A dentist’s thoughts on the future of the business, in the period after the devastating coronavirus pandemic, and in the time of the full-scale war in Europe.
The success of every business depends on a number of different factors. Fads come and go; markets go up and down. Economy flourishes and then shrinks again. There are tides, raising all boats. Conditions can be so favourable that any failure would seem unthinkable, no matter how poorly a business is managed. And then, once or twice for each generation, major shocks – such as pandemics, wars, political turmoil, suddenly spread everywhere and turn everything upside-down.
Leaders must react to threats, beyond their control. Failure in such situations, however, is not always unavoidable. Companies with the best management may gain or lose, but most of the time they get through and even flourish in times of tectonic changes. Even during the exceptional shocks, caused by the coronavirus pandemic, we’ve seen some companies continue with their development, mitigating risks and using the new opportunities. Others just suffocated.
What makes them different?
What are the characteristics of the resilient and sustainable organizations and of their leaders? Why do they manage to come out of disasters stronger, while others languish and their leaders wordily try to justify and excuse their companies sinking deeper and deeper?
It takes a lot of qualities to survive a difficult period: capability to start over, perseverance, and some humility, which is makes the starting-over even possible. It takes great working efficiency, belief in one’s own decisions, and the will to impose them. It takes ingenuity. There is no business, where perfect conditions last forever. You must cope with limited resources, function at top level, on nothing more than leftovers.
“You don't learn to walk by following rules,” – Virgin’s founder – Richard Branson wrote.” You learn by doing, and by falling over.” Sustainable business is not afraid of falling over. In fact, if we do not trip and fall from time to time, this means that we don’t take enough risks. Fear of failure can kill us faster than failure itself.
During hard times, instinct suggests that we should duck down and play safe. However, we must always remain open to innovation and continue placing bets. Even if these are smaller. Some of them might prove winning and then we should push forward, using every resource the business has. Cautiousness and frugality will not save us for long. We must continue our development, introduce innovations and sell them to our clients!
Or die! Not physically, I hope!
