean nothing at all for others.
What you need to do is simply acknowledge the crisis for what it is and focus all your energy on getting things right. Once the public is aware that you or your organisation have fixed the problem at hand, only then will they move on.
Even when you have a “perfect” business plan, a crisis can still happen. At the end of the day, businesses are made up of humans and humans make mistakes. Being able to respond and emerge stronger than you were before is what will set you apart from the rest.
In my company, our YourNextU learning platform can help you to learn how to identify conflicts among teams, and the needs of other stakeholders and their impact on outcomes. Ultimately, doing what’s right to resolve an issue and having a game plan in mind with the right players is what makes a great team.
Arinya Talerngsri is Chief Capability Officer and Managing Director at SEAC - Southeast Asia’s Lifelong Learning Center. She can be reached by email at email@example.com or https://www.linkedin.com/in/arinya-talerngsri-53b81aa. Explore and experience our lifelong learning ecosystem today at https://www.yournextu.com