While pandemic’s impact has been struggling in numerous ways, it has also given rise to some often underestimated opportunities to the table. It may just have taught entrepreneurs how to think creatively, research ideas and raise their businesses in different ways.
The unprecedented time in history taught most entrepreneurs into a world where they had to rapidly learn and adapt to significant change. One of the most significant effects the pandemic has had is the need to pivot.
The urgent need to transform wasn’t easy, it was undoubtedly painful for everyone. Many didn’t survive.
For some entrepreneurs, lots of factors such as diversification, technology and the business relationships they built have impacted.
The lockdown posted a challenge for many employees alike because now everyone had to figure out how to work from home. But, we all are aware and heard the horror stories of zoom call gone wrong, micromanaging bosses making unreasonable demands and the inability to focus with noisy kids.
The Robert Nickell, founder of the 500+ virtual assistant agencies, Rocket Station shared one client’s story about once lockdown started and how a large part of their workforce chose to leave so they could take care of their children.
Nickell stated, “We have a team of nearly 600 people, so we were able to documented process for each of their tasks, and quickly spin up enough virtual assistants and replace all the employees they lost. The fast-thinking of action resulted in a 40% reduction in cost while increasing their productivity by 120%.
Nickell tells a remote crew is something that most entrepreneurs can and should implement.
Mike Calhoun, the founder and CEO of Board of Advisors Inc., has built a successful business model.
Once the lockdown hit, he and his team knew they had to adapt quickly because Q2 meetings were taking place in a little over a month. They had to figure out how to continue to deliver massive value. The learning curve for his union was steep.
Overnight, they had to learn how to conduct a virtual event with people globally, organize and coordinate speakers. They also had to figure out how to keep everybody engaged in a virtual setting.
In the end, the CEO and his team were able to tap into the knowledge and experiences of his mastermind group and the virtual event blew away everybody’s expectations.
As a recognised leader, Postal Impact’s founder, Christina Krause, was used to speaking on stages all over the countries. But in a pandemic, she had to learn new ways to generate leads fast. She responded by driving into a few online masterminds groups and speaking at several virtual events.
She opened up a crazy amount of opportunities by immersing herself in new circles.
Getting outside of the bubble was also crucial to the success of Matt Andrews, founder of the Real Estate Influencer event and co-host of the Real Estate Influencer Podcast.
Like many owners, his business was hit hard by pandemic because of travel restrictions. He faced different situations than other entrepreneurs.
Andrews said that he had built his business and reputation on his relationships and he was not about to risk those relationships regardless of the situation.
He said, ” I carefully choose who I bring into my circle because of the impact they have on who we become, the opportunity they create, and most importantly because I genuinely care about them as individuals. I knew that a lot of people were going to be hurt by the fallout from COVID, so I felt this was my duty to step up.”
Andrews immediately assembled several experts in marketing, law, finance and other topics, and arranged weekly virtual meetings to provide the information. He then dug deep into his contacts list and began introducing people together whenever he saw potential synergy.
Andrews actions led to the salvation of a few companies and tremendous growth for many more.
While the impact of COVID was influential, it allowed many entrepreneurs to improve their businesses drastically.
For Standard Hydrogen Company, Inc. A company innovating new technologies, the lockdown allowed them to stay heads down in innovation.
Alan Mintzer, CEO stated, “Once we realised we could easily convert a variety of waste streams, anything containing hydrogen into hydrogen sulfide, it was a simple matter of applying our patented technology to turn garbage into high purity hydrogen.”
He added, “I worked seven days a week and never felt like missing anything. We took over a new 12,500 sq. ft facility so our R&D could continue seven days a week. Like everyone else we also leveraged the teleconferencing technology to continue holding meetings. The real silver lining COVID-19 provided us was the absence of travel. Suddenly, it was perfectly acceptable and desirable to hold all meetings online.”