Enterprise

Opportunities you can grasp in the midst of Covid-19 woes

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The general mood is gradually changing for better as governments globally ease restrictions and people get used to living with Covid-19 that so far has no cure or vaccine.

However, as the business world slowly awakens from uncertainty and nightmare that has characterised the last six months, there is a universal understanding and acceptance that things will never be the same again.

Whereas we are eager to go back to work and start rebuilding our businesses that are badly battered by the pandemic, we must make conscious efforts to realign old ways with new ones. We are living in a new normal where it is not just starting from where we left. Many businesses actually will have to start afresh in many aspects. You may need to develop a new business plan and significantly change your mode of operations to thrive to survive in the new current market place.

One distinct feature of the Covid-19 impact is that there are as many opportunities as there are dangers. The social life has been altered and market stirred and ripples are felt everywhere.

It upon business owners and aspiring entrepreneurs to study the market and strategise to take the advantage rather than join pessimists in lamenting about the damage and opportunities lost by the pandemic.

Lamenting and whining how the pandemic has negatively affected your business is not helpful. It is like crying over spilt milk. Instead think of how you can turn around your business or start one that addresses current needs.

You need to objectively reassess the present customer needs in view of disrupted lives and impact of the pandemic. Your level of success will entirely depend on how well you address them.

As the economy slowly picks up some people will take a conservative approach of waiting and seeing the direction things are going before taking any action. Some will cut down on training and marketing as well as producing new products. This may be an opportunity for you to lure customers away from them with aggressive marketing and value addition on your offering.

Focus on building a work environment that will attract best employees, good customers and retention of both at any cost. This is the foundation of success of any enterprise.

This may require you to discard some of your products or let go some of your employees who though have been in important in bringing you to where you are, are ill-equipped to take you to the next level. It may be an emotionally difficult task but the right things to do.

Do not hesitate to invest in new technologies and product development that gives you a competitive edge in the market.

With good strategies and mindset, it may be easier to grow a business now than it has ever been. You only need to positively change and look for opportunities in uncertainty and rapid change that is taking place.

For instance, internet and ecommerce have changed the marketing and shopping rules and allowed new businesses to acquire and service customers internationally.

Mr Kiunga is a business trainer and the author of The Art of Entrepreneurship: Strategies to Succeed in a Competitive Market.