How To Identify Opportunities At A Time Of Crisis...Like Now #816
How do you identify opportunities at a time of crisis like right now? Greetings from Bali just checked into the hotel a pretty empty plain on the way over and a fairly quiet airport here in Bali when I landed as people bunk down. I guess on the back of the corona virus and it's got me thinking about. How can we identify opportunities at a time of crisis like these and to me? There's three levels of opportunities that we can look at the first level. Is those people that are immediately impacted and affected. So how do we help those people? What does the opportunity in servicing them? The opportunity there is of course medical in the case of Corona virus so it's providing medicines medical facilities medical personnel. Now that makes it a fairly limited scope because unless you're in the medical profession or the medical facilities proficient. There's probably not a lot that you can do to help. And there's probably not a lot of opportunity for the next level gets brought when we talk about how to prevent people being impacted or affected. So that's when we start talking about products like face masks or sanitizing hand washes and these kinds of things and that's an interesting example where you've seen the best and the worst of people we've seen the people who are very mercenary about it going out buying up the supplies of face masks and hand gels and then selling them ridiculously mocked up prices but then we've also seen the good side of it. Which is people going out buying up the same products and then offering to offering them to emergency services personnel for free. So you know to me. It's not about identifying just a commercial opportunity or an altruistic opportunity. It's just identifying the opportunity. What you choose to do that opportunity is kind of up to you. The third level of opportunity I think is where the much bigger opportunity comes in is when you look at how. The behavior has changed as a result of the crisis. So in the case of the corona virus crisis the changing behaviors. People are staying indoors. Because we're being told to avoid contact with people who might be infected we don't know being affected and so as a result we tend to stay indoors and so that touches on an idea that I I mentioned a couple of days ago. This opportunity of helping people do X. At home if you can help people do anything in their harm. Then there's probably going to be a potential for a business day and in the case of my business which is spas in hotels. Wasting that people are less likely to come on down to the SPA FOR TREATMENT. Because they want to avoid that close contact with with people now a now case maybe offering treatments in the guest room is more likely to get a response than offering treatments in the spa because the perception is in my Hotel Room. I can control the environment on less likely to be infected or impacted by the people. Don't know if that's necessarily true or not. But I think the perception is going to be there so I think identifying the broader opportunity in terms of the change in behavior can get really really interesting so that to me. The three different levels of opportunities in the time of across those that are immediately impacted. It's helping those people helping other people. Avoid being impacted and affected and the third opportunity is looking at the change in behavior and seeing what goods and services and products that you can offer to those people in their changing behavior MoD might help them service another need so there. I think the opportunities and even if you're in a market that's not currently being impacted by the Corona Virus God's good graces. You won't be but You know there's always another crisis around the corner whether it's a phenomenon or a bushfire earthquake there's always crises around this and I think the better. We can look at identifying opportunities in a time of crisis bitter. We're able to look at applying that oil business and hopefully the insulate ourselves from the impact of it or perhaps identify other ways of the avenues that we can maybe go as a result of the crisis already that is for today. I do think it's on and I will be back again. Tomorrow stay safe.