As companies prepare for life after COVID-19, it is pragmatic to be thinking like start-ups because current business models are broken now.
This was one of the messages from Eric Rozenberg, president and ceo of Event Business Formula, an online platform helping event business owners manage and grow their businesses. He is also ceo of SecuTix US, a ticketing engagement platform. Eric was speaking during the third ‘You are not alone’ webinar, part of the series hosted by SITE’s David Sand, ceo of Uwin Iwin International.
They were addressing what to do today (if you haven’t already done it) and in the next weeks as well as how to prepare for ‘after’.
Eric said if companies had not already faced the brutal facts about reality and switched to survival mode, they needed to do this and then prepare a new business plan. “We are not going back to normal. It will be a new normal.”
Eric mentioned a statistic that claimed that 72% of entrepreneurs struggled with mental health under normal circumstances, never mind during a crisis. “Don’t beat yourself up,” he said. “Set a calendar for you and your family to find a routine or structure. Start meditating or take up a new hobby you’ve never had time for. What are you grateful for? Calm yourself; the storm will pass.
Something Eric said was helping him cope at the moment was the vivid vision for 2030 that he wrote for himself, describing his life and purpose in ten years. “Even if it is a three-year plan, take the time to think about what you want in life.”
For the next few weeks, Eric recommended being in constant communication with teams and stakeholders. “Who and how can you help to create value? Now is not the time to sell.”
In support of developing a new business model, Eric and David recommended visiting Strategyzer.com and making use of the Business Model Canvas.
Discipline, focus and grit were needed to get through this crisis, they continued.
David mentioned the barrel analogy (TNW April 1-8, 2020) from the first webinar to help companies cope with current reality, reminding people to stay focused and to use grit and purpose as a path toward prosperity.
He referenced Dr Angela Duckworth’s book ‘Grit – The power of Passion and Perseverance’ to get a better understanding of what gives people grit so they can survive various circumstances.
“The key is to have purpose and an intention to contribute to the wellbeing of others. The idea is that what we do matters to people other than ourselves.” So when you look at a MICE business, for example, it’s about creating inspiring work environments, or hoteliers providing a place of care while guests are away from home.
In light of this, David shared some practical tips from different people quoted in the book. These included reflecting on how the work you are doing already can make a positive contribution to a bigger society. Think about how in small but meaningful ways you can change your work to enhance its connection to your core values. And find inspiration in a purposeful role model.