Small Business Ideas During Lockdown – Summary. Even in the worst economic downturns and recessions, there are companies that take advantage. Over the past four years, 14% of large companies have increased their sales growth rate and their EBIT margin. A shock like the Covid-19 pandemic can cause lasting changes in consumer behavior. To survive and thrive in a crisis, start by analyzing how people spend their time and money. Challenge traditional ideas and use data to find breakthroughs and surprises. Next, adjust your business model to reflect the changing trends, considering what new trends might mean how you create and deliver value, who you want to partner with, and who your customers are. Finally, put your money where your analysis takes you and be prepared to make aggressive, aggressive investments.
Even in the worst economic downturns and recessions, there are companies that take advantage. Over the past four years, 14% of companies have increased their sales growth rate and their EBIT margin.
Small Business Ideas During Lockdown
Shocks like the Covid-19 pandemic can cause long-term changes in behavior, and those companies are quick to recognize the changes, adjust their businesses to reflect them, and are not afraid to make money.
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Analyze changes in the way people spend their time and money and the impact on the businesses involved. Then look at what the changes might mean to how you design and deliver value, who you want to partner with, and who your customers should be. Finally, be prepared to put your money where you take your survey.
It will take some time before we understand the full extent of the Covid-19 pandemic. But the history of such shocks tells us two things. First, even in severe economic downturns and recessions, there are companies that take advantage. Among the largest companies doing business in the last four years, 14% increased the rate of growth of sales and EBIT margin.
Second, crises cause not only many short-term changes (especially short-term changes in demand) but also some long-term changes. For example, the terrorist attacks of 9/11 caused a short-term decline in air travel, but caused a long-term change in social attitudes about the trade-off between privacy and security, resulting in an ever-increasing level of surveillance and monitoring. Similarly, the 2003 SARS outbreak in China is often credited with the rapid change in e-commerce, paving the way for the rise of Alibaba and other digital giants.
In the following pages, we will discuss how companies can reassess their growth opportunities in the mainstream, redesign their business models to better identify those opportunities, and allocate their capital more effectively.
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The Covid-19 pandemic has greatly affected the world’s consumption, forcing (and allowing) people to discard old habits and adopt new ones. A study of the formation process shows that the average time to form a new culture is 66 days, with a minimum of 21 days. As of this writing, the lockdown has lasted long enough in many countries to drastically change the patterns that form the basis of demand and supply.
Companies seeking to emerge from the crisis in a stronger position must develop a systematic understanding of change processes. For many companies, that requires new ways to detect and analyze changes before they become apparent. The first step is to map the potential outcomes of the behavior to identify specific products or business opportunities that may grow or contract as a result. Consider how the epidemic has forced people to stay at home. The results include an increase in home office setups, driving greater demand for products from paints to printers. Unless we introduce ourselves to new trends and their indirect effects, we fail to see weak signals and miss market-making opportunities.
The next step is to chart changes in demand using a simple 2×2 matrix, based on whether they are short-term or long-term and whether they are current trends before the crisis occurred or have emerged since its inception. . The four quadrants are distinguished between boosts (temporary departures from existing practices), displacements (short-term new practices), catalysts (acceleration of existing practices), and innovations (new long-term practices). Consider also the changing trend of “stay at home more,” which has significant implications for retail purchases. The question is, Is the transition from physical stores to online temporary, or is it a systemic change that has permanent effects in other areas, such as commercial buildings?
We will place purchases in the catalyst quadrant. This epidemic magnified and accelerated existing processes rather than creating new ones; people switched to e-shopping before it was closed. But this change is systematic and not short-term, since the scale and time of the change has been made, as well as the good performance of the station, shows that in many parts of the purchase customers will find no reason to return. So marketers need to shape their plans to new trends. In fact, before the closure, many retailers responded to the digital challenge by redefining the purpose of the physical store, often by assuming that shopping is not a job but an attraction to attract social information.
Surviving The Pandemic
This system can be used to show which trends to follow and which to shape aggressively. Companies can’t follow all the possibilities and shouldn’t try. To get an idea of which to return, ask yourself if any change in demand is temporary or permanent. Many of the changes seen quickly in response to Covid-19 have been driven by fear of infection or compliance with legal orders, and therefore may be temporary. But others are accompanied by ease or better wealth, so they tend to stay.
Any analysis of growth opportunities should be more than just categorizing what you already know. You need to challenge your assumptions about what is happening in your traditional business areas by taking a fresh and intelligent look at the data. This requires you to actively look for anomalies and surprises.
Anomalies often emerge from data that are both granular (revealing trends hidden by high-linear averages) and high-frequency (allowing emerging trends to be identified more quickly). As for behavioral changes in the CCIDID-19 outbreak, for example, rich resources include data on foot traffic and credit card usage. One study found that the recent decline in movie attendance occurred before movie theaters closed in the United States. This, combined with the current trend of declining penetration, showed that the change was driven by consumers and could continue without change. Attendance at live sports, by contrast, only decreased when events were officially canceled, suggesting a strong possibility of repeat behavior.
In the military, one way to find out what you don’t know is to use the “eyes of the enemy.” Military leaders ask themselves, What is the enemy listening to? and then shift their own thinking to illuminate potential blind spots and other perspectives. The same can be applied to industry mavericks and competitors: Who is doing well? What market segments are your competitors focused on? What products or services are they launching? The same principle can be extended to customers: Which of them shows new trends? Which one has remained true? What are the new risk-driven consumer needs, and what are they focusing on? It can be used in all countries: What are the trends that emerged in China, where the outbreak and recovery preceded those in the West? In your personal meeting, ask: What job designs are affecting leading companies? What are the new needs of the workforce? What opportunities do they represent that can be developed and leveraged more effectively?
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Armed with an understanding of where your opportunities lie, you can now move on to the next step: creating your own business model to capture them.
Your new business model will be shaped by the changes in demand and supply associated with your industry. Many manufacturing companies, for example, will be severely affected by the suspension and possibly permanent shock to globalization caused by the pandemic. With major markets like the United States raising trade barriers, for example, many companies will need to restructure key parts of their supply chain—from R&D to assembly.
To determine which business model the new one needs, you need to ask important questions about how you create and deliver value, who you can partner with, and who your customers will be. For example, let’s look at how retail businesses need to adapt to changing digital needs.
The value that most retailers often give to customers comes from the quality of their store service. Consider the Chinese cosmetics company Lin Qingxuan. It suffered a 90% drop in retail sales after the explosion, as many locations were forced to close and others saw a drop in traffic. In response, the company developed a digital engagement strategy with consumers that will replace the in-store experience: It turned the company’s in-store beauty consultants into online influencers. The success of this move has encouraged increased investment in digital channels. Thank you
Democracy Under Lockdown
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