Crisis is a time of opportunity, and also of risk and instability. How not to “get burned out” at the opening of his business during the recession, says Daria Syoma, the head of the PMHUB event hall.
In March this year, the team and I planned to launch a new event space. But there was a pandemic, and the country (as well as, in fact, the whole world) went to quarantine. All events were canceled, and at one moment the team was left without clear plans.
Fortunately, this moment did not last long and we quickly turned around the situation in our favor by switching to online events. Now our main focus is virtual events, and we have already reached a serious level with them. On July 15, we are holding an online conference with experts from Microsoft, Amazon and Booking.com.
But in any case, moving an offline project online was a really serious challenge – these are the conclusions I made about how to launch and manage projects during crises.
Do not stay with negative emotions
This advice is not only for those who want to run a business in crisis, but for everyone. It sounds simple, but this is the first step to solving problems. The situation happened, and as they say, "there are two options: get upset and not get upset." Take a few days to ponder, relive the moment and come back with the thought that the past cannot be changed, but the future is still as possible.
Identify the benefits
A crisis is truly a time of opportunity. But this does not mean that with every recession you need to run "do business." Determine for yourself the reasons why and why you need to start a new project right now. Found a new niche? Wow. See the area where you can overtake competitors thanks to new approaches? Cool.
The main thing is to clearly, to the smallest detail, articulate your advantages and, last but not least, weaknesses and risks. Yes, nobody canceled the good old SWOT analysis – even when you need to act quickly and according to the situation.
Give people what they need right now
Almost the main success factor when launching a project during a crisis is precisely getting into a specific need. I like the story of two women from New York who lost their jobs during the pandemic but did not give up and set up a cookie company.
At first they cooked in their kitchen, and then grew to such a scale that they had to rent a special room. The idea at first glance is very simple, but something else is important here: women offered exactly what the clients needed at that moment – tasty and original food without leaving home.
Do not save
Of course, when starting a business in a crisis, you need to strictly control all expenses and not inflate the budget. But even more important is to identify those positions that make the main contribution to making a profit, and make them as qualitative as possible. When we launched the hub, we paid a lot of attention to the equipment – and ultimately did not fail. Thanks to this resource, we were able to quickly reformat for online events at PMHUB.
"Adapt or die" – it seems that in the field of business this phrase has already become a boring stamp. But quarantine once again showed us all how important it is to be able to change quickly. Test and test again – this will help you find the best solution. Previous business model not working? Ok, try a new one. Is your main advantage no longer an advantage? Ok, looking for something else. The main thing is not to focus on failures.
Consider all options
During quarantine, we saw the coolest examples of business transformation. Restaurants and cafes have become suppliers of food and even conventional products; The event industry has moved to social networks and video games, and fashion brands have begun to sew masks. If you see that your original idea does not work, feel free to move on to the next.
A few months ago, I could not imagine that our event hall would become a venue for online conferences, and now it is perceived as something completely natural. Conclusion: even your craziest ideas can turn into a promising business area. The main thing is to use all the opportunities and be a little bolder than usual.
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