We are snowed under an epidemic, facing conditions that are extraordinary and unnerving. No individual or business can remain static in these times of a global war with this epidemic and hence, remaining relevant and contemporary, is important more than ever. The glaring reality is that we need to change – not just change for the sake of change but, in fact, reinventing the core. By its nature, the reinvention of a business requires courage and daring. If such reinvention is managed in a thoughtful manner, the chances of it succeeding are high. What can you do?
Were you a pioneer or a leader in your space? Will you be able to maintain this leadership going ahead? Will competition grow or will it be eliminated? Were you happy with a steady growth rate?
The rules of business will be upended. Your leadership could become stronger because of elimination of small players who are unable to weather the storm with limited cashflow and you are also likely to get more competition as more young people gravitate to startups. These upstarts will start with a zero base and a frugal structure and a feisty model of scaling up rapidly. If you are living in your past glory, you will need to be vary of competition emerging from companies unknown to you, not existing on the map, yet!
Read More:21 Days To Reinvent Your Business