Sunil Dias explains ways of bouncing back in a post-covidised world
We have passed the worst of the second wave. Experts predict the third wave may have a lower impact. There is a semblance of stability back in our lives; and everyone is talking about the need to bounce back. Where exactly do we bounce back to? If we bounce back to where we were before, it is quite possible we will fail. The world has changed. The way we work, and play is different. Customer requirements are different. What worked earlier to sell our
goods and services, may not work any longer.
Cyber-fashion is representative of how much the world has changed. These are digital-only or virtual versions of clothes and accessories. Flaunt them on social media or on your next Zoom meeting. They don’t come cheap. A virtual Gucci handbag recently sold for $ 4000 on Roblox. Roblox is a platform where users play games created by other users. A user thought it worth it to pay a large sum of money for a bag sported by their game avatar!
To move forward in our professional lives, we need to bounce back higher. Or bounce somewhere new. How do we do that? This article has some pointers.
#Think and work like a start-up
The biggest learning from the pandemic? We are significantly more flexible than we thought. We have learnt to conduct (fairly) efficient virtual meetings. We have learnt to manage remote teams. We have learnt new ways to communicate. We have discovered new passions. We have discovered new things that make us happy. We have seen kids and elderly people take to technology as if they have been using it forever. In short, we lost our fear of trying something new. Take this flexibility and dynamism to the workplace. Treat everything as new. Even the stuff, which you have been doing for ages; It’s a great time to revisit everything about your business. And see if there is a better way to do things. Assume your business is a startup. Re-imagine everything. That could even mean you change the reason your business exists. Then run it with the same nimble footedness of a start-up.
#Target larger customers
The pandemic has affected smaller businesses more than larger ones. That is affected businesses serving these smaller businesses. What has to be done? Target larger customers; Due to disruptions, large businesses are evaluating new goods and service providers. Talking to decision makers in large companies is easier than ever. It helps that anyone is a video meeting away. All decision makers are online and much more accessible.
#Metricize work
Work from home is here to stay. Most roles in most organizations are moving towards a hybrid-working model. In addition, some companies have even announced a remote-first model. The implications are enormous for every organisation. Geography is much less of a limiting factor for talent. Hence, getting access to local talent will become more difficult for businesses. That will drive more businesses to recruit remote employees. Gig work will increase.
The rise in remote and gig work means that businesses need to metricize their work. There needs to be clear job
descriptions and a way to measure how much work is being done. That said, don’t try measuring every minute. That’s a sure way of pushing away talent.
#Keep spending on technology
Your business would have spent more on technology in the last year than in most years before. With the pandemic
receding, it’s tempting to stop further technology spends. Yet, digitalization is here to stay. Technology is going to be the differentiator between successful and failed businesses. You need to treat technology as the core of your organization. That means continuing spending on technology.
#Don’t resist change
The pandemic has changed us. It has changed the way we work. We have been exposed to, and adapted to many changes already. Once we reopen, we will continue discovering new ways in which the world has changed. We shouldn’t resist that change. We should continue being adaptable and using the change to our advantage.
Closing thoughts
We have had a lot of time to examine our priorities in this pandemic. And priorities have changed for many. There are some interesting repercussions. For instance, a dramatic increase in resignations across the world. Flexibility and the ability to be in control of our time now rate much higher in our quest for happiness. Business owners have not been immune to these changes.
One implication has been a high number of businesses being sold in the last year. With more on the block. It helps
that it is one of the best times to sell a business.
M&A activity is soaring. However, that isn’t the only way forward for smaller businesses. Many have made successful transformations over the last year. And many others are in midst of the transformation process.
Don’t try to get your business to its pre-pandemic state. Instead, look to bounce back higher. Or to a different, better place. Happy bouncing!
The author runs iv-advisors, a consulting firm helping businesses become bigger and better. Email:sunildias@iv-advisors.com
