Everyone in your organization is probably focused on dealing with the Corona-virus crisis. However, there is evidence that this is the moment to innovate as well. You may wonder how you can pull that off. What if I tell you that the only resource you need is time, at this moment?
Never waste a good crisis
As Churchill said, “never waste a good crisis”.
In 2010 the Havard Business Review published an article titled “Roaring out of the recession“.
This article shows how difficult it is to come out roaring and illustrates the importance of investing in innovation during a crisis.
“Firms that cut costs faster and deeper than rivals don’t necessarily flourish. They have the lowest probability—21%—of pulling ahead of the competition when times get better”
“Businesses that boldly invest more than their rivals during a recession don’t always fare well either. They enjoy only a 26% chance of becoming leaders after a downturn.”
“And companies that were growth leaders coming into a recession often can’t retain their momentum; about 85% are toppled during bad times.”
So, who is coming out on top after a crisis like we are currently facing? “Companies that master the delicate balance between cutting costs to survive today and investing to grow tomorrow do well after a recession. Within this group, a subset that deploys a specific combination of defensive and offensive moves has the highest probability—37%—of breaking away from the pack. These companies reduce costs selectively by focusing more on operational efficiency than their rivals do, even as they invest relatively comprehensively in the future by spending on marketing, R&D, and new assets.”
Keep the employees who work from home most productive
Your first focus should be on keeping the doors of your business open. After all, you need to survive and for that you need to stay cashflow positive during this Corona-virus crisis.
However, you may have had to send employees home or some may be forced to work from home. In a previous blog, I shared various tips to stay productive while working from home.
Employees who must work from home typically have more time at hand. That is, assuming they are not sick and don’t have to care for others. Clearly staying healthy should take priority over any other activities.
If your employees have time at hand, don’t let these hours go to waste. These are resources that you could use to pursue innovation activities and that will help you to get out of this crisis roaring.
Free 4-week access to our online T4 accelerator program
It will be very difficult to find funds for innovation projects at the moment. Therefore, we offer our online T4 accelerator program 4-weeks for free to employees who have to work from home due to the Corona-virus.
In these 4 weeks, a team can create a solid business case for an innovative solution. In the meantime, they will learn how to innovate and how to work in a virtual innovation team. Skills that are invaluable.
And when this Corona-virus crisis comes to an end, your organization will have well-thought-out projects and business cases to select from.
Take the opportunity to come roaring out of this crisis!
You can learn more about the T4 accelerator program here.
Stay safe, healthy, and productive!