R.E.A.C.T. to COVID-19 and Shine Again
Leveraging the Passion and Technology to Bounce Back
While most countries and communities are grappling with the Covid-19 pandemic effects, businesses across the world have been suffering unprecedented economic impacts. Although help from the Government is admirable, in order to bounce back from these dire times, business leaders need to passionately take some drastic actions themselves.
It was insightful to read A Navy SEAL’s Guide For Reacting And Thriving Under Pressure by Brent Gleeson recently and apply the same leadership principles to the struggling world of entrepreneurship in the midst of the pandemic. Inspired by their Navy SEAL thought processes, Brent did an excellent job of explaining the R.E.A.C.T. lessons. Here is an entrepreneurial business twist on that treasure.
R: Recognize your reality
The world is not the same after COVID. Plain and simple. Old ways of doing business may no longer work — ever. Recognize the new normal of the entrepreneurship ecosystem and human interaction in general. It’s hard, but there is no other option but to swallow the bitter pill. All of us will need to do something different to change the status quo.
Ask the question: how is the world around me has been changing?
E: Evaluate your assets and position
For any business owner, it is imperative to continuously keep track of their balance sheet. The only difference now is that the balance sheet is a bit more strategic and abstract in nature. In addition to one’s financial assets, it is crucial to introspect on non-tangible strengths and strategic advantages. For example, do you have technology that can help your customers interact safely in a touchless, more hygienic manner? Can you provide systems that can be operated remotely or using a human voice?
Ask the question: what do I have that can be a great advantage?
A: Assess your options and outcomes
To navigate successfully from point A to point B, we need to know both our current position AND the target location — just like any GPS system. We may not have any advantageous vantage point to survive in the challenging ecosystem of tomorrow, but how can we still get there? Consider forming alliances and partnerships to reach your desired goals despite the economic uncertainties. As an example, can you partner with a technology or system provider to discover healthier and comfort-inducing ways of doing business? Can you leverage disruptions like the Internet of Things, Automation, or Voice AI from Amazon Alexa, Google Assistant, Samsung SmartThings, etc.?
Ask the question: who can I partner with to jumpstart my business now?
C: Choose a direction and communicate
If old ways are not going to work, we need to do something different to induce a change. And hardly any changes come without associated pains. We just need to see how much gain the proposed change is going to provide compared to the pain it induces? After picking a more-gain-than-pain direction, we must communicate that to our stakeholders. It is crucial to inform our employees, customers, partners, investors, and advisors about such pivotal changes. For example, at Speak To IoT, when we introduced and communicated our COVID-19 solutions of UV-C lights and touchless remote operations through our SMART INDIA subsidiary, many of our partners enthusiastically joined the new initiatives and everyone started winning together.
Ask the question: what’s my direction for the new normal?
T: Take action
Don’t be afraid to take a big step. You can’t cross a chasm in two small jumps.
~ David Lloyd George
In the startup world, a very common notion is “ideas are dime-a-dozen, it’s the execution that counts.” It’s a very powerful thought — but even that particular thought must be translated into action. No matter how deeply we analyze the pros and cons of change in direction under the new normal, the outcome will not change until we take concrete action. And we need to be ready to be surprised! The world is full of uncertainties and these COVID times, in particular, are extra prone to giving them even more.
Ask the question: am I ready to take the new step?
In a nutshell, let’s ask ourselves some very fundamental, obvious questions in the current socio-economic context and take the next steps:
- How can I provide my customers with safe, healthy, and comfortable products and solutions amidst the uprising from Covid-19?
- What technologies and respective partners can I trust to jumpstart my business under new normal?
- How passionate and optimistic am I to accept the chaotic environment all around us and still win?
At Speak To IoT, we strive to provide VoiceAI-powered, touchless, hygienic solutions for smart IoT appliance manufacturers. These intuitive technologies can drastically reduce the infection possibilities for end consumers. It is our humble belief that we, as a society, can triumph if we intelligently R.E.A.C.T. to the hard realities of the Covid-19 pandemic.
