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From Business Protection to Business Growth
Jérôme Constant • 20 August 2020
Up to now, all crises that we have known created recessions, bankruptcies and unemployment but all the crises have also created many business opportunities in mid-long term. In all financial and economic crises, some companies and entrepreneurs have encountered advantages to initiate new businesses, launch new products & services, answer new customer needs, fit problem & solution, meet product & market, create new business units.
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The Covid-19 crisis that we meet today will be no exception to these potential business opportunities despite its scale, suddenness, violence, damages, rebounds, …
Do you remember 2008? The last major banking & financial crisis which in particular led to the bankruptcy of Lehman Brothers.
But do you remember that the year 2008 was also the launch year of some companies in Belgium like Newpharma, Silversquare, Energreen?
Followed in 2009 (still in recession phase) by the creation of some more famous businesses like Airbnb, Evaneos, Leetchi, Slack, Uber, WhatsApp,…
We could go back in time like in 2000 (bursting of the Internet bubble) and the launch of Baidu, in 1987 (stock market crash) and the creation of Burger Time, in 1973 (oil shock) and the kick-off of Patagonia, …
The world before will never come back. The world and especially the economy that we are starting to know, the new normal, is plenty of opportunities for companies that will anticipate and allocate resources (time, people, budget) as from now to ensure their future business growth.
• Business protection:
facing the covid-19 crisis, all companies have gone into survival mode allocating the majority of their resources to protect all the components of their value chain and reduce all costs as much as possible.
• Business reboot:
after a period of adaptation to their new environment, the majority of companies reboot all or part of their activities combined with business protection measures due to worldwide environment uncertainty.
• Business continuity:
running the business focusing on key strengths and assets much more than before. Almost all the resources of the companies are therefore allocated on day to day activities creating mainly short-term value.
• Business growth:
The mid-long term winning companies will be those which have found the right balance between business protection, reboot, continuity and additional resources allocation on their growth. These resources are not a cost but an investment for the future of these companies.
So, whatever your sector, even if you are still in business protection, business reboot and/or business continuity, it is the right timing for you to anticipate and to allocate additional resources to rethink your strategic priorities considering your key strengths & assets facing the new normal.
This reconsideration of your strategy will provide you competitive advantages to differentiate from your competitors and new entrants, capture new needs, grow your businesses and especially create long term value for your company and shareholders.