Post Covid Market Changes Require New Business Models
Our global markets and sectors are ever-evolving, and the business models that remain successful are those that quickly innovate and evolve in response. That means that your executive leadership can not afford to react and adapt to this evolution by attempting the same methods they did yesterday. One of the most damaging phrases to a business model is “That’s the way we’ve always done it.”
Success is dependent on the flexibility and resilience of your business model, and whether intuitive changes can be made in balance with supporting the expertise and resources necessary to execute it.
The changes made to successful business models must be innovative, segmented, and competitive in precise measure to meet the needs of your consumers as well as beating out your competitors.
Successful Business Models During and After a Global Crisis
A preeminent example of what comes to mind for people when we talk about successful innovative business models that meet these criteria are the shifts Amazon has gone through since its inception in 1995. Amazon’s success came in part to innovative processes and products that were convenient, cost effective, and provided tremendous value to consumers and stakeholders alike.
But Amazon was already a global giant before Covid 19 came to pass. Today’s growing corporations not only need to look at the shifting markets of a digitally transformed and connected planet but also our world today that has been thrust into several crises brought on and complicated by the pandemic.
So, how to make the new normal work for your business model when every industry has been put through the strain of crises related to supply chain, Covid 19, sociopolitical and environmental factors, and mass resignations on a global scale? The data suggests some clear distinctions for organizations that hope to not only survive but to grow and thrive in a post-covid market:
- Explore and identify long-term return to work models that retain top talent and support a robust organization
- Streamline customer experience through digitization and automation without forgoing human connection
- Understand the deeper struggles of the communities and markets served, and address growth, sustainability, and inclusion.
- Evolve leadership and support models to withstand today’s market and develop and retain top talent for the long haul.
Trade Top-Down Leadership for a Bottoms-Up Support Approach
Digitization and automation have been impactful in improving speed and customer experience, however, during the pandemic, clear chasms were made evident between the skills and capabilities needed and operational skills available across industries.
Consider a flow to work model to make the most of your existing capabilities while providing support for new hires and building on the skill sets of professionals at all levels. Preparing for the future of your workforce now while simultaneously creating skill-based operational pools lends itself to the creativity and flexibility needed to retain current talent and to grow enough to have a robust workforce in the future.
There should be a partnership between digital surge and human capability to truly create a business plan with the agility to move forward. Apprenticeships and mentoring programs can improve capabilities over the long term. And XR tools and solutions can help you capitalize on this partnership by blending a hybrid or remote model with human connectivity, training, and support in real time.
Concannon Business Consulting has a robust approach to help organizations develop a strategy to prioritize and promote flexibility and agility and make investments in the workplace culture to set businesses up for long-term success. For more information on how we can help your organization navigate the roadmap to industry success, contact us today.