Leverage Your Assets to Solve New Problems
The last decade has seen the growth of “the sharing economy”, with Uber and Airbnb the most famous examples.
The fundamental idea driving the sharing economy is that ownership is inefficient. Most assets sit idle most of the time: Most cars spend most of their time parked, houses are left empty when their occupants go on holiday, music CDs spent most of their time on the shelf, dining room tables are unused most of the day, clothes spend most of their time in the wardrobe, and so on. As a result, savvy entrepreneurs created platforms for people with these assets to share them, to get more value from them.
Now, the coronavirus pandemic has created a new kind of sharing economy – this time from the asset’s owners themselves. Many business owners who have been hit hard by the effects of the pandemic have found innovative ways to use their assets to serve customers.
One example – which you might have heard of early in the outbreak – was gin distilleries switching to producing hand sanitiser. They had all the equipment and knowledge, so they were able to tweak their production process to create a product that was in high demand at the time.
Other smart businesses have made similar changes to serve their customers in other ways. Here are just a few examples from other businesses around the world:
What assets could YOU leverage?
Many businesses – especially those that have been established for a long time – have become used to doing things the same way, over and over again. If your business has suddenly lost its main sources of income, that doesn’t necessarily mean you have no other options. You might be able to leverage some of your assets to create new opportunities.
Take an inventory of all the assets in your business – the things you could use to create value and serve customers – and look for ways to use them differently to solve your customer’s problems.
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