Opportunities in a Period of Instability.
As Covid-19 creates uncertain scenarios, we as individuals and businesses are forced to change our practices to navigate this challenging period. The obvious questions coming up are - how do we enable business continuity during these times of turmoil. How will the future of travel be like, how to increase engagement in virtual meetings, how do we creatively solve problems, how to handle fear and stress due to Covid anxiety? How to incorporate more work from home scenarios, how to improve work efficiency, to incorporate new time tables, the power of communication, the risk bearing capacity in turbulent times, management crisis, the risks and rewards of investing in times of uncertainties, how do we operate in a safe and inclusive environment, etc.
Instability is changing the consumer’s needs and purchasing patterns. So for your business to sustain during such periods, it’s important to redesign your business structure. For individuals and businesses this period has introduced the need of innovation and creativity.
Virtual team based problem solving is the fashion statement in the present times of social distancing. A reduced need for dedicated office space, the increased dependency on 5G, better data security requirements, etc. are the new work patterns relevant in today’s time.
In this period of transformation, it is necessary to realign the following areas: communication style, education, enablement, creativity and innovation, motivation, expectations, spending nature, recognition, and rewards. It’s important to think and analyze where the loop holes are, what are the current and future obstacles, measures to fill the potential gaps, measures to deal with the crisis, how to future-proof the system through technology and other means, etc.
One must create multiple streams of income with more opportunities than that meets the eye. The following industries are hotspots of opportunities at the moment - technology, healthcare, marketing, ecommerce, online study, etc. Look forward and examine the factors affecting your particular business and employees, leverage the punctuated equilibrium happening. We need to embrace our organizational vulnerability and at the same time create trust in order to sustain and thrive in the long term. Effective performance is the result of thoughtful leadership. Competency development is the need of the hour.
Augment Technology to bolster beleaguered sectors such as education and real estate. We need to have a commitment to challenge assumptions and willingness to put ourselves out in erratic circumstances to make sense of the growing disruption in our world and mechanize the disruption into tangible results. The operating business models need to be remodeled. No individual or company has a bullet proof solution to handle the crisis. Connecting with others acts as a bridge to build resources, ideas and opportunities which in turn makes the journey bearable and helps in quick restoration. Our potential lies in our capacity to add value to our customers, clients and employees. Turn the victim mentality to that of a protagonist mentality. We need to have courage to dance with what unfolds. The capacity to innovate and adapt will determine the future results whether it’s in relation to the social inequities that exist, impact of technology, the strength and design of our support structure.
Freelance, independent, and contract work will be accelerating. The definitions of recruiting and retaining the iconic talent, adapting to the new company cultures are rapidly changing. It gives an opportunity to pilot agile team design. Maybe it’s an opportunity to be greatly productive. It’s a time to deliberately focus on what we can control. It’s time to develop mental flexibility, agility, innovation, creativity and critical thinking so that the dependency on outsourcing reduces naturally but the growth still continues. We are transitioning from job economy to skill economy.
We have to look at different forms of business leadership. The endemic niggles cannot be measured with firm certainty. Morale decline during this period will cost heavily on humanity. The best advice for companies during this period is to adopt a management style that is unique and which is designed such to empower employees, build trust and avoid a culture of fear. The trade now is finding ideas and turning them into business by fulfilling needs and solving problems. Innovation can occur when the most elementary questions are asked and when employees are given power and resources to find answers. So innovation has to be appropriate for your business. It must give you an edge over your competitors in such unusual circumstances. It’s not just about innovating in an existing market but actually helping to create the market. The best decision is to play by your strength. Even the most rarefied and exotic-sounding businesses work on familiar principles. An appetite for learning is vital if you are to take advantage of new opportunities in these unchartered waters of economic fluctuations. This will require you to take a real interest in people, and what they’re up to, and how you can help them. You cannot strike gold on your own.