Written by Trevor Holmes, 25 March 2020
“As the economy and business world emerge from the danger periods, what we can expect is that businesses and consumers WILL be rethinking and adjusting their behaviours in our new world. Within that, many opportunities to innovate and develop products and technologies will emerge.”
The Covid-19 situation has many of us stunned at the speed and depth of its impact on our economy, let alone the danger to lives. Right now, many of us are working frantically to help businesses stay afloat, adjust where they can or simply bunker down. We know there are and will be many business casualties as a result of the necessary actions being taken as a result of the necessary actions being taken to save human life.
Among the doom and gloom, there is always opportunity, even for those that may have lost so much. We write this to stimulate ideas, growth and positive attitudes in this unprecedented time where understandably, each of us is feeling the stress of what is happening to our loved ones, friends and colleagues.
While addressing the immediate needs of your business, very soon, there will be a time to turn to where opportunities exist to rebuild, and in some cases, excel like never before. Many are suggesting that our world will be changed forever. Threats and weaknesses in our businesses and economy have been exposed; and this is where the opportunity can be a standout.
The probability of an economic bounce back is high. Pent up demand will stimulate a strong, though possibly bumpy, recovery where many new innovative opportunities will exist. For those everyday businesses, particularly in the mid-tier size, the opportunities to rapidly develop solutions to problems that have been exposed are likely to resonate with customers as the economy bounces back. In particular, opportunities where the solution focuses on how a “job to be done” can be done more efficiently, cheaper and simpler.
Our message: while we are all experiencing this situation, keep an attentive eye out for avenues within your industry that have collapsed or performed poorly under these unique pressures. Can a technology help in assisting consumers or businesses to save time or money? Can a process be simplified or automated? Have you seen opportunities where a solution can increase the efficiency of a process? For example, a piece of equipment or a product that makes a difference in people or businesses’ lives. It can be expected that entire supply chains may be totally reshaped and disrupted as a result of businesses innovating to create smarter, reliable and robust solutions in many industries.
Assuming, as we are being told, that this will be a finite period of pain, then what we can expect is that once we are through the danger period, businesses and consumers WILL be rethinking and adjusting their behaviours in our new world. Within that, many opportunities to innovate and develop products and technologies will emerge.
Therefore, consider this question:
Q: When is the ideal time to be developing a new innovative product or technology?
A: Right now.
And from the ashes comes GROWTH!