Three lessons learnt from business owners about their experiences during the lock down.
Over the past year, entrepreneurs across the country have had to change and adapt to the ‘new normal’. With the majority of consumers in lockdown for large periods of time and staff working remotely, many business owners have had to pivot to entirely new ways of working. And although this has no doubt been challenging, a lot of those changes have actually been beneficial in the long run.
We‘ve compiled thoughts from a selection of inspiring speakers who attended our digital #ThoseWhoDare event, who have shared their biggest learning curves over the past eighteen months.
Own the situation
The most tenacious businesses are those that are able to grab the moment – no matter how challenging – and own it. But that’s not always as easy as it sounds. That’s why we asked Eddie Hearn, Group Managing Director at Matchroom Sports and Director at Professional Darts Corporation, how he made the most of lockdown and adapted his business for the future.
Facing the challenges that hit the sports and entertainment industry, Eddie had to drastically change his approach when events went virtual. Taking this all in his stride, Eddie and his team organised ‘Fight Camp’, four weeks of live boxing matches, all filmed from the back garden of Matchroom Sports HQ.
This couldn’t have been achieved without having a resilient mindset. “For small and medium size businesses, it’s all about being reactive and responding to situations as quickly as you can.”
In spite of everything, adversity can breed innovation. Finding new ways of thinking and turning a difficult situation into an opportunity, is really what can help make your business not only survive, but thrive. Eddie explains, “It challenges the team, and you get to find out a lot about your business. I feel like as we come through the other side of the pandemic, we will be better as a business, as a team.”
Have the right tech
If there’s anything lockdown has taught us, it is the power of technology. For many business owners, they’ve had to accelerate their digital transformation almost overnight as real-world events have had to make way for the digital equivalent. Staying up to date with the latest technology and trends is one of the key things businesses need to learn from lockdown, Eddie admits.
“Business is about trends and knowing what your customers are doing, and we know now that customers of all ages, particularly the younger generation, are extremely tech-savvy, and you have to be responsive to that."
Luis Aaribayos, Secretary General at Cepyme, knows this better than anyone. He recognises that digital transformation is the only way forward following the impact of the pandemic as clients expect businesses to have a robust online strategy.
“We find ourselves in a new era in which small and medium sized enterprises have to change their business models as they have to adapt to clients that are already digital and who demand… things like immediacy, communication, personalisation, no matter how big or small you are.”
Protect employee wellbeing
Lockdown has proven that when you put your mind to something, great things can happen. However, this can’t be done alone. Having the backing of a healthy and happy team is invaluable, and it should be the backbone of any business.
Ensuring employee wellbeing has become a top priority for businesses, and it’s an approach firmly championed by Ric Lewis, Executive Chairman at London property investment company, Tristan Capital Partners. Providing an environment where staff felt supported was the first step to maintaining not only a healthy workforce, but a productive one.
“We checked on and tried to nurture the emotional wellbeing and mental health of our team. There was a lot of people suffering and suffering in silence, and we needed to find ways to help them to get back to sort of an even ground, so they could be productive both in business and in life.”
Have these lessons left you wanting more? You can catch Eddie, Luis and a whole host of the most daring entrepreneurs from our #ThoseWhoDare eventhere.
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