How to adapt & reopen with a new business model

An Insight by VDepict

VDepict

A Global Pandemic Crisis

Has the current global pandemic crisis affected your business too? Many businesses world over have been forced to close, and many have had to let their employees go. Due to COVID-19, many people’s ordinary lives have been disrupted. Companies that can afford it, have been encouraging most employees to work from home. Countries have closed their borders to international visitors, and our society as a whole is currently facing a brand new era of uncertainty.

For you as a business owner, this can spell disaster. The economy has come to a grinding halt. Due to local governing laws, fewer shoppers are going out and making purchases, which means far less revenue is being generated.

As days go by and COVID-19 continues to plague the planet, more and more business owners are losing sleep. The likelihood of society returning to normal operating conditions within the next few months is very unlikely. That means business owners are looking for inventive methods to keep their businesses up and running. Many have opted to reopen with new flexible business models to adapt to the current situation.

However, if you have been abreast with news, you would know that some business owners have been quick to respond to the pandemic and have taken appropriate measures to ensure their business continues operating as usual. Some have even opted go digital, in order to overcome precautionary measures such as social distancing. As a result, these businesses are the ones that are currently thriving while others struggle to maintain afloat.

If you’re thinking of reopening your business model during the lockdown, here’s what we believe you will need to know.


Look at this as an Opportunity to adapt

Many business owners wait for the perfect moment to pivot with their model. They keep working on so called “perfect” strategies. The problem is that there is never a perfect time. Now is the time. Most successful business owners understand that if they adapt and move forward, they need to take action. They cannot afford to depend on external circumstances to dictate their success. The only way to come out stronger is to take control of the situation.

This is why they also see it as the greatest opportunity they wouldn’t want to miss. This is because whenever there is a disaster, there are also countless opportunities to take advantage of.

We all have to abide by the laws that are set by the local governments. One such rule was for businesses was to limit customer contact across the board. So let’s start discussing about one such business that was all about customer contact and network. The events business! One such company (lets refer to them as FabEvents) lost almost 95% of their business almost immediately. As governments world over went into lock-down, it became apparent that physical distancing was going to have an enormous impact on how FabEvents would serve their clients. Instead of panicking, to survive, FabEvents went back to the drawing board to prioritize and find alternative ways to provide high-quality and safe care in this new environment.

The core team emerged with a simple but for their business, a radical idea. FabEvents believed that weddings, graduations, and birthdays still needed to and deserve to be celebrated. Funerals and life altering occasions continued to be honored. Fundraisers and other philanthropic events are critical to the functioning of non-profits. Therefore, FabEvents transformed their business model to produce virtual events by partnering with other firms that provide the technical support required for them to execute this innovative virtual service. Because of the necessary technical aspects of virtual events, FabEvents take their time to educate their customers on the importance of using expert virtual services. Many believe that virtual events can be conducted by simply using a virtual meeting platform with the same outcome of a physical one. Their goal is to make the experience seamless for the customers. FabEvents’ customized approach has proven to be a welcome relief to their clients. They acknowledge the positive difference their services made for them, leaving their guests happy, with lesser anxiety than they anticipated. As experts, we have had to dig deeper to provide their clients with creative, warm, and memorable options.


Was this just a mindset change?

Before we get into that, can we take a step back and understand why FabEvents succeeded amongst all odds? The reason this business idea succeeded so well is because of the panic regarding COVID-19. People are more paranoid than ever about maintaining distance and avoiding other people’s presence. As a result of this fear-induced paranoia, any measures that helped ease their fears became a very good business model. This is an example of how one business saw this moment of disaster as an opportunity for them to take advantage of. Even though they had never hosted virtual events before, they did not let that stop them. Instead of sticking to their old business model, they shifted their business model to provide what the people needed in a way that helped them cherish the event.

If you are thinking of modifying your business model during this time of crisis, you’ll want to think on similar terms. Instead of focusing on maintaining your brand image and reputation, focus on providing your consumers with what they want. That means analyzing what they most desire right now, and giving it to them. You may have to do something you’ve never done before. Walking the uncharted territory often makes us feel uncomfortable. That is why most people play safe and never take risks. They are afraid of that uncertainty, afraid of possibly failing. But the truth is, if you want to take advantage of new opportunities, you have to embrace the unknown.

Opportunities occur almost impulsively. As a business owner, if you’re serious about adapting your business model during this time of opportunity, you need to be able to react quickly as well. The last time the global economy was impacted on such a level was in 2008. Don’t you think it is time to get started now?


Finally Reopen to a Generation Shift That is Taking Over

Modifying your business model during this current time of crisis is an opportunity to tap into the new evolution of modern society. In recent years, technology has advanced to the degree of completely changing how the world operates. More and more people are utilizing technology in their lives, and have become reliant with doing so.

Technology is slowly being integrated into society more and more, until eventually it’ll be a part of everything we interact with. Jobs are being automated, self-checkouts allow customers to pay for their own purchases, and even robots are replacing nurses in hospitals. The up rise of technology is more prevalent than ever. With the recent pandemic, it may completely shift how society operates as a whole as people come to realize how far we’ve come with technology.

Old traditions that were never questioned are suddenly cast aside as COVID-19 forces people to innovate their way of doing things. Employees are realizing the convenience of being able to work from home. Business owner’s realize that selling online incurs less costs and expenses than doing so via brick and mortar. Introverts are thriving while others are struggling, as social norms such as distancing allow them the peace and quiet they have wanted for so long.

More and more people are realizing the much better off they are by utilizing technology in their lives. Previously, there were certain traditions that did not utilize technology – such as attending class lectures from your laptop, or working at an office instead of from home. After this pandemic is over, do you think people will return to their ordinary lives? Or will they begin to wonder why we continue upholding certain traditions that do not make their lives easier?


With a Business Model focused on your Customers

All of this means business owners are facing a tough road ahead. Small and medium sized businesses without alternative methods to cater to their consumers will struggle. With more and more people spending time at home, people will shop for their goods and services online instead of browsing through stores physically. However, business owners who have been quick to innovate are the ones who are benefiting during this time of crisis. Instead of continuing their usual operations, they shifted their business model online to cater to the increase of online traffic. More and more people are starting to realize the possibilities technology has played in our lives, and how it has made things easier. Once this pandemic is over, the online world may completely change how we live our lives.

So where you do you see yourself going from here? Will you ride the wave and just hope to survive or build a new vessel that will help your customers outpace the wave. Even if you have a rough idea in mind we can help you bring it to life and give your customers that memorable digital experience.

We sincerely hope that our post has pushed you to walk that extra mile and create a sustainable future for your business. We would be eager to hear your feedback about our thoughts. All you need is Facebook to share your comments below 👇. Excited to hear from you.

Are you ready to digitize and scale?

If you own or work for a business that is looking to significantly improve its online presence then we welcome to you share your vision with us to create magic together.