Connect Fall 2020 | Page 12

SPOTLIGHT

UNDER PRESSURE :

Innovating in Times of Crisis

Businesses are vulnerable during a crisis , so it ’ s understandable when some companies temporarily suspend innovation to hyper-focus on protecting their core . But playing it safe could be causing you to miss critical business opportunities . Learn how roadblocks that a crisis creates could become the fuel that ignites innovation .

Before March 2020 , businesses around the globe were busy launching new products , planning for expansions , and making ambitious long-term goals . Then , under the pressure of the COVID-19 pandemic , they were suddenly forced to operate in an entirely unfamiliar landscape . Some businesses closed permanently , but many downshifted into neutral to ride it out . Surrendering to the urgency of the crisis , they focused on survival strategies to conserve cash , minimize risk , and protect their existing customer base . Meanwhile , innovation suffered , and growth opportunities were overlooked .

While it ’ s natural under these circumstances to take a protective rather than proactive stance , times of intense pressure are fertile opportunities to use the challenges naturally built into a crisis to cultivate innovation . Businesses that learn how to identify those opportunities will not only remain competitive during the crisis but will also learn to innovate better in a post-crisis world .
Challenging Assumptions Innovation thrives during a crisis largely because many of the go-to solutions and assumptions businesses normally rely on are no longer valid . Being forced to challenge familiar patterns greases the wheels of creative thinking and allows you to quickly identify parts of your old business model that no longer work .
Finding the Customer During a crisis , behaviors change , supply chains are broken , and governmental restrictions are implemented . In the same way roadblocks force you to challenge long-held assumptions , they can also fundamentally change how you view your customers . This inability to rely on old standards becomes the stimulus to creating more innovative approaches for knowing and interacting with customers .
Connecting the Data A company that identifies its limitations and its new customer must now use creative problem-solving to answer that customer ’ s unique challenge , prioritize its products and services , and fast track production and delivery . Whether by creative workshop or think tank committee , a crisis provides the perfect incubator for generating ideas , as collaborative efforts and motivation are at a premium .
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