How to Thrive in Business after COVID-19
Surbhee Grover shares an article that identifies how entrepreneurs can move forward after COVID-19.
For entrepreneurs, coming out of COVID-19 isn’t the end of a crisis. It’s the beginning of a new way of thinking about their approach to product-market fit, financing, marketing and go-to-market strategies. And for some, will be a time to reflect on their personal approach to risk. The exponential pace of change to society will mean that only those entrepreneurs who have the greatest ability to adapt will survive.
Framing how the world will be different is important, as these differences will both unlock new opportunity and create new goalposts for innovation, user adoption (B2C and B2B), team building, product-market fit, and venture funding. We believe a few things will be true:
Cautious Confidence: Users will be both excited about returning to their communities and spending money, and also skittish. Their trust in and relationships with brands will be fundamentally different. New cues (e.g., sanitizer by a storefront, gloves on employee hands, and authentic post-COVID mission statements, etc.) will be required to create and nurture a strong brand relationship.
A Reworking of Purchasing Behaviors: Users will have developed new buying habits, shifting from in-person purchasing and experiences for categories like fitness and food, to near-exclusive online and home-only engagement — and their spend will have shifted (or been curtailed) in parallel to only those purchases that are seen as necessary.
Migration of Talent & Teams: Many industries will not recover to pre-COVID hiring levels, and many start-ups will choose to close their doors as funding becomes scarcer. Workers in these areas will be forced to pursue new directions and new skills in different fields that maintain relevance, such as video conferencing tech, e-commerce operations, and ground / last mile delivery services – as well as education and training services.
Re-imagined Supply Chains: Global supply chains will have re-wired, or even merged, across B2C and B2B channels and throughout value chains, such that only those companies with an ability to nimbly stand-up and leverage modularity, strategic partnerships, and flexible operations will be best poised to succeed.
Key points include:
- Re-orienting product-market fit to new reality
Re-assess market position and potential
Tapping into potentially unconventional collaborations
Read the full article, Shakeout of the Entrepreneurial Ecosystem What will it take to survive? And thrive?, on LinkedIn.