Prepare yourself for opportune times coming ahead in second half of 2020

Dear Entrepreneurs, Open up all doors of your mind in this lock down period. Yes, its time of correction, consolidation and tomorrow will be the revolution.

Companies are pivoting their business model to match to the coming prospects.  B2B supplier is becoming B2C also, restaurant owner’s are selling food products & ingredients, hospitality services business are turning sanitizer service, virtual meetings are happening, traditional business are shifting to digital, etc.  

If you have not taken action than stand up, open up and rethink on your current business model, past performance and turnaround it with below points.

1.     Introspect overall organizational performance of past financial year.

2.     Review individual team/employees performance, KRA including yours

3.     Find mistakes and reasons for non achievement of targets or goals

4.     Based on above 3 points, Think on product improvement and new innovation considering aftermath of Covid-19 on economy and industries. Prepare action plan for next financial year

5.     Involve your team/ employees to set organization goals in line with their goals so that there is goal congruency. Identify full potential of team, change their roles if required.

6.     Find suitable marketing channel, prepare marketing strategy, and action plans to achieve goals

7.     Set budgets according to plans or vis-a-versa

8.     Focus on implementation of action plan after lockdown opens.

9.     Talk to your customers for feedback, support and build relation to retain them. Also take new customer references from them
In India currently there are -
44.6 crore (446 million) smartphone users. daily time spent on smartphones grew by 30% to 5 hours per day
60 crore (600 million) internet users (46% of the country's total population), and
51 per cent growth in e-commerce                                       (source:Wikipedia)

Users of app based business are growing at 2x to 50x growth for example zoom app has seen 20x user downloads. Gaming apps like Nazara has seen 5x growth, while Ludo King saw its downloads reached to 9.5 million from around 3.7 million before lockdown. Houseparty saw its download numbers topped to 1.5 million by mid April from only 5,000 by mid March.   

Source - Sensor tower & the Print

Unfortunately India is not in top 10 highest apps downloading countries.

I believe Covid-19 has bought revolutionary change in all countries on working and living patterns. Traditional office working shifted to tech based 'work from home'. Organizations are thinking to shift on digital platforms. It will bring positive environment for technology based startups, digital businesses and IT companies.

Thanks for the read. All the best.

With love,
Amit


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Image credit - the atlantic media, the print