It’s hard to predict the future with this Covid 19. Everything has stopped, probably 90% of economic activity, gobally. When will this quarantine end? No one knows. It is totally unprecedented and everyone was caught flat-footed.
The best question for entrepreneurs is not how to find an opportunity in this crisis, instead, how to adjust to the new normal.
What is the new normal?
- IF Harvard epidemiologist, Professor Lipstich is correct in saying that “The COVID-19 outbreak will not be containable.” is true
- IF vaccines will be out in 12-18 months is true.
- If Covid will be a seasonal flu, as believed by many epidemiologist is true.
Then, what we are doing now: Zoom, online banking, food delivery, social distancing, will be the new normal for the next few months.
What should entrepreneurs do now?
Here are the 3 A’s of Adapting to the new normal
- ACCEPT the existence of the virus and that it will stay for a while. This is probably the hardest because this requires paradigm shift, not just for you but for your employees and customers too. This is also a challenge for me specially with all the negativity around. Writing this takes out some of the negativity.
- ADOPT the technologies that will help your business and your market to continue its operations.
- ADJUST the business model to consider the triple bottom line: People, Profit and Planet as well as review your Value Proposition.
For now, stabilize your business operations by applying the 3A’s to be able to survive the situation. Innovation and opportunity will follow when foundation is strong.