I have the feeling that fundamental things are changing and whether they are changing for the better only the future will decide.
Here’s just a few of the things that are changing for us as a business:
- The way we interact – this now is predominantly phone calls and MS Team meetings
- The way we do business travel – there isn’t any but that will change when all this is over, but will it be the same? Will we go back to having to make so many journeys that screw up the planet?
- The way we bank – although that’s be changing for some for a long time, I can see massive changes in this sector
- The way people are viewed – in the UK Mike Ashley (Sports Direct) and Tim Martin (JD Wetherspoons) and even Richard Branson didn’t cover himself, or Virgin, in glory by asking for a bail out given he’s a multi billionaire.
These are just a few of the things that could change forever in the business world, and rightly so, maybe it’s the order of things to change every once in a while, it’s happened many times throughout history.
Has it taken a global pandemic to waken us all up to the fact that things need to change, but are we listening? We will see!
As a business we rely on getting people in a room for our training, as most training companies do at the moment, but could that change? Maybe something like AR could help, my feeling is its not too well developed for that just yet. At the moment nothing beats the interactions of people in a room, for now.
Maybe we will see a rise in AR similar to what MS Teams and Zoom have experienced for meetings, who knows.
A lot of this is guess work as we don’t really know what will happen as things return to normal, whatever that is or was. But I have the feeling this pandemic has caused not only pain and misery but also hope… hope that we can change and find different and better ways to communicate so we can make a difference to the planet and each other.
I’d love to hear your thoughts on the changes we are all witnessing.
It’s a long read but this is a great piece on how society is changing during this pandemic. https://www.theguardian.com/world/2020/mar/31/how-will-the-world-emerge-from-the-coronavirus-crisis
I’ve been giving this a lot of thought over the weekend and as things stand we all anticipate that business, probably life, will never be the same again once this crisis is over.
With that in mind what will be your new supply and demand if things do change?
For me it could be that people are reluctant to start their business, they might put it on hold, I think that’s a mistake, but maybe I would say that, the reason not to wait is obvious, opportunity.
There will be a lot of opportunity for the rest of this year, in an earlier post I said no ripping off or profiteering, but there will be a new supply and demand for us all, we just have to spot it. I actually think its happening now for some.
I urge you to think about this while we’re going through this quiet time and take action.
Reflect on where you are now and where you want to be in 12 months’ time and go for it. This is the perfect time to plan and get your strategy in order, plus as most of us are working from home, everyone is ‘online’ 24/7 making getting in front of people even easier.
So again, make your plan, create your strategy and go for it. It’s now or never.
If you want to talk it through let me know and I’ll send you the relevant links and times.
I have been thinking about putting a strategy document together for change and growth in challenging times, let me know if you’d like a copy.
I have been asked a number of times what my thoughts are on the ‘new economy’ and how we should operate our businesses through it.
Here’s 5 tips that might help.
This is the perfect time to take a long hard look at your business and decide if will work or not in the new economy.
Keep the parts that are working, ditch the stuff that isn’t or reset altogether.
Take a look at your core business and make the changes today.
1, Finance - Look at your overheads and decide what you need and what you don’t. Do you need an office, do you need the new car, do you need to keep whatever is draining your cash? Help you and you’re your suppliers by negotiating a deal that helps both of you, you need to keep cash in the business to survive but speaking to suppliers is key. As is talking to staff if you have staff, keep them informed of what’s going on. Go through your finances with your accountant or bookkeeper, if you don’t have one, please hire one today.
LOOK AT YOUR CASHFLOW OVER THE NEXT 3 to 4 MONTHS VERY CAREFULLY, YOU NEED TO SURVIVE.
2, Communication will change, people will change, people will not travel in the numbers they did before all this. Online meetings will become common place in the new economy. Technology will be the new ‘norm’ when this is over so there will be no need to travel miles to meet people, we are now used to meeting online. Keep up with technology as this will be the way to survive. If you’re not ‘techie’ find someone who is and employ them to help.
3, Brand - your brand will be key to what you do and who with. The ones who tried to ‘frig’ the system will be forgotten or looked on in a totally different light, Virgin, Rail operators, Sports Direct and Wetherspoons come to mind. We will remember the ones who have gone the extra mile such as McLaren supplying ventilators, PPE from clothing manufacturers the list is endless. They will be remembered and revered. Will you?
Your brand will be key over the next 12 months so work on it constantly.
4, It’s me or the business - your business will be the number one thing you have to concentrate on over the next 12 months. But remember you cannot fail along with your business, that’s what being an entrepreneur is all about.
Are you and your business ready for the new economy?
5, Start Up - If you were starting your business today would you start the same business, and would it survive?
Take today to decide how you go forward and what your contingency will be if it won’t.
Innovation, ideas and determination will see you through. But if you can’t see your business making it through this strange time, stop now and think of something else.
The first step is to spot the opportunity then solve a customer’s problem, and there will be many, and you will survive and thrive. This is the first rule of being an entrepreneur.
If you have any questions on how your business is changing and what to do about it please get in touch, we are here to help.