The COVID-19 epidemic has ruthlessly affected many of our businesses. But it is time to think about new business opportunities rather than thinking about problems. As our Honorable Prime Minister said, “convert COVID-19 challenges into opportunities” as coronavirus infections would remain for a longer time.
And, it is a fact that every crisis, which is deeply unstable, also has the seeds of opportunity.
Therefore, in this situation, it becomes necessary to find solutions to fight this epidemic and turn challenges into new business opportunities. This guide will be about the following areas or expectations, which we can use to grow our business in this time of crisis.
1. Positive Mindset
To fight against the COVID-19 epidemic, the first thing is to improve your negative mindset. We should try to focus on long term solutions rather than focusing on short term problems. As we know coronavirus is not a long term problem, obviously it is a serious problem for now but will not always be the same in the future.
Therefore, do not be afraid about the current situation, just be confident! And, try to find solutions to turn the challenges you are facing into business opportunities. Note all the possible ways that you can use to run your business in lockdown. An only positive mindset can convert pandemic into an opportunity.
2. Step up for digital transformation
In this time of complete lockdown, it becomes necessary to move businesses from the physical world to the digital world. Likewise, many companies have already transformed themselves into a completely digital world, but what happened to retail stores, museums, orchestras, and theaters. All these companies will need a strong digital infrastructure to survive in the market.
For example, the National Theater in London was unable to perform in the auditorium during the lockdown, therefore, they decided to have its free live streaming on Youtube. This digital transformation maintains its goodwill not only in local but also global audiences.
Another well-known example is WWE (World Wrestling Entertainment), they are now streaming live free globally to avoid local gathering.
You should learn from these organizations and find the best possible ways to transform your businesses into the digital world. Switching businesses online not only helps promote your business globally but also creates global customers.
3. Identify new business opportunities
In a time when the world economy is slowing down, one way to get new business opportunities is to creatively address people’s fears, uncertainties, and lack of trust. Therefore, find the best possible things that are more important to those who can instill confidence such as Sanitizer, Masks, Ventilator Beds, COVID-19 Testing Kit, etc.
For example, “Hywel Lifesciences”, a new Hyderabad-based startup, manufactures coronavirus kits that can solve testing challenges for 1.3 billion Indians. Similarly, there are many Indian startups working on coronavirus kits, masks, sanitizers, etc.
The healthcare sector has emerged in new opportunities and has become a hot trend in the time of COVID-19. Therefore, look for new business opportunities in the healthcare sector.
As I said earlier, “Every problem comes with new opportunities but it is up to us how we deal with the situation”.
4. Follow the idealized designed approach
Problems often come with new opportunities with the reduced prices to acquire the companies that may be in trouble. But these opportunities are so tempting, we need to be smart-selective with a grand vision and master strategy to find them.
When such moves combine with an idealized design approach they can help the organization in growing fast for the long-term.
5. Build the new talent strategy
There are many companies that are not successful in the 21st century due to their non-productive employees. Therefore, this is the right time to find new talent or innovative employees to succeed. Research shows that more 1,000 cases of open innovation can be more than four times faster and eight times cheaper than relying on internal talent alone.
Such a fluid organizational structure, which combines the talent, capabilities, and agility of employees with networks of independent contractors, can help spur open innovation.
6. Switch from shareholders to stakeholders
For a long time, companies have been focusing on their customers and their importance is their first priority. And, in times of the COVID-19 crisis, it becomes more necessary to follow it. Companies are more active when communicating with their customers, but they should do so in a sensitive manner.
But this is also the time to think about your employee, companies should not only treat their employees as employees but treat them like humans.
Companies should also focus on serving other stakeholders of society to their shareholders. Millennials and Gen Z employees want to work for companies that change the world. They like to buy products and services from companies that have a positive social impact. This is why switching to a stakeholder focus is increasingly important.
7. Leverage your company network
It has long been decided that companies are moving towards the digital world even before the crisis. And, in today’s environment, it is clear – that you cannot succeed by competing, company-against-company. You should focus on network-versus-network and leverage your company’s network.
According to a recent study published in his book by Wind and his co-authors, they have found that the company leveraging their network had a market value of eight times more than their company’s revenue.
The benefits of leveraged networks are even more important now so we must move quickly towards network orientation and orchestration. And, to manage these network communications in a thoughtful and respectful manner, a different leadership model is required. For example, these days companies are using COVID-19 messages to customers with whom they have done business. Don’t you think it’s a better way to encourage your customers to share their experiences, problems, and solutions rather than flooding them with coronavirus emails and social media posts?
8. Focus on agility, adaptability, and resilience
Assuring if your organization is agile, adaptable, and flexible .., not sure? We should re-test the organizational architecture. This includes infrastructure, processes, techniques, and facilities, along with organizational culture, as well as competencies, performance measures, incentives, and reward systems. Because companies that are agile and friendly in nature, they can survive during and even after a crisis. This is equivalent to finding creative and effective ways to bridge or eliminate organizational siloes. This is more important because the customer will judge companies based on their own customer experiences. Therefore, companies that have the ability to discontinue siloes will operate more effectively during and after the crisis.