Crisis to Opportunity: How COVID-19 Can Fuel Innovation

Crisis to Opportunity: How COVID-19 Can Fuel Innovation

Few people have gone unaffected by COVID-19. Despite the humanitarian and economic costs, however, savvy entrepreneurs can use the crisis as an opportunity to grow. Changing social and economic realities in the face of major challenges has always presented new problems to solve and new needs to be filled. 

As always, entrepreneurs are uniquely suited to help.

We want more for your goals.  We want them to be more than simply “goals.” We want them to work. We know that it takes knowing where you are right now, where you want to go, a plan to get there, and qualified legal guidance to ensure your interests are protected. Let us share three business development initiatives we want you to focus on as we move into the middle of the year.

1. Mid-Year Check-In. As we move through mid-year, it is a good time to consider the goals you have set for your business and how COVID-19 may have impacted them. Are you on point? Off track? Need major restructuring? 

Whatever your unique case, a methodical review, coupled with fearless, honest reflection is the first step. 

You need to remember that this does not mean focusing solely on the negatives. On the contrary, praising progress and acknowledging areas of success is just as important as examining failures. The purpose is clarity. Only then can you best plan ahead.

2. Adjustments and Action. When the eminent British economist John Maynard Keynes was confronted by a critic for changing course, Keynes famously replied, “When the facts change, I change my mind — what do you do, sir?” The sentiment is entirely appropriate given the radical shift in economic conditions since January. 

In other words, it is time to make adjustments. Whether it is departing from previous benchmarks or incorporating new strategies to achieve existing targets, meaningful adjustments need action plans. Such plans should be based on COVID-19 related data and be tied to deadlines, budgetary metrics, and staffing resources. Goals require clarity, adjustment, and action. They must also be specific and achievable.

3. Legal Support. In the rush to bring innovations to market, entrepreneurs can run afoul of complex laws and regulations. They can also put their ideas at risk by not working with an attorney to get the protections they need first. Too often, they enter disadvantageous contracts. 

These are just a few of the reasons why qualified legal guidance is an absolute necessity. Whether that means setting up your business the right way, guarding your proprietary interests and intellectual property, or engaging in airtight contracts with investors, partners, vendors, employees, and others, competent legal support is integral for successful ventures.

COVID-19 is not just a public health issue, it is a crisis that needs entrepreneurs and businesses to innovate and deliver solutions to real problems. We understand these challenges and are here for you. We encourage you to contact us now so we may support you and your business at this critical time and into the future.

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