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Business Model Innovation and Sustainability. Adapting is essential now more than ever where new plans must be put in place to accommodate the changing needs of our clients. Business operating models must have contingency plans in place as we move into the ‘new normal’ way of working. Sir Winston Churchill advocated the creation of the United Nations by claiming that one should “never let a good crisis go to waste.” This quote is so relevant and really highlights that through every crisis there is always an opportunity to make positive changes! In todays society, changing the way we do business is a must in order to survive and maintain sustainable. Businesses need to recreate themselves and adapt their services, ensuring they remain resilient and flexible to meet client needs. A business stated that owners should focus on having “nimble staff and diversified supply chains” to improve resilience and enhance their sustainability. A number of businesses also thought that resources such as budgets and people would remain the same (36%) or increase (28%) over the next 6 to 12 months, for a total of 64%. Social Engagements Zoom has now become the first business go to for meetings with suppliers, clients and many more. Keeping communication open is crucial during this time when competition is becoming more intense. In 2021, there will be a big push towards a more authentic presence on social media and one that is less curated by social media experts, such as real behind-the-scenes looks at a company. Along with this, there will be engaging influencers and micro-influencers —those key people will be driving conversations and engaging with your future customers. Virtual Interface. The face of business is continually changing with the use of technology. Smart, eye catching and simple to use websites. Now instead of seeing an employee first, potential clients can see all aspects beforehand. Global to Local In 2020 there were a lot of reasons to begin to think more locally rather than globally—COVID-19 disrupted international supply chains, there were increasing tensions between the U.S. and China, and Brexit was also delivered. Companies began to rethink where they were sourcing and selling their goods because international turmoil could disrupt their business. More localised manufacturing and selling are also appealing for environmental awareness. Decentralised Finance. Few had heard about decentralized finance (DeFi) in its early days in late 2009, beyond murmurs about Bitcoin and a mysterious new digital technology called blockchain. But a pandemic can change everything. Since May of this year, the total value locked (TVL)—the amount of any currency locked into tokens, the vehicle of holding and moving assets on blockchain, in smart contracts on a blockchain ecosystem—in decentralized finance projects rose a whopping 2,000 percent. Many fintech leaders argue, Bitcoin is the world's answer to the 2008 financial crisis. Thanks to poor decision making and a lack of proper financial regulation, legacy financial institutions brought the world’s economy to its knees in the most major financial crisis since the Great Depression. The knee-jerk reaction was to create an ecosystem dependent on every link in the chain, rather than centralized authorities—hence the term "decentralized finance." This year we have seen the mass increase in blockchain technology with bitcoin hitting its highest yet! Going forward there are many alternatives to take a look at: Ethereum (ETH) Bitcoin (BTC) XRP (XRP) Stellar (XLM) Cardano (ADA) https://cashfxgroup.com https://www.coinbase.com |
