I let others conjecture the path of COVID-19, AND a couple of things are clearer. My focus is not on the pandemic, but your business-model-response to shifting circumstances.
- The heat of summer in the northern hemisphere will reduce the ability of the virus to survive, creating a seasonal impact. This does not appear to be true.
- There will be waves of contagion. I don’t know if we are in the second wave or the lingering impact of the first wave. Does it matter? There will be more waves.
- Hope against hope, there will not be a vaccine until early next year.
Those business models that survive will be those who adapt to reality.
- Find a market with a business need, set out to solve it.
- Test the solution to be adequate and understand its value in the market.
- Determine if the cost of the solution is less than the market value (profit).
- Determine if the market is large enough (enough profitable transactions) to build a business.
- Determine the next adaptation required to sustain the business model.
This begs the question of innovation and creativity. What is the agility of your organization?