By Tonderai Mutidzawanda & Denzel T Chimene
A BLACK swan is practically a theory that describes events that come as a surprise and one is unable to predict, determine or be able to control. The COVID-19 pandemic is one perfect example of black swans (very rare unexpected outcome). Adhering to this assertion, studies have shown that there is a way out of this scourge thus we may fall in love with the aftermath if we dare to figure out how we can turn around our financial proceeds.
Re-strategise and Embrace Digitisation
There is a need for organisations to consider digitalization, or one can say massive use of technology. Technology now comes as a gateway of convenience to the customer, employees and other stakeholders. Digitalise to effectively reach out to your target audience and increase the efficiency of your business systems. Digitalisation with the customer in mind can be through customised business applications, website or even WhatsApp Bot. When developing a digital platform, do not put the customer in a difficult position to embrace your product, let it be at his or her best convenience. This start from choosing the right tool. When introducing an application, consider the consumer’s space in the device, data costs, user interface as well as usability (is it user friendly.) These factors have undoubtedly contributed to the popularity of WhatsApp Bots.
Pandemics are human related hence we are the main victims. When caught in-between, we unwillingly cease production because of the physical implications, hence shifting to virtual operations. The use of online tools when working allows us to measure efficiency on tasks given depending on the software used by our organisations. Some softwares allow for daily, weekly and monthly assessments to be automatically produced. This makes employee assessment easier to compute. The application of automation allows organisations to be able to work on a 24/7 basis. If we are able to all work on a 24-hours daily service, we buy more time for ourselves to increase production of either goods or service.
Re-think and address the customer’s needs
When the pandemic came, it changed our way of doing business. The pandemic restricted human movement yet products had to reach the consumer. This made home deliveries a necessity. Due to the pandemic, different business had to evolve in different ways. For your business to find a way to evolve, you have to re-think and put yourself in the shoes of the customer. That way, you may certainly address the customer’s needs and deliver beyond expectations.
Re-Model and create a strong Cash Flow account
Honestly, no one is certain of when this pandemic is going to end or when the next black swan is going to come again. There is therefore need to have a sound cash flow system that guarantees the sustainability of the company even in difficult situations. To attain a strong cash flow account, there is need to brainstorm on how to increase revenue and re-invest profits. Consider other models that can possibly result in multiple stream of revenue and stay prepared for the next pandemic.
Re-focus, explore for emerging markets and diversify
Pandemics often present new opportunities and force other companies out of business. Therefore, it is imperative to refocus and assess if your product or service is still relevant to your target market. The pandemic introduced new opportunities and fostered growth for the agriculture sector, technology and the entertainment industry. Those who saw the opportunities way before the masses, are probably reaping the fruits or exceptionally doing well. Thus, on a daily basis, refocus to hunt and explore for emerging markets and diversify your portfolio. That is one of Econet Group’s key strength, they explore emerging markets.
In conclusion, do a thorough business review and re-position your business to disrupt markets and punish the less innovative and slow adaptors.