5 way to transform the crisis into an opportunity
Although the health crisis generated by Covid-19 has had a profound impact on the business sector, for many family businesses this situation presented an opportunity for improvement.
Family businesses are a fundamental part of the economic reactivation since they represent 80% of the companies in Peru.
1. Knowing how to manage the crisis
It is important to know how to “navigate” the crisis, and this cannot be achieved without a plan for this point in which, for example, the crisis management team and the criteria that will be used to determine whether a crisis has occurred can be defined, as well as the systems and practices to detect early warning signs of any possible crisis situation.
2. Having a high-performance team
You can only turn a crisis into an opportunity if the family business has the best team, people who not only focus on the problem but also on finding solutions.
It is for this reason that they must have a high performance team that can work under different types of scenarios.
3. Adapt to the environment quickly
Every family business changes in the crisis, their customers may disappear, so they must look for new ones along with new ways to reach them.
Companies must have the flexibility to adapt to a “whole new game” and the facility to be able to adapt quickly to different contexts.
4. Forget the “old rules of the game”.
In a crisis, what worked before is no longer useful. Family entrepreneurs must reinvent themselves and prepare for a totally new market. Otherwise, they may encounter drawbacks on the way to growth.
5. Think differently
In the context of a crisis, continuing with “more of the same” thinking will not be the solution, since the family entrepreneur will achieve similar results in a “totally different game”.
To grow and get out of the crisis, the company must think differently. This may involve actions such as, for example, a redefinition of the business, which will make it possible to transcend difficult contexts.