• What do you think is the implication of remote working in the Country?
• What happens if organisations decide to continue with hybrid way of working?
• How do you position to tap into the opportunity?
• How do you pivot if your business is going to be impacted?
In this new post, I will like to do a deep dive into the impact of remote working on current ways of doing business and how entrepreneurs can position themselves or pivot to remain sustainable.
I looked around me recently after a conversation with a colleague, and I realized the full impact and the extent of the current pandemic on different businesses. At the same time, so many other businesses appear to be doing well. Money did not leave the country, it just moved, and as we love saying in the banking Industry, "Follow the money". This is true for your business as well.
Most organisations, particularly those in the Service Industry, have adapted to the hybrid mode of work, e.g remote working, working from the office or a hybrid. This has a huge positive impact on cost reduction, productivity of employees in traffic-laden Cities, and new income stream from the now idle resources.
What is the impact on businesses? Now if you are providing any service to any of the organisations with majority of staff on remote work, it then means that the future of your service is in serious jeopardy. For instance, for a full Commercial Bank headquarters, such services include:
1. Canteen Food Vendors
2. Table Water Supplies
3. Creche Services
4. Support staff - Cleaners, drivers, gardeners, etc
5. Security
6. Street businesses (including bread, food joints, fast food restaurants, etc) set up to service employees
6. Toiletries supplies , etc
A lot of businesses, despite been in the essential sectors, have been facing serious strain on their businesses due to the new way of working.
On the other hand, this provides opportunities to businesses around residential areas, social media corners and businesses with digital footprints.
In a busy City like Lagos State, Nigeria, with remote working, many employees will begin to relocate from expensive neighbourhoods to neighbouring towns and also outskirts towns. This creates interesting opportunities for real estate, service businesses, etc around these areas.
What happens if your business has been impacted by this new way of working? It's time to transform your business.
• Research and Identify new ways people in your line of business have been succeeding
• Move your business online. Have a digital footprint
• Consider home deliveries and partnering with others.
• If perhaps, your services have become redundant, then please look for another opportunity along the value chain or an entirely new area.
If you are looking for a business opportunity to start right now, then I will like to introduce you to my new e-book on "20 businesses you can start right now with less than N100,000 or $200". The beautiful thing is that some of the businesses you can even start with ZERO funds with guaranteed results
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