Are you an innovator or a dinosaur in the face of COVID-19?
Apr 03, 2020
Today, the scene on the streets, and across many parts of the world, is looking more and more like a scene from a Hollywood movie about a post-apocalyptic dystopia: deserted streets, closed shops and restaurants, parked cars on the road side, the world in ruin. The reality is that the current pandemic has significantly affected our daily lives, especially for young entrepreneurs and small businesses. However, the saying goes, every cloud has a silver lining. This disruption of our ‘traditional’ way of thinking and working could 'force' young entrepreneurs to transform and move forward, leveraging new technologies and ways of doing business.
In order to remain positive and highlight how this crisis can, in the long run, lead to change for the better, here are our Top Picks for this week on how your business can make the most out of the COVID-19 crisis.
Rule No. 1 - Be prepared and sophisticated.
Having a disaster plan for your business might be easier than you think. The article From COVID-19 to Hurricane Season: Disaster Preparedness for Small Business provides some insightful tips and resources to help you complete a disaster plan, step by step. It is important to keep in mind that the ultimate test of your disaster plan will be not only surviving the disaster but thriving during the recovery. Youth are resilient and innovative, let’s also prove to the world we are prepared!
Rule No. 2 - Be productive when you work from home.
Remote working, a.k.a. working from home or outside the office, has become the new normal for many of us. It could be challenging to adjust if you were not used to working remotely. Take 5 minutes to (re) read our previous blog Is Remote Working the Future? and think about how your business and team can benefit, as this is happening NOW! Also, if you prefer images than texts, Tips For Working From Home gives you very practical and easy-to-do advice on how anyone can be productive while working remotely.
Rule No. 3 - The ‘show’ must go on.
During this difficult time, you can shut down the doors to your office, your shop or your restaurant, but not your market. In fact, the communications to your clients now is even more crucial to your business than ever before! Have you used interactive content to market your products? Do you know what Voice Search is? Now is a good time to refine your content strategy in marketing, to make it a win in 2020 and beyond. Check out Top 5 Content Marketing Trends for 2020.
Rule No. 4 - Be part of the solution.
As a young entrepreneur, you are better positioned to think outside of the box than older generations. With access to diverse digital technologies and shared resources in local and international market, this crisis will inevitably force you to innovate to stay afloat. Don’t think of the current situation as a barrier to your business success but simply a fork in the road, a puzzle if you will; it’s up to you to figure out the solution for getting through it. If you are looking for resources to help your business survive, or even better, if you want to be a creator and connect to others in your region and the globe, check out the Coronavirus Innovation Map, a global directory with hundreds of innovations and solutions amid the Covid-19 pandemic. Maybe the solutions will ignite something in your mind too!
Rule No. 5 – You’re not in this alone.
As a young entrepreneur, you might feel pressure to know all the answers in a time of crisis. Crises are tough! This one in particular is outpacing even the most seasoned regulators. So don’t be afraid to admit when you need help. In fact, you’re in luck! The Ye! Community has a full network of business coaches, many of whom have been through economic crises before. The part that’s up to you…reaching out and asking for help.
Now, is the perfect time to get involved with a business coach as even they are stuck at home! Check out the full network of coaches here and send a message directly through the Ye! Platform.
Guess what! Some of these experts will be sharing their expertise on financial management, risk management, and managing cashflow in our upcoming webinar series: Coping with COVID- Focusing on the Essentials. More to come on that so, watch this space!
So the question to ask yourself is, are YOU a INNOVATOR or a dinosaur when it comes to adapting in the face of Covid-19? Watch the clip from a venture capitalist and 5-time New York Times bestselling author, and see if you are inspired to take action today!
If your business is affected by the coronavirus outbreak, make sure to visit ITC’s newly launched webpage, fully dedicated to SMEs in order to closely work and support small businesses through the crisis.
It can never be too late (or early) to learning new skills! Check out various courses offered by ITC SME Trade Academy. All are FREE!