Author: DMG Global

Jerry Wind The coronavirus crisis, which began in China in late 2019 but emerged as a full-blown pandemic in March, has plunged us all into a global health crisis and an economic downturn. It has dramatically redefined what a normal life means. At such times, it is easy to overlook that in both Chinese and Japanese, the word “crisis” is written with two symbols signifying “danger” and “opportunity.” The truth is that every crisis, while deeply unsettling, also contains the seeds of opportunity. In this opinion piece, Yoram (Jerry) Wind, emeritus professor of marketing at Wharton, and Nitin Rakesh, CEO of Mphasis, an IT firm headquartered in Bangalore, India, discuss how to create opportunities in a time of crisis and offer 10 guidelines to help organizations and individuals do that effectively. This article has been adapted from a forthcoming book titled, Transformation in Times of Crisis, co-authored by Rakesh and Wind.

Strong companies will survive and even thrive beyond the current coronavirus. But, in the midst of this crisis, now is the time to define the context in all you do, communicate and over-communicate inside-out, and prepare to play even more urgent offense in your strategy and execution. Today, the coronavirus crisis is the context of all leadership, strategy, and communications. We and every company we work with are in crisis mode, coronavirus crisis mode, political crisis mode, economic crisis mode. And the coronavirus pandemic will sprout more and larger crises spreading across companies, markets, businesses, and people. In terms of health, business, and leadership, these are uniquely difficult times.

A news cycle does not go by today without extensive attention to coronavirus and what is happening in different parts of the world, with various industries, with individuals and more. Art Gormley, a principal at our Firm, who has been through a number of these situations...