The world is a much different place compared to a few months ago; global markets have crashed, professional sports have been suspended, and the Tokyo Olympics have been moved to 2021. First and foremost we must look at the health impact of this pandemic however it’s still important to look at the economic consequences.
Undoubtly the financial effects of COVID-19 will take longer to recover, long after the pubs and parks re-open. That’s why it’s crucial to stop and take a look at business models and evaluate and formulate new strategies or opportunities.
The first area to consider would be to look at the new markets emerging. This crisis may lead to a new business model entirely. Business owners and managers need to take a step back and evaluate any opportunities or gaps in the market. A key starting point would be to build or re-write your business plan. This would help not only build a new strategy, but also allocate and assign tasks on how the strategy is to be executed. It also helps communicate this strategy to banks or investors.
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