How to innovate in a crisis — and thrive
A crisis is a terrific catalyst for innovation. When things are going smoothly, it’s easy to nod and agree to a concept like this; however, this belief can easily go out the window when the wheels are coming off a venture you’ve built from the ground up.
That is, innovation can’t just be a catchphrase within your organization. It has to be a mindset that is hard-wired into the core of your being.
We’ve all experienced difficult periods in our lives. So how is navigating a business crisis different from getting through, say, a bad day? The key difference is needing to make difficult decisions to survive; your innovative mindset is critical to making these decisions.
Innovation is about looking beyond the present moment to understand not only what customers want today, but also what they will continue to want in two, five and even 10 years.
When facing challenges, I’ve had to remind myself not to let the present worries distract me from the larger mission my company first set out to achieve.
Let the crisis focus your mind on innovating your way out. Instead of making “survival” your end goal, aim to emerge from the situationwith solutions that significantly elevate your business and position it to thrive for the long term.
A crisis affords you the humility to reconsider existing notions of “what is” to explore the “what ifs.” That is to say, humility helps you be open-minded enough for change. And a crisis is as much a transformation for yourself as it is for your organization.
When reflecting on transformation at the organizational level, I’ve found it helpful to ask the following questions:
Going through a difficult period has brought forward a renewed perspective on best practices for operating a centralized exchange.
Your
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