Pandemic is dramatically impacting entrepreneurs & businesses, moving out of COVID isn’t the end of this crisis. It’s the beginning of a new journey of thinking about their approach to over all go-to-market strategies. Also, this will be a time to reflect on their individual approach to risk. Now this pandemic is creating exponential pace of change to the society, which means the entrepreneurs who have the greatest ability to adapt will survive.
It’s the perfect time to sense how the world will be different with the new normal scenario, as these differences will create new milestones for innovation, new opportunities, user adoption, team building, product or service-market fit, and venture funding
There are few entrepreneurial steps you can take right now to put yourself in the best possible position.
Self-assurance and vigilant – Consumers will be excited about returning to their societies and spending cash with cautious mode. Now the trust- relationship with the brands will be different. New indicators (Post-COVID mission statements, following health guidelines like employee using gloves, mask & offering sanitizers at the store-entrance) will be required to reassure & nurture a strong relationship.
Re-Shaping of buying behaviours- Consumers will have developed new purchasing habits, moving from in-person experience for certain categories like fitness, grocery to online & home-based engagements. Also, their spending shifted to need based purchases.
New supply chain models- Due to the crisis, global supply chains will have re-defined model across B2B & B2C channels. Only the companies with excellent ability to quickly withstand, leverage strategic partnerships and flexible operations can succeed.
Empowering resources – Many start-ups will not recover to hiring levels due to this COVID crisis, they will be forced to close as funding becomes difficult. Entrepreneurs should empower the existing team with new skills such as e-commerce operations, delivery services and tech support.
Deep insights on digital data- Businesses & entrepreneurs with access to big data on what consumers really needs will have an edge during this crisis. Typically, platforms such as social media channels, video conferencing, gaming and delivery channels where the users are growing, will develop as a good-volume source of raw database asset.
Re-imagined business indicators – At the moment business indicator will rely more on cash & less on credit transactions, as several consumers & companies felt a noticeable and constant “drop” from lack of liquidity and market job losses. Securing credit will be tougher, 100 % funding will rely on showing a stronger cash runway, and risk acceptance level will have declined across the entire global start-up ecosystem. In order to get through the funding start-ups will have to show higher slab in proving out value, or to be self-funded to take-off.
Going forward the future is challenging for entrepreneurs, but still positive. The ultimate key to revive the global economy– Entrepreneurs, we’ll have to do it through entrepreneurship. But we’re still potentially 6 to 12 months away from that reality. Businesses should focus only on survival not the growth right now!!!
Entrepreneur, Co-Founder & CEO
Expert Solution Technologies Canada Inc.
Bio -Manickavel Muthusamy is the CEO & Co-Founder of Expert Solution Technologies Canada Inc.
An Entrepreneur with in-depth understanding of Sales & Marketing of IT Services, Outsourcing and Global Delivery, worked with leading MNCs in multiple geographies including India, Canada and USA in his career spanning over 22 years. Currently owning a software firm in Canada helping Small & Medium Size business with a wide range of accounting technology solutions & services.