By Nikola Nikolov
We are currently living in a world that can be described as … uhm… different to say the least. We constantly get bombarded with information that just an year ago would seem groundbreaking and earth-shaking, but now seems as an everyday event which we get more and more used to. We, as people, as a species are adapting to the idea of constant change. Our behaviour and our habits had to be carved in a way which can fit into the current state of society.
Each aspect of the world we come in contact with faces changes, some of which are long overdue and some of which we didn’t think would come this soon. Everything – from the way we communicate, to the way we travel and the way we feed has undergone a transformation – which ultimately has its toll on the economy we are a part of.
Change or “How the world is actually pretty much the same”
As the old Economy world faces the truth and has to shed its old skin and preexisting roadmaps, more flexible companies which can easily receive data about the changeable conditions, aren’t tangled up in bureaucratic systems and have the willpower to adapt – are going to come out not only without major loses, but probably are going to be set up for a far brighter future.
The most important aspect of the Novel Economy will undoubtedly be “Digitalization”. As more and more people are choosing to do their business, shopping, advertising, studying or whatever online – the input that a company can receive from its clients will skyrocket and bring the much needed data for improvement. Because with or without COVID-19 the tendency in the last few years pointed to an incoming rapid digitalization – due to the easy access to technology which makes the market literally one click away – and without a need to be a tech-savvy millennial.
Opening up to new ideas
Dealing with the Novel Economy could be encapsulated in a few questions and principles which can be followed in your day-to-day management routine – as change is an infinite process and won’t be over with the pandemic.
- Assessing the situation – having a detailed impression of what is currently going on in your part of the woods is probably the most important thing. See what your clients are demanding, talk to your stakeholders and overview what others are doing. These things will give you a clear indication of what’s going on.
Keep in mind that this is an opportunity to introduce new means of improvement and new mindsets of operation – forget bureaucracy and the mechanisms which have been holding you up. Things like these are the first to go in a situation which is endangering your business.
- Develop concepts that anticipate changes and problems. Modern entrepreneurs understand that branching out is the way to control your business. Outsourcing becomes more and more vital in this uncertain environment as focusing on the evolution of the market needs every available piece of attention. Establishing separate groups of people in order to solve a specific problem is the flexible way to go. You don’t need to issue orders and command people in order to have comfortable control over your business. You need to make the decisions which give you the most flexibility.
The song remains the same
You can contact us to explore our ideas on the Novel Economy – we are pretty keen to talk about this.