Press Release — It's
been around three years since the outbreak of COVID-19, the dreaded
"thing" that no one wants to think or talk about any longer. And
while I agree that we shouldn't dwell on the past, the pandemic provides
lessons that can and should inform how companies and people face up to future
disruptions.
اضافة اعلان
The
pandemic was a critical time for businesses.
Some
struggled but managed to trudge along, while others had to reinvent their
business models. Some thrived, while others were forced to shut down
permanently.
Several
factors led to the unfavorable outcomes SMEs experienced during this period.
One that springs to mind is the difficulty in reflecting how customers' behaviors
and preferences shifted during this period. To pivot a business is no easy
task, but sometimes it's the only way to prevail over the shake-ups affecting
the industry within which it operates.
Take,
for example, WashyWash. WashyWash is an eco-friendly dry-cleaning company that
had to pause its operations at the start of the pandemic due to a lack of
demand for its core services. So, what did WashyWash do? It shifted its
strategy and launched new services, such as on-site disinfection and valeting,
to create new revenue streams and ensure business continuity.
I
understand that entrepreneurs have visions they may not want to stray away from
and that they draft up their business plans according to these visions. But
it's necessary to remember that a business plan provides a proposed path - not the only path. So, being
open to new opportunities that come along the way is important.
Another
major insight we gained from COVID-19 was that companies with no online
presence suffered more than those ready to service customers digitally. With no
e-commerce site or online platform, it will be difficult for your target market
to find you, learn more about your business and offerings, and place
orders.
Some
would say that they don't need to build an online presence since they have
traditional brick-and-mortar businesses. I disagree!
Konn
Homes comes to mind as I write this - a perfect example of a traditional
brick-and-mortar business that took the plunge into the online sphere, and
succeeded.
Konn
Homes is the successor to Uraiqat Architects. Basma Uraiqat and her partner,
Basel Uraiqat, founded both companies. But with the traditional construction
industry in Jordan in decline since 2018, and with the pandemic in 2020,
Uraiqat Architects was forced to close its offices permanently. And so, Konn
Homes was born!
This
time, however, Basma and Basel did things differently. Amidst a global
pandemic, customers could design homes through Konn Homes' online platform and
order them within weeks.
Afterwards,
the homes would be built off-site in a quality-controlled setting through
modularity and precast concrete technology.
It's
no surprise that the company has taken the construction world by storm!
That
said, innovation alone isn't always a company's saving grace. The role of
management on the organizational culture should not be overlooked, especially
when it comes to hiring and retaining employees.
It's
crucial to find and hire individuals who will make great assets in the long
term. Talent who match the company's values, can foster harmony and can embrace
agility, as a team, in the face of disruptions.
A
company that has invested in its talent and culture is Digitales. Digitales is
an animation and digital content creation company that brings together creative
writers, artists, animators, filmmakers, and social media experts to produce
world-class entertainment with social impact.
Before
the World Health Organization declared COVID-19 a pandemic, the company's
leadership was monitoring COVID-19 trends and had teams perform trial runs for
how to work remotely in case of a lockdown.
Teams
were guided on how to produce high-quality recordings from home and mimic
studio soundproofing, and Digitales set up stronger home internet connections
for employees.
What's
more, the company offered employees personal days to care for their mental
health and unlimited sick leave.
These
proactive measures enabled Digitales to retain its employees throughout the
pandemic, maintain their salaries, and hire new talent.
At
this juncture, I want to note that sometimes, being a resilient business isn't
about making changes to your company. It's about sticking to your modus
operandi to adapt to the changes
around it.
Companies
that know how to do this are catalysts in their ecosystems. They have the
foresight to be successful in the business world. They recognize an opportunity
when they see one. They are aware of the trends in their industry.
Two
such companies that fit under this category are Sowt and Jo Academy.
Sowt
is a podcasting platform that produces and distributes high-quality audio
programs in Arabic. Through its programs, Sowt aims to foster dialogue on
diverse topics.
Although
podcasts aren't traditionally the go-to medium for information, especially in our
region, Sowt is certainly changing this.
During
the pandemic, people turned to podcasts for everything: facts, news, and
entertainment.
And
this is when Sowt truly shined as its audience grew by 350%!
Jo
Academy is an EdTech company that provides students with high-quality learning
materials and access to teachers. It enables them to study remotely, saving
them time and money.
When
the company launched in 2014, there was skepticism from both students and
parents as neither fully grasped the concept of remote learning.
However,
the platform proved its worth when schools closed because of COVID-19.
Both
companies were able to predict that there would be a time when their value
proposition would differentiate them from others, and that there would then be
a sizable market for their products.
And
indeed, when the pandemic hit, both Sowt and Jo Academy had the infrastructure
to meet the growing demand for what they were already offering.
Reading
this, I hope you will see the case these two companies provide for drafting a
business plan. Without one, they probably wouldn't have succeeded.
Why?
Some
ideas sound great - in theory. But when you implement them on the ground, not
so much. That's why many businesses that are quick to launch experience
problems soon after.
When
you prepare a business plan, you're forced to think things through from A to Z
and from top to bottom. You also have to describe your business's objectives
and define your unique value proposition - i.e., what problem are you solving
better than anyone else?
Yes,
things may change. But having the answers to these fundamental questions will
enable you to shift course if or when you have to. And will allow you to
withstand seismic events while capitalizing rapidly on emerging trends, helping
you grow your market in the months and years ahead.
*The 5 companies mentioned in the article were finalists in Bank al
Etihad’s 7th SME Awards.
By: Mahmoud Badwan
Cheif of SME & Retail
Disclaimer:
This press release is not produced by Jordan News. We do not bear responsibility for its content. In case you have any questions about this press release, please refer to the contact person/entity mentioned in the body of the text.
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