SPOTLIGHT
Easing Restraints
Explore how the challenges of a crisis can fuel your innovation strategy .
Businesses operating during a crisis soon discover what entrepreneurs already know : relaxing internal constraints will empower your team to innovate and execute quickly . Limitations caused by a crisis , like a reduced workforce and flattened hierarchy , allow innovation to naturally flourish .
In a crisis , it ’ s easy for organizations to let the barrage of roadblocks paralyze them — but these are the instances when innovation is ripest . Leaders that can recognize and take advantage of these opportunities will more likely survive a crisis and be better equipped to innovate in better times .
Contact your relationship manager at 855.274.2800 to explore how Sterling National Bank can help you harness innovation to navigate a crisis .
GETTING CREATIVE IN A CRISIS : 5 COMPANIES THAT SUCCESSFULLY INNOVATED UNDER PRESSURE
Check out how these businesses turned roadblocks into opportunities during the COVID-19 shutdown :
Î BUILDING A SOLUTION When 60 customers called to cancel events within a 2-day span in early March , Flying Elephant Productions assumed they would fold . Overnight the builder of event stages had a surplus of materials and time , and their customers had vanished . That ’ s when owners threw out their old ideas and got creative . Within a month , Flying Elephant used their inventory to build and sell 2,000 desks to individuals now working from home . Today they have a successful line of home office and outdoor furniture , as well as custom sanitizing stations for businesses and schools .
Î MIXING IT UP Chicago cooking school Get in the Kitchen experienced a shutdown of its own when it could no longer host classes during the stay-at-home order . At the same time , a wave of furloughed chefs searched for a way to earn a living in their trade . In an innovative collaboration , the school made its kitchen space available to the chefs , and together they offered the quarantined public a line of pre-started meal kits available for delivery or curbside pickup .
Î REFRAMING FOR SUCCESS In early spring , Framebridge , a custom frame company out of Washington , DC , was forced to shut down operations . Owners knew they would have to redefine themselves to stay afloat during the crisis , so they used the resources , equipment , and inventory they already had to meet an urgent need . After rapid production of several prototypes using their own acrylic and cutting tools , the company began mass-manufacturing and selling face shields .
Î PICTURE THIS Few industries were harder hit during the pandemic than restaurants , but the Bel Aire Diner in Queens wasn ’ t going to give up on their 50-year-old business easily . The retro diner combined their need for increased food sales with a greater need for community healing . Using an adjacent parking lot and a mobile ordering app , the diner launched a drive-in movie theater where patrons enjoyed film favorites and car-side food delivery .
MORE THAN 75 % OF BUSINESS OWNERS SAY THE COVID-19 PANDEMIC OFFERS OPPORTUNITIES FOR GROWTH but only 30 % say they have definitive plans to seize those opportunities .
SOURCE : McKinsey & Company
Î OH , BABY ! Faced with a decision between shuttering her business for good or finding a new way , the owner of La Piccolina Baby Boutique in California looked beyond in-person and digital sales to launch an online shopping network . Via Facebook Live , she broadcasted live sales events and tripled her daily average sales goal . Even better , her online sales have increased , as well .
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