We have seen it before. Some event has a severe and continuously far-reaching impact on our civilization and thus our economy. Twelve years ago, it was the financial crisis which forced a lot of companies to respond and change. Now it seems like the Coronavirus is the reason for something similar.  

In such situations, however, one thing is clear to the founders of Whyyy: It could turn out very beneficial to consider the new situation – whether it may be inaccessible credit facilities or a cross-national lockdown – the 'new normal'. It's impossible to say how long it's going to take and how things will look when it's over.

“The sooner you realize that you have to start all over and reconfigure your business along with the way you run it, the better. In the worst scenario too many organisations wait for too long before reconfiguring”, Rasmus Bertram, founder and director at Whyyy, says. His co-founder, Søren Nielsen, adds:

“In such situations we are entering an era of survival of the adaptable. Those who can reorganize and adjust will weather the storm. Those desperately clinching to what they've always done will experience considerable challenges, maybe even failure”.

Aim for the best

Of course you should always prepare for the worst and ensure the company when misfortune arrives. Everything else would be irresponsible. But at the same time, you should aim for the best. Even when facing severe difficulties, ways to succeed exists.

When steering through a crisis, the only agenda for a lot of organizations will be near-term survival. Meanwhile, the most determined will try to catch a vague glimpse of the possible future through the all-enveloping fog of uncertainty. It’s impossible to determine, but it will most likely look noticeably different from before the crisis occurred.

“Our ability to achieve success, in the long run, is not about handling situations when it's plain sailing. It's about managing and adapting in total chaos. If we can handle such periods, we will be the most successful when the wind is dropping once again”, says Rasmus Bertram.

Find your way of being antifragile

In the wake of the financial crisis, Nassim Taleb presented the idea of antifragility, which in broad terms is about companies gaining an increasingly sturdy foundation, the more quakes they experience. At first the quakes might seem intense, but adapting will lead to further resistibility when the next one hits.

“Quite paradoxically, a lot of companies put development and projects on hold as the first thing when a crisis first occurs. But at that moment it is most needed. If you are just trying to ride out the storm, I suppose you can manage quite well. But those who will come out in a stronger position are those who dared to invest, innovate and change”, says Søren Nielsen.

When the Corona crisis accelerated, we saw a lot of restaurants trying to adapt. Due to lockdown, they could no longer take seating guests, so instead, many switched to offering take-away. This might be adaptability in a simplified manner. Still, it paints a perfect picture of the adaptation necessary in times of crisis. It is then you have to figure out what the future of your business should look like.