Dr. Martin M. Lwanga
Crisis can turn out to be the best weapon for managers. In fact for most successful entrepreneurs it is often the gap through which they made it. A good example is that while today many may view the devastating corona virus pandemic as a crisis, for effective Managers this can be an opportunity.
Certainly at first glance COVID-19 can be the worst way to start a year. Already we see businesses shutting down or close to that. The air travel industry is almost on its knees. With the US shutting off her borders along with countless others many planes are sitting still. You can imagine what those who run tourist lodges are going through with all travel cancellations.
The other day I happened to call on a friend involved in the business of Labor export. Most of the time his compound is filled with young ladies applying to go overseas for a stint. But the compound was now eerily empty. The girls no longer want to travel. For there are too many restrictions affecting air travel now.
In such a time managers need to start thinking out of the box and take certain extraordinary initiatives. The organization might need to scale back on some of its operations to cut down expenses. It might need going to the Bank where one is faced with an under-performing loan to renegotiate the terms before it is too late.
In a crisis the manager needs to be also sober and realistic. Part of that is accepting the reality that whatever amount of effort, some business may not recover. The demand will simply dry up and without any quick external financial aid the ability to hold on may not last. Other than fight a losing battle it might be best to diversify and look for new emerging opportunities.
For even as it strikes through nations COVID-19 is also creating business opportunities. Take the case of Toilet paper now in some big demand. The face mask industry is certainly thriving. The best defenses against viruses is by boosting one’s immunity through improved hygiene. There are many products that can be birthed here like antiseptic soap and sanitizers.
To fight against viruses which seems to be on a keel one needs also to eat lots of fruits and vegetables that boost our immunity. So why not a business opportunity to invest into this market, with our abundant supply. Home based business whose supply chain is based on the internet are also going be an opportunity as folks work from their homes and travel less.
So, with this crisis, it’s not the end of the world as some seem to project. Rather, hidden in every crisis, are opportunities, we should all look out for!
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