You know it, and I know it as well … after this crisis is over, the world as we know it will not be the same.
In the next ten years, the world economic growth pattern will be drastically different from what the economic growth pattern was in the past ten years. COVID – 19 is one factor that will affect what the new normal will be and you need to rightly position yourself and your firm to leverage on the new economy of the world.
When the financial crisis struck in 2008, the economic world “lost” trillions of dollars. Many companies went under. Companies like Lehman Brothers, HBOS, AIG and so on were shaken to their core. Some were names that seemed rock solid and immune to any economic shocks.
Records show that in about 106 weeks, millions of people worldwide lost their jobs. The hardest-hit then were the financial and constructions industries.
With the recovery after that recession, the world was no longer the same. The economic world changed forever. Many flaws within industries and economies were clearly exposed. Changes had to take place to remedy the flaws within the different industries and economies. With these changes and opportunities came the emergence and outburst of a new “industry” – THE PLATFORMS.
It was so to say, from the ashes of the failed businesses that new opportunities arose. This was the time that saw the rise of the platform companies that emerged; the likes of Facebook, Twitter, Instagram, LinkedIn, Jumia, Uber, Airbnb, WhatsApp, Snapchat, Amazon, BlockChain and so on.
The different existing industry players then had to adapt to the changes and new opportunities or they stood the risk of becoming obsolete. Many industries and sectors of the economy adapted. For instance, the apps and platforms that you are using today for banking are as a result of the adaptation by the financial industry. Imagine how life would have been today without online transfers and transactions! How would we have been able to cope in this lockdown period?
Cast your mind back to the years preceding 2008. Were there platforms like Facebook and Amazon? These are examples of platforms that have become household names. Platforms that we cannot imagine life without them.
The developers of these platforms…
… Saw the signs early enough.
…they studied the flaws…they looked at what did not work well in the old economy.
…they thought of ways things could work better.
…They studied the changes that came right after that period.
…They observed the needs of the people, businesses etc.
…They got to work and found solutions.
By the time the recession was over, they were set and ready for the new economy.
…They positioned themselves to tap and leverage the changes and opportunities that came with the recession and trends then.
Those who innovated, to take advantage of the flaws and create opportunities, positioning themselves and invested strategically have benefitted enormously. They are the new millionaires and billionaires that you see today.
History, as they say, always has a way of repeating itself. Fast forward to 2020. History is on the verge of repeating itself again. We are experiencing a global pandemic that has caused the world economy again to come crashing down.
The COVID – 19 pandemics has exposed flaws and gaps within the health care systems of developed countries. It has totally upturned businesses and many things we always took for granted. The world is at a standstill. People are indoors.
The Pandemic is still exposing many flaws that exist in our current systems that need to be filled urgently. One such gap that has been exposed is that of the need to mostly physically be at work in our offices. It is bringing to the forefront the urgent need for more advanced and developed remote activities. The need for REMOTE COMMUNITIES which is ushering in squarely, the REMOTE ECONOMY.
Right now people have no choice than to work from home in this remote community and economy. Adapting to working from home is very important to be relevant and stay relevant in your niche today. The excuses for remote work have more or less been shredded to pieces. It has now become necessary; the emerging normal.
If you have been saying to yourself that you are not “tech-savvy” or “techy,” you can’t do remote meetings etc. there isn’t really much of an option left for you now. You either adapt quickly or you will become obsolete.
I don’t mean to scare you, but the truth is, many businesses and companies will not survive the aftermath of this recession but you can survive.
Just like in 2008, there will be those, who see the signs early, identify the flaws especially with regards to their niche, and position themselves to take advantage of the new normal and put in place structures and frameworks that are necessary to survive and thrive in the new order.
There is a new normal coming fast, are you ready for it?
There is a remote economy coming, are you prepared for it?
If you are not, we are here to help. Shoot us a mail – [email protected].
To your Success
P.S. Suggested read, “Effective Remote Office.”