With the announcement of the nationwide lockdown, companies have become despondent, and absolutely terrified that their business may shut down. It’s at times like these that optimists would say that ’n boer maak ’n plan, and, in some cases, this is true. Many businesses will rise to the challenge, make a full recovery, and inspire others to do the same.
Companies have been forced to become smarter and more flexible. Most have discovered that their teams can actually work from home. Some employees have adopted a new sense of work-life balance, and many others are more connected than ever before. Boomers have literally become Zoomers! Apart from that, e-commerce and direct-to-consumer experience companies are achieving accelerated growth, and e-health, e-legal, and other e-solutions are popping up rapidly. This is really good news if you’re in a business where you can ride the wave!
If you’re not, however, you may be one of those companies who will experience a defensive reflex to keep the spiralling losses under control, especially if you’re in high-impact industries like construction, tourism, and entertainment. It’s important to remember that no-one will be entirely spared from the impact of this pandemic. It will have a profound impact on all aspects of every business, and it is totally understandable that in times where demand is plummeting, and the future outlook is uncertain, companies will refocus all their efforts on the essential business processes to keep the business afloat!
Amidst these massive disruptions, a combination of short- and long-term innovation responses can provide a ray of hope for businesses. If history has taught us anything, it is that we are capable of finding interesting ways to reinvent ourselves – often bouncing back even stronger than before!
Just as the pandemic has revealed differences regarding the preference to work from home, experience with remote learning, entertainment, and consumption will also shape consumer attitudes toward digital and physical experiences. Differences in consumer preferences may generate valuable business opportunities, new products and services, and new business models.
To ensure that your company responds efficiently to new opportunities, you may wish to consider expanding your brainstorming to include external input. Ideas from customers, partners, and other external parties may offer invaluable insight, and a way to get ahead of the curve when it comes to market trends and reprioritisations. You might find that communication and collaboration are more crucial than ever, and that you’ll need to adapt your processes, find ways to streamline your workflows, increase productivity, and reduce wastage.
There’s no way around it. The COVID-19 pandemic has profoundly changed our daily lives, and the same is true for our businesses. One thing is for sure, though. It has encouraged innovation, and we’re starting to see a true entrepreneurial spirit emerge. There’s a change from victim mentality to that of being a leader; businesses and communities are supporting each other, “local is lekker”, and sharing, collaborating, and innovating is at its best! And as the world begins to emerge from the crisis, we will find new ways to interact, entrepreneurs will actualise previously untenable business opportunities and reassess innovation strategies, consumers will be able to take advantage of new environments, and policy and regulations will adapt to keep everyone safer in the future.
“The only way to discover the limits of what’s possible is to go beyond them to the impossible.” (Arthur C Clarke)