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Business ExcellenceEntrepreneurship

How Women Entrepreneurs can Leverage a Crisis into Creativity?

women entrepreneurs

The Pandemic time has been challenging for women, especially for women entrepreneurs. As businesswomen have experienced negative effects, whether managing the finance for the business or managing their team. It is almost like a crisis situation for them. How can women entrepreneurs leverage a crisis into creativity?

Linda Fisk has shared an incredibly insightful article enlightening us with a 4-point plan to leverage crisis with creativity. Linda Fisk is a multi-award-winning leader, keynote speaker, podcast host, author and university professor dedicated to amplifying and extending the success of other high-calibre business leaders

The global pandemic has been an unmitigated calamity on a number of levels. But in some industries, this time of unprecedented change has also been a time of remarkable advancement spurring exciting new innovations, as firms come up with new ways to manage disrupted supply chains, remote workforces, and shifting consumer demands.  In fact, some leading companies are actually changing the very way they innovate.

Creativity is essential to creating key breakthroughs during times of radical change and intense pressure and expressing new possibilities and options during the rebuilding process. The economic downturn created by the global pandemic can be used to induce creativity, and creativity, in turn, can induce growth and innovation.

The costs associated with innovation have changed dramatically in the past year as well. The crisis has emboldened managers to move faster and to quickly launch new ideas – oftentimes with entire customer segments.  Doing anything novel and new in a legacy business typically involves considerable time and money, because of a long-standing corporate culture of risk-avoidance.  But, now, we’re seeing transformational innovations, and radically new solutions, introduced at a fraction of the time and cost, compared to a year ago.

But, even as companies continue to preserve cash, the defining feature of this innovation revolution, driven by the global pandemic, is breakneck speed. Companies are being forced to take risks and question their assumptions.  They are finding relationships between things that aren’t as readily apparent and leveraging the strengths of their core offerings in new ways – overnight. 

Getting inspired in times of adversity and uncertainty, and exploring new solutions to emerging challenges, can be daunting.  Here are four quick tips to help you reassign all pre-conceived concepts of structure and routine for your business:

  • When pressure is high, eliminate the distractions.

Turn off your cell phone, don’t check email, and focus on the issue to be tackled in a quiet space away from interruptions and distractions.  Routine meetings and schedules may need to be suspended, and the cadence of customary check-in meetings may need to postpone.

  • React to concerns with understanding and support.

In times of enormous change, when you are questioning the most fundamental aspects of your business, your staff is likely to feel anxious.  Allow people to voice their concerns, point to problems, and express their apprehension with understanding, support and help.

  • Celebrate progress, and even small wins, in public.

People value work environments where creativity and innovation are supported, valued and recognized.  People want to deeply engage in their work and make real progress.  Acknowledging and celebrating progress, and even small wins can be deeply motivating to staff.

  • Be transparent and overcommunicate.

In a sea of uncertainty, when teams are being asked to create new options and possibilities, transform processes, consider new products and services, and focus on innovation in every aspect of the business, some staff members may feel insecure and anxious.  Reassuring your staff and being more communicative and transparent during this time is essential.

New business models and innovations will emerge from the COVID-19 crisis, as they did during the last major economic downturn in 2008-2009.  For all business leaders, this can be a practice that becomes an integral part of your culture, not just as a revenue source for the current situation but as a revenue accelerator in the future.  You may find yourself marvelling at people’s endless capacity to connect, innovate and create. 

Linda Fisk

Linda Fisk is a multi-award-winning leader, keynote speaker, podcast host, author and university professor dedicated to amplifying and extending the success of other high-calibre business leaders. She is the Founder and CEO of LeadHERship Global, a community of unstoppable women enhancing their leadership blueprint and embracing their power to be the best version of themselves- in work and life. 

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