27 September 2023

Crisis time: Taking advantage when opportunity knocks

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May Busch* remembers advice given to her by a senior manager many years ago — never let a crisis go to waste.


How are you doing these days?

Some people are on what one of my clients calls the struggle bus.

Others are relatively unscathed, but we’re all feeling the effects somehow.

While there’s unlikely to be a clearly marked ‘all clear’ signal, the current situation will not go on exactly as is forever.

Whatever way this COVID-19 situation is affecting you and the ones you love, as the saying goes: This too shall pass.

So, what’s the best way to weather the proverbial storm?

There are two main strategies for dealing with environments like these.

The do nothing strategy:

On the one hand, it’s tempting to hunker down, endure the discomforts for the time being and wait it out.

This is the path of least resistance, but when there’s no quick fix, that hunker-down mentality can backfire.

When things eventually do get better, you could emerge as if from a time warp — as you were before, but further behind because the rest of the world has moved on.

The silver lining strategy:

On the other hand, the most successful people will be those who look for the opportunity in the situation.

This requires keeping a cool head, seeing the bigger picture and finding a way to make lemonade when the world gives you lemons.

It means being able to stay calm and constructive while showing empathy and lending a helping hand to others.

Finding a way to renew yourself and stay positive even in the face of negative people and events.

As a junior associate experiencing my first financial crisis, I remember one of our senior managers saying: “Never let a crisis go to waste.”

It was his way of reminding us to get out of our narrow view of the world and look at the bigger picture.

To see beyond the immediate panic in order to identify future opportunities.

We all know that it’s hard to change, especially when things are going well and you’re in the status quo.

That’s why the current crisis is too important to let it go to waste.

Use it as motivation, as the impetus to drive yourself and your team forward.

The key is to make the right kind of changes.

The most important question you can ask yourself right now is how do I want to emerge from this better and stronger?

This is a powerful question because it instantly pushes you forward to imagine that future point in time when we emerge from the current situation.

While there’s no precise timeframe, I recommend you think of this as at least one month from now and preferably longer.

When I thought about the question of how I want to emerge, it took me several days to answer it.

I had to live with it for a while, but then woke up one morning just knowing the answer.

I want to emerge from this stronger physically and mentally.

These are the foundational pieces that will most move the needle in everything else I do.

This is what I need in order to generate the growth I aspire to in my business and my relationships.

I’m committed to emerging from this being my best self — or as close as I can get to it.

For you, it might be developing a new skill that will land you a higher-paying job or finally beginning that personal project that you’ve set aside for years.

There’s no single right answer. Just what ‘better’ looks, feels and sounds like for you.

Your vision for ‘better’ allows you to approach this period of uncertainty from a position of strength.

It gives you some certainties around which to anchor your days, make good decisions and motivate your actions so you are generating forward momentum.

For me, it means I’m making sure I get eight hours of sleep a night, eating well, drinking at least six pints of water a day, and exercising six days a week.

It also means I’m working on my mental game; more specifically, addressing my worry habit.

As my husband points out, I tend to “rev too high”. I can turn any day into a stressful, adrenaline-fueled work-fest.

That’s why the key is to look at this from a longer timeframe than just a few days or weeks.

You need enough time to form these new habits. In some sense, you’ll almost wish you had more time to work on them.

In the end, life is a series of opportunities to be seized. Some are foisted on us, others we create.

All too often, we don’t see the events in our lives as opportunities, especially if they look like crises that turn our worlds upside down.

Even in moments of struggle, remember that time is precious. Once it’s gone it’s gone, and your sense of time depends on how you frame it.

Don’t wish this time away. Instead, make productive use of this time.

Spend some of it this week thinking about how you want to emerge from this crisis better.

Then, start taking steps toward creating your better future.

This is your time.

*May Busch works with smart entrepreneurs and managements to build their businesses. She can be contacted at [email protected].

This article first appeared on May’s blogsite.

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