The year 2020 has been challenging on all fronts – be it health, a business, or a climate change. From the bushfires in Australia to the global coronavirus pandemic, the world has seen the worst, and businesses, globally, have been primarily on the receiving end.
The pre-COVID era had been all about unicorns. Wherever you see, there was some or the other article touting a new startup as the next big thing. But things have changed drastically; particularly since the outburst of the pandemic in January in the United Kingdom and the United States. In the post-COVID world, camels have emerged as business beasts and are showing the world the art of surviving.
Before you scratch your head about the difference between a unicorn and a camel in a business metaphor, here is the brief introduction.
What is a Unicorn?
In the capital world, unicorn means an organization that has unique business ideas and makes a lot of money based on those ideas. A unicorn is a startup when it is successfully valued over $1 billion.
What is a Camel?
Organizations that are adaptive to various business changes can survive with bare minimum resources, be it money or human resources. Those that step on the gas at the right time are called camels. Their resilient nature and focusing on sustainability can make them survive the harshest time in the business world.
Post-COVID, the startups need to prioritize longevity and, therefore, camels are becoming the new unicorns of the market.
Here we share some of the prolific learning from camels to make you invincible through tough times –
Being steady wins the Race
The new-age startups should look to develop full-stack solutions for their customers so that when the situation is tough, the customers would have no hesitation in relying on their services. Despite having limited financial assistance, the business strategy applied by the camels will help them hold strong client relationships and manage the adverse situation with ease.
The technique of sticking to the basics and thinking about sustainability gives the organization a real sense of bifurcating what is vital for their business and what is not. Their durability increases the investor's trust in them. Organizations can maintain transparency with the investors and customers, thus creating a good name for them in the market. Therefore, the new-age startups in the post COVID era should look to increase their organization-wide resilience instead of focusing only on projecting hyper-growth in the venture capital market.
Being more Consumer-Oriented
Working on business objectives and building a model based on it is one of the main reasons why the camels sail through the hardships of the desert storm. Applying this methodology makes them more adaptive and receptive to the changes, and it casts them easily according to the economic environment. A successful entrepreneur implementing these customer-oriented strategies is bound to excel even in adverse conditions.
Apart from increasing sales, the company will also retain its customers for a more extended period and acquire a loyal customer base.
Diversify into other verticals
There is an old saying ‘Don’t put all your eggs in one basket”. From the business point of view, this saying means that it is wiser to keep more than one revenue resources. Such a multidimensional approach could be of any kind. For example, if you have an online taxi booking app, you can expand it to the other fleet, invest in different types of business while keeping the main business going.
Diversified business groups can work aptly both in the developed as well as developing countries. Diversification brings improvisation, and improvisation becomes a critical factor behind the success of the companies.