A monumental shift like the one we are experiencing currently is a rare occurrence, for every entrepreneur, business and the entire economy globally. We need to look for better solutions, adapt and implement innovative practices and design major changes in businesses. History reminds us that the economy has produced the best products at uncertain and difficult times like these. For entrepreneurs, it is more than about sustenance, it is about adapting to the current situation as well as planning for the future. Let’s look at a few domains that have capitalised on Covid-19:
Ecommerce
We have witnessed the emergence of several apps in a very short period. Today, we can order essentials such as groceries, vegetables and medicines, consult a doctor, create a fitness plan and watch your favourite shows; all through the simple usage of the respective app. This transformation is here for good, not only these apps are integrated with user-friendly functions; their offerings are also available at feasible prices with huge discounts and they have excellent customer service in place; Amazon and Flipkart keep organizing sales regularly across all the domains. A few of the other names here are- Supr Daily, Country Delight, Pharmeasy, Practo and Netflix.
Education
Digital Learning has become the new mandatory norm right now. Edtech industry had already begun to create its niche when the pandemic took place and it led to an overnight change in the approach towards learning. Digital education platforms like edX, Udemy and several others also extended their support by adding new programs in their curriculum, sharing free courses and reducing the fee to a good percentage. Students will have to continue with home-schooling at least for the next 6 months to a year leading to an expedite growth of this industry.
Technology
You can attend a meeting on Zoom now, consult your doctor on Skype, and watch the latest movie on Disney Hotstar. Meetings, conferences, exhibitions, interviews and personal occasions like birthdays, engagements and even weddings are all conducted digitally now with the support of big tech-enabled companies like Hubilo and Explara. Every domain today more or less requires their app for a better reach. Needless to say, this is one industry that has been at a complete advantage in the pandemic.
The above is for the ones who had the resources and flexibility to adjust in the current situation. But when you are looking to pivot; these are few practices that you need to understand in order to move forward and to reach where you want to:
- Utilize the time to understand your market and the consumer patterns and behavioural changes better; make the necessary variations in your product based on the feedback and the research. Ideate for a broader market landscape
- Strengthen your client success quotient, this is to ensure that your client continues to stay with you through the pandemic and post it
- Re-work on your digital strategy; look at how you can build it up more. Covid-19 has brought in an advanced era of digital operations in the market and it has become the simplest and quickest way to reach the consumers. Build campaigns that help consumers connect for a long run and are just not a temporary fix
- Follow conglomerates in your respective industries in India and internationally, this is to understand their sustainability measures; implement the ones helpful to your business
- Recruit employees irrespective of the geographical location considering the remote working approach is here for at least a few more months, this shall give you the freedom to hire a good employee at the cost workable for you
- Most of the IT companies like Google, SAP, Intel, and Facebook have declared remote working measures for the entire 2020. Following these measures shall help with looking after your employee’s safety and also save on the huge establishment and administration costs
- Invest in your internal stakeholders – your employees. Understand their needs and the company’s needs for the next 6 month and work together towards a sustenance plan. Connect with your peers, co-entrepreneurs and friends to know how they have been coping with the pandemic, extend your support wherever you can
- ‘Potato and Potahto’. You might want to clone a successful start-up idea you have seen in another market. Try it
- Invest in tech-enabled companies; launch new products. Now is the time to collaborate with companies and experiment and introduce products that you believe have the potential to do well for the next two-three years
- Learn and Unlearn. Identify successful case studies; understand how veterans have worked through the difficult times in the past. Work on your personal growth with your personal branding/profile
We are looking at a highly competitive and demanding future. When all of this is over, all you shall have is a war story; make it a good one!