It is said that habit formation suggests that the average time for a new habit to form is a minimum of 21 days. Our country is well past that 21-day mark from the beginning of the Pandemic. With that said, the change of habits has changed supply and demand. For organizations to understand changing habits they should look at behavioral trends to identify business opportunities. In an article from Harvard Business Review https://hbr.org/2020/09/adapt-your-business-to-the-new-reality, they outline some easy steps that organizations should follow:
- Map the potential ramifications of behavioral trends to identify specific products or business opportunities that will most likely grow.
- Look at the data
- Look at multiple perspectives
- Adjust your Business Model
As companies look at growth opportunities, you will see digital transformation. An example of that is how we are seeing many people working from home as utilizing video conferencing. It is important that IT investments are focused on a specific business-model innovation to address new opportunities. It is also important that you look at reallocating your capital investments. Research studies show that the most successful companies invest more than their peers in new opportunities and put more than 90% of net spending to segments with higher growth and returns. These organizations realize that a crisis offers opportunities for a new competitive position.
Organizations tend to default to old habits when times are tough. Again, it is important to think outside of the box and find some new approaches. I hope you found this to be inspirational. Please continue to stay safe and practice social distancing. We are all in this together. Would love to learn how you are looking for your growth opportunities.
Margherita C. Amplo
President, MCA Consultants
YouTube: MCA Consultants
MCA Consulting Services, LLC.