4 Tips for Discovering a Great Business Idea During the Pandemic

1. Follow the three Rs

No. I’m not talking about reduce, reuse, and recycle; this is something different: It’s actually a rapid-recover-revenue. And, according to McKinsey, the three Rs is one of the strategies you should use if you want your business to come back stronger.

“Speed matters: it will not be enough for companies to recover revenues gradually as the crisis abates,” write Kevin Sneader and Bob Sternfels. “They will need to fundamentally rethink their revenue profile, to position themselves for the long term and to get ahead of the competition.”

How can this be achieved? Well, your company is going to have to SHAPE up:

  • Start-up mindset.Instead of extensive research, take action. action.
  • Human at the core.Companies will need to rethink their operating model based on how their people work best,” Sneader and Sternfels explain.
  • Acceleration of digital, tech, and analytics.It’s to just make the shift to digital. You need to go further by enhancing and expanding your digital channels.
  • Purpose-driven customer playbook.Companies need to understand what customers will value, post-COVID-19, and develop new use cases and tailored experiences based on those insights.” 
  • Ecosystems and adaptability.There’s a good chance that your supply chain has been disrupted. As such, you will probably have to change your ecosystem and think outside the box.

“Rapid revenue response isn’t just a way to survive the crisis,” say Sneader and Sternfels. “It’s the next normal for how companies will have to operate.” And, when you’re in good SHAPE, you’ll be able to rebuild operations and rethink your organization, accelerating digital adaptation.

Read More at https://www.entrepreneur.com/article/356175

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