Adapting to the New Normal
View(s):The words ‘new normal’ and a ‘post Corona world’ are often heard on different media platforms. The following changes will take place in the society we live in.
Growth of Online Education
Online discussions will replace physical discussions to a great extent. However, certain discussions cannot take place via online mediums. For example- discussions which require certain sensitive or personal information.
Adapting to Changes
The next 1-2 years will be economically challenging due to the decreased overseas travel, spending in restaurants/hotels, expenses in luxury goods and other expenses that are not of an essential nature for a majority of customers. For example, luxury vehicles, branded clothing, high priced branded phones.
New Innovative Business Models Needed
The world of business will change catastrophically where industries such as hospitality, leisure, overseas travel will substantially lose business. This has to be mitigated through new, innovative business models. For example, hotels and restaurants using safety measures and social distancing strategically in their operating layouts. Importers of non-essential goods such as branded clothing items, jewellery, watches and electronic goods will face issues in managing their businesses due to import restrictions.
Coping skills for Managers post Covid-19’
I prioritized imparting my knowledge through the Education sector – an industry I’ve worked in locally and overseas. My proposals were communicated through an online presentation for the ‘Marga 2.0’ discussion on ‘Coping skills for Managers post Covid-19’.
Rise of new, restricted patterns
This presentation covered how global income levels will be impacted by the economic slowdown which will give rise to new, restricted patterns by consumers globally. Herein, brand loyalty and status will be replaced by value for money. Furthermore, companies may reduce expenses they feel are non-essential in the face of cost cutting such as training and advertising. Such areas can be re-evaluated and training relevant to optimizing costs.
Way forward for SME’s
SME’s should up skill themselves to offer substitute products to customers who have purchased only certain high end foreign or local brands, positioning the core value of the product such as durability and comfort for the consumer to feel that they are spending on the product and not overhead costs of the seller. Local businessmen, trainers and consumers should to work with SME’s. Areas to focus include how to improve their value proposition in this new market setting, identify new markets and use digital marketing channels to meet customer demands better.
For example, an SME which is in the business of selling lunch packs will want to get into the online delivery segment and may need investment and the expertise to use technology effectively.
Marketing essentials required for survival in business
I have supported the Marga Institute to design a Diploma course which will be conducted in English and Sinhala at an affordable cost for employees and SME’s on ‘Marketing essentials required for survival in business’.
I hope to continue investing my time to support on a honorary basis SME’s who form 80 percent of local business which is turn will help our motherland to thrive post Covid19, and urge other experts to do the same.
-Dharshan Cooray
Dharshan FCMA (UK), CGMA, MBA (Leicester) has a corporate career spanning 18 years 10 of which are at managerial levels or above with 6 years of C-level/Senior Management experience. Dharshan has worked in Management and C-Level roles for CIMA -UK, SLASSCOM, The Ministry of Finance and planning, The Third wave group and Verité Research.