Today we will talk about how the Coronavirus crisis can end up being the definitive push to rethink your business model.
At The lighthouse Team we understand the new needs that are appearing as a result of this situation and that is why we want to share with you a series of reflections.
How many times before this exceptional situation, we had heard that we were in a VUCA environment, about the need to adapt to constant change, to transform ourselves to adapt to a liquid world where information travels faster than the ability to make decisions, where volatility, uncertainty, complexity and ambiguity of markets, require generating environments of constant innovation in organizations to take advantage of digital disruptions. And all this, just to stay in the game? Sound familiar?
This pandemic has swept away all the digital transformation and innovation models that had been created to reset the counter to zero and ask ourselves: what now?
Overnight we have all become digital, to work remotely, to cooperate remotely. Is digitalization still a differentiation or has it suddenly solidified into a commodity that has already announced that the gap is not in the access to technology, but in its use to pivot or strengthen the business model?
We are already a month into the new normal, we do not know how long it will last and companies are already seeing how it is impacting their business in the short term, dramatically for some. And we have started to make digital noise, the more the better, so that it does not seem that we have ceased to exist, but how will it affect us in the medium / long term? It is now, more than ever, time to look at the business model and its different variables and see what levers we can use to continue exploiting/maintaining the business as best as possible and explore new avenues or opportunities in the face of the uncertainty that is opening up with the post-covid era.
This short and long term view, always necessary in the strategy of any business, is the time to combine it more than ever: we have to look at our business model and think and rethink how it is being affected and how it will be affected by this health crisis, identify what strengths and opportunities we can rely on, how our customers and employees are experiencing it, what capabilities we have to be agile and make the right decisions, what knowledge or know-how we have as innovation levers, and above all, how we maintain and strengthen our ecosystem to generate the necessary confidence to get out of this situation as well as possible..
The business model is nothing more than the ability of companies to generate, capture and deliver value, and if in the previous stage it was already necessary to keep it under constant observation to take advantage of internal or external innovations that would help accelerate the transformation of the business, now it can be the key tool that allows us to draw scenarios and action plans to mitigate this new situation.
