What will change when we go from BC to AC? (Before Covid-19 to After Covid-19)
Originally published on Linkedin on 9th June 2020.
It is now increasingly certain that our lifestyles and workstyles will have changed forever.
Even if a COVID-19 vaccine is found this year, many things would have changed irreversibly. There is no “going back” to the “good old days”.
Here is why -
#1 Society will adapt to new ways and get so comfortable with it and do not want to change. For example — working from home means companies can save big on the amount they spend on real estate lease, furnishing, security, and maintenance. Moms who left the workforce for childcare can rejoin it easier. The list goes on.
#2 Many businesses running the old way cannot operate any longer. For example, Many cinema theatres will close as many more people are comfortable watching Netflix while eating homemade popcorns and ordering pizza. As more people are now “trained” to buy stuff online, the need for the mall is less than ever before.
#3 With less demand for office space, retail space, and more digitization of interactions entire business models will irreversibly change. It is like going from queueing in front of the Bank Teller to Automated Teller Machine(ATM) to Cashless transactions. From fax to email to WhatsApp. We ordered a washing machine online in 30 minutes by trusting online reviews. (In the past, this would have meant many visits to many stores, many comparisons and many conversations.)
One thing is certain, the economy will rebound. ( How they started in tough times)
The key here is to
Stay ready for the rebound
Look for new ways of doing old things. The new mantra needs to be
Reinvent yourself to survive and thrive
It will soon turn out that my list above is in no way complete! The new age will unravel in ways we can’t fathom.
In 1996, when people didn’t realize how to tap the power of the internet, Jeff Bezos was seen posting online for ideas to expand his “new bookstore” amazon.com. Learning can never stop. To stay relevant and reinvent ourselves, we need to relearn.
“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn” ~ Alvin Toffler.
Recently, I ran into a book from Reuters titled:
“What will change after the coronavirus pandemic has wrought its damage?”
When I saw it I realized, how much more I need to notice and reflect. Here is the link
While you were sleeping
In 1996, while Jeff Bezos was looking to scale his “ new bookstore” through affiliate marketing, I met a business development executive who asked me “ Manoj, can you introduce me to your big boss?”
I said, “Why?”
He said “ We want to build your company’s website and we will do it for free”
I said, “ Why would you do it for free?”
He said, “ If your company uses our services, we can use that reference to sell our services to more people” That line of thinking was new to me. ( I was not alone, while the internet revolution was happening many were wondering how to capitalize on it and did nothing substantial.)
Traditionally, all businesses were transactional. That doesn’t work anymore. Relationship matters more than your service. ( Why Does The Tea Lady Give Me 10% Discount?)
The notion of doing things for FREE in the hope of reciprocity also doesn’t work well. Most people do not value what they get for free. There needs to be an exchange of value and benefit. A karmic entitlement. Many businesses went bust by offering “free-for-all” services with our solid business model. Business models have to be robust and resilient; to survive and thrive — and stand the test of time. Your returns will be in direct proportion to your value and your distinction in the marketplace.
I do not know what happened to the business development executive offering free web development services. But we know Jeff Bezos managed to create impact and generate income by providing value, building competencies, and boosting scale (Perhaps a monopoly that dominates the online world). We can look at amazon.com as a website or a global conglomerate. As we speak, could there be another “website” that is the next Amazon in the making? You bet!
I am greatly impressed by the organizations that subconsciously enter our lexicon. We no longer search on the internet, we google it. It is astonishing for me because when I learned Entrepreneurship and New Ventures for my MBA, the case study instructed us something along the following lines:
“ When you are creating a new business plan, be realistic to convince your investors. For example — Nobody wants you to build another search engine. We already have Yahoo!”
Now, to find Yahoo!, you will have to google it!
“When someone tells you it can’t be done, it’s more a reflection of their limitations, not yours.” ~unknown
Call To Action
My friend, it is time to let go of the old world and embrace the new. Seize opportunities by challenging assumptions, finding new ways to do old things, reinventing yourself by staying ready to learn, unlearn, and relearn — forever!
What else do you think is going to change from BC to AC? What will remain the same? Comment below.
Originally published at https://www.linkedin.com/in/manojthecoach.
