The pandemic has affected companies of all sizes and styles and in all sectors. Many have been pushed to the sting of survival. Begin-ups aren’t any exception and are actually no stranger to uncertainty.
Writing in TechinAsia.com, Jason Thompson, CEO of Indonesia’s main funds platform, OVO, describes how the disaster has not solely led to a re-evaluation, however has additionally compelled companies to be extra snug with the unknown, and to rediscover starvation and the flexibility to be nimble and suppose quick.
OVO, Thompson says, has confronted unprecedented challenges and adapts at a fast tempo, experiencing a steep studying curve within the course of. Whereas the circumstances confronting the enterprise can’t be modified, Thompson writes, the outcomes going ahead may be influenced.
He describes three basic classes discovered, which he believes may also help fintech start-ups survive and thrive submit pandemic.
Firstly, face the disruption head-on and be agile in your response. Fintech start-ups ought to make use of their versatile construction to look at and tackle altering buyer wants. They “have to continuously revisit their product roadmaps and rethink their enterprise methods, not solely throughout the COVID-19 interval but in addition as we gear up for a vastly completely different future,” Thompson says.
He points out that an occasion such because the pandemic can profoundly change folks’s wants and preferences, completely. In Indonesia, he says, a Kantar examine discovered that regardless of half of adults not having a bank account, 66% have a smartphone. With the pandemic because the catalyst, the excessive penetration of smartphones helps to result in elevated socialisation and using digital instruments to hold out day by day duties, a development that’s anticipated to final.
Secondly, realise you aren’t alone. Begin-ups, Thompson says, have simply as vital a task as larger firms in gaps unaddressed within the post-COVID-19 economic system. They will play this position by means of strategic partnerships with governments and like-mined firms.
“Businesses might let partnership prospects take a backseat during economic uncertainty and focus instead on how to keep operations running the way they are,” he writes. “But in our experience, we’ve found that keeping the bigger picture in mind has not only helped our community during this time of need but also allowed us to grow during the crisis.”
Thirdly, look inward to maintain the lights on. Distant working will turn into the rule, not the exception, Thompson believes. This makes it vital to “constantly look inward and make sure our employees are well-supported in times like these”.
He suggests, amongst different issues, investing in folks improvement, and “virtual town halls” to listen to from workers and unfold positivity. OVO has discovered bringing in exterior audio system akin to enterprise leaders and authorities ministers has been efficient in boosting morale and engagement.
In conclusion, Thompson says, “Perhaps the most useful lesson to keep in mind as we prepare for what lies ahead is also the most rudimentary: the driving force behind how you innovate should be your consumers and the community around you.”
Sourced from TechinAsia