How to reinvent your business in a time of crisis?

By: Leonardo Costanza*

In nature, the most adapted organism has the best chance of surviving. In the business world, it is no different. Companies also need to fight for survival by adapting quickly to market pressures, constantly seeking the best efficiency.

The pandemic provoked changes in the behavior of the population, affecting labor and consumer relations on a global scale, in a short period of time.

How is your company preparing for the possibility that many things will never go back to the way they were before ?

A change is sustained for two reasons: necessity or efficiency. At first, the pandemic demanded that people and companies adopt remote work out of complete necessity. After the initial adaptation, many companies realized that productivity had not been affected. There was a significant increase in meeting punctuality and it was discovered that hundreds of employees could be brought together in a virtual room to hold alignment meetings, without generating costs or major downtime. The employee, in turn, discovered that it makes no sense to pay dearly to live in tiny apartments close to work, in addition to not wasting more time commuting, improving productivity, gaining quality of life and proximity to family.

Changes only persist for two reasons: necessity or increased efficiency .

There is, therefore, an efficiency gain in the home office model that justifies and sustains the change. XP Investimentos, for example, is considering permanently adopting remote work and has announced that its headquarters may be transferred to the interior of São Paulo. Microsoft, present in more than 190 markets and with 1.2 billion monthly customers, announced the closure of all its physical stores, maintaining only four concept stores to promote the customer experience, which will not sell its products.

Better use of time, increased quality of life for employees, reduction in the cost of physical infrastructure, are just a few examples of how companies will be more efficient, making change inevitable. Reinventing yourself or adapting to adversity is not just an option, it is a matter of survival.

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Never waste a good crunch

Working with innovation takes courage, but not quite the kind of courage you might be thinking. Crisis a great opportunity to fix or improve something. During a crisis, never lose focus on the results and goals of the present, but understand that something more needs to be done for the near future. The strategy needs to be constantly reviewed to keep up with trends and possible changes in your segment. Anticipating them is ideal, but don't take unnecessary risks. Your focus should be on the pursuit of operational efficiency until you understand the scenario better.

Also, don't be afraid to make a mistake, but when it happens, correct it quickly and ensure that all employees learn from the mistake. Here is the courage mentioned above. It takes courage to admit the mistake, learn from it and continue to seek the best efficiency through innovation.

The fear of making mistakes causes lack of action ,  which puts the company at risk !

Crises take us out of our comfort zone and force us to act. The Covid-19 pandemic is a global health crisis, which in turn has triggered a financial crisis and rapid changes in population behavior. Historically, we know that changes in mass behavior have the potential to cause regulations/laws to be updated. You have to be attentive. Changes imposed by new consumer behavior become the new standard, but the gap between a new obligation and the desire to adopt is an opportunity.

“Never waste a good crisis” – Winston Churchill

Technology has the potential to create differentiation in times of change. And when you use technology to generate more efficiency in your business , you will be experiencing the so-called digital transformation, increasing your chances of success, or rather, of survival.

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Leonardo Costanza is passionate about gastronomy, technology and innovation. Founding partner of 6 companies, 4 of which were sold to private equity, venture capital and multinational funds. His current challenge is accelerating Sky.Simple , a Sky.One Sky.One that connects financial institutions to ERP systems.