By Leon Gettler >>
THE BIG CHALLENGE for companies now in this age of lockdowns, social distancing and social isolation, is to change their business models. Many are now going online and, for some, that is an enormous challenge.
Executive and leadership development coach Ronan Leonard, who connects people up with his online platform Eccountability – the first global virtual mastermind platform – is helping service professionals move their business online as the coronavirus social distancing rules and lockdown come into effect.
Mr Leonard said for businesses now, it is a case of “adapt or die”.
He said not every business can switch online and it might take some creative thinking – but it’s an area that could attract a lot of service professionals.
“One thing I am advocating with people is to look at how they delivered content and information in the past and find ways they can do it differently – and certainly they can do it online,” Mr Leonard told Talking Business.
He said the early adopters of technology are much more likely to survive the coronavirus-induced economic crisis.
“The reality is, everything was changing even before this crisis, things were always changing and evolving, so the more you are able to embrace new technology and try new things, you’ll find better ways to work,” he said.
“The people that are early adopters, the people that embrace technology or embrace change, are going to be far more resilient in this time.”
Mr Leonard said even in sectors like cafes and restaurants, there are business owners that have pivoted around and are doing home deliveries or coming up with subscription models.
Instead of waiting for customers to come to them, they are looking to deliver meals to people who are now working from home.
Other examples include financial planners who, instead of writing up detailed reports for clients, are now putting it all on Zoom or something similar, where they could record and transcribe all their notes and have it as a digital footprint.
Or a yoga teacher who has moved his classes to an online streaming business model.
“Sure people like the personal touch. We don’t want to use technology to put us into a box where we never interact with people. We are a social animal, that’s what we’re all about,” Mr Leonard said.
“But there are definitely ways where we can improve for certain businesses and this for some people is just the push they needed.
“Some businesses will be able to pivot and adapt. Not everyone can do that.
“So it’s a question of going back to your assumptions and thinking, speak to other people, find the creative ways where you can potentially turn this around and get some income coming in in these troubling times.”
Mr Leonard said this will change business forever when the crisis passes, whenever that may be.
Some may never open their doors again, others will have a completely different business model.
“That is all about being adaptable and looking at this as a potential opportunity of a way to do things differently,” Mr Leonard said.
He said a positive mindset helped people work through these ideas.
“If you’re in shut-down mode right now, crisis mode, fear kicks in, cortisol kicks in and you struggle to make those good decisions, but there are people out there that have already changed their model,” he said.
“In a perfect world, we are happy where we are and we are comfortable in that zone.
“Due to this crisis, it’s been forced on everybody to take a long hard look where they’re at, what their strengths are, what their gaps are and to fill in those gaps.”
Hear the complete interview and catch up with other topical business news on Leon Gettler’s Talking Business podcast, released every Friday at www.acast.com/talkingbusiness.