Agile Business Behaviour Is Key

The behaviours entrenched now could benefit businesses for years to come. Small businesses in particular are well-positioned and nimble enough to adapt to this unprecedented chapter in our history. After all, some of the world's most successful ventures have come about from a crisis.

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So says Anthony Ginsberg, Chairman of YPO, a global leadership community, Founder of GinsGlobal Index Funds and author of South Africa’s Future. At this point, he, like many economists, anticipates a U-shaped recovery – a gradual rise back to recovery over 12 to 24 months. He offers some suggestions for our business sector:

1 Embrace new technologies: Young businesses with thin margins are particularly vulnerable right now. But there is an opportunity for those that can embrace technologies and move online to diversify their earnings in the longer term. COVID-19 could fundamentally change the way we work, and radically transform some industries. Remember, Uber, Lyft and Airbnb were all businesses born from economic crises. In healthcare, the use of telemedicine, AI as a diagnostic tool, chatbots, wearables (to monitor patient wellbeing from afar) and other innovations have already been taken to the next level out of necessity.