ATLANTA, GA / ACCESSWIRE / October 22, 2020 / There is no denying that this year has come with unique and abundant challenges that have forced businesses and consumers to adapt quickly and pivot from their current operations. Furthermore, a rising sense of uncertainty has been commonly documented in these past few months. According to the International Monetary Fund, "the trade policy uncertainty index is rising sharply, having been stable at low levels for about 20 years."
Whether it is working from home, hosting online events, changes in supply chains or shifting marketing strategies, these conditions have made it difficult for many existing businesses to stay afloat and even more difficult for new ones to enter the market with a strong foundation.
Business expert, entrepreneur, and c-suite executive, Deepak Agarwal, has gained substantial experience in forming and leading businesses in a variety of industries and offers advice for entrepreneurs looking to launch companies in these unprecedented times. "Pivot, not only to survive, but most importantly, to thrive," explained Dee Agarwal. "Businesses must embrace the unknown, communicate clearly, take advantage of technology and focus on the customer if they are to both launch and succeed in this era of flux and uncertainty."
Deepak Agarwal notes that today's turbulent social and economic climate may intimidate and potentially dissuade aspiring entrepreneurs from launching their business. However, he believes that it is in times like these that society must encourage people with great ideas to get out of their comfort zones, look ahead, move forward and innovate. "Surprisingly, it is in times of pressure that we often find the best solutions to a problem," says Deepak Agarwal. "Embracing the unknown can allow leaders and founders to come up with fresh new thinking and solutions that can lead to success."
Leading in times of uncertainty requires more than just a good idea and a nimble strategy, however. It also takes smart and consistent communications.Deepak Agarwal suggests that it is more important than ever to engage in transparent conversations with employees and partners. Moreover, by clearly expressing what can be expected, leaders can enlist their teams to prepare contingency plans and spark new ideas.
"Transparency is key during times of uncertainty, even when the conversations are difficult," says Deepak Agarwal. "It might be tough to break unwanted news to your team; however, it is necessary to openly and honestly lay out the current situation and navigate the possibilities together."
In addition to strong communications, businesses that thrive also rely on technology to create efficiencies, better serve their customers and promote the brand to relevant audiences. "We find ourselves in a situation where usual networking events and meetings can no longer occur in the conventional way they would have in a pre-COVID world. This is why you need to start thinking of implementing software solutions and social media into your daily business tactics and communications to help you achieve your goals in spite of physical obstacles," states Deepak Agarwal.
Finally, the one thing every business should be thinking of right now is how the company can best fit into the current lifestyles of consumers in a simple and convenient way. Consumer behavior and habits have significantly shifted amid the pandemic, so consider how your offerings can enhance or support your customers' current lifestyle. If this requires adjusting your strategy, address it with a customer-first approach.
"A key challenge during COVID has been striking a balance between having empathy for the things that are happening in the world, while at the same time not taking your foot off the gas," said Deepak Agarwal. "When you're launching a company, you don't have the luxury of idle time for any outside distractions, regardless of what is going on in the world around you. You must find a way to serve and engage your customer in a mindful and relevant way."
Above everything, adaptability and creative thinking are the key elements that can help entrepreneurs thrive when launching a new business in times of uncertainty. While your business may be looking a certain way now, it is possible that you could be in an entirely different position in a couple of years. Therefore, having a plan but staying adaptable and open to change can prepare you for unique challenges that can ultimately become opportunities.
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SOURCE: Deepak Agarwal