We are living in uncharted territory. Especially for companies who are beginning to consider and plan for how they will reopen their businesses. They need to explore many different avenues to enable business continuity and plan for a range of operational contingencies all while keeping their employees and customers safe. Revisiting or creating new business models to address this change and the shifting sentiment of employees and customers may now be necessary. In fact, it might be an imperative for some businesses in order to outlast the impact of the coronavirus pandemic.
Thinking about changing your business model may seem like a daunting task. However, this could be exactly what ensures your survival. When considering this, realize that business model innovation doesn’t have to be about completely shaking things up and at times doesn’t require significant investment. Modifying your existing system through, for example, repurposing assets, changing operating procedures or shifting employee priorities may guarantee that your company and brand live on. As Mark Cuban said, “I'm a big believer that when we come out of this, there are going to be small companies that blossomed because they had a different vision."
If you see an opportunity to change, whether that is developing an entirely new product to implementing innovative lean manufacturing procedures on the factory floor, use this as a catalyst to change the competitive environment and grab hold of new opportunities
Now is the time to Invent the Future!
The coronavirus pandemic is not only a health crisis but it has also impacted the global economy, resulting in mass layoffs, panic-buying, and increased online shopping. Companies that are able to adjust to these changes will keep their employees working and contribute to the fight against COVID-19.
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