The obvious answer is e-commerce. However, more than selling online – there are ancillary business opportunities to e-commerce like providing logistics services, making recommendations (i.e. influencer blogs), outsourcing customer service management for e-commerce orders, and of course, building technology solutions for e-commerce.
But on top of the business side, COVID-19 also presents opportunities to businesses for a reset. We now get to ask questions such as:
- Cash: What are really the essential expenses? Are there old receivables we can collect now since customers will understand better the urgency to collect? Who are the suppliers who really want to partner with us long term and are willing to give short-term concessions?
- Strategy: Are we in the right industry? On the right track? Should we be introducing a new product or service? Is our current offering still relevant?
- People: When we say people are our assets, do we mean it and will we take care of them? There is an opportunity now for companies to show that the values they claim are really alive. Do we have the right people on the bus? What can we do to better enable our people in the new future?
I think the biggest opportunity of COVID is that businesses have been given the chance and urgency to reset. The companies who will be authentic about who they are and will exhibit boldness and creativity in these uncertain times will come out on top.