Crowdfunding Crowdfunding #10 Crowdfunding and having to live with Covid for a while

It has been more than 2 years since the World Health Organization (WHO) announced COVID-19. It is a disease of this world. And there are a lot of things happening. It can be called this virus. This has allowed us to see what is called disruption in a very short period of time. Businesses have both greatly improved performance such as IT groups and online trading. Garden trees And there are many other industries that have been heavily negatively affected, such as insurance (meet, pay, finish), hotel industry, restaurant or tourism.

Crowdfunding can help industries affected by COVID. Can resume operations For businesses to be able to resume operations, they must do the 5Rs, which are:

   1.Relaunch

            2.Restart

            3.Rebuild 

            4.Reopen

            5.Reboot

After getting funding ready, McKinsey studied 8 keys that businesses must consider. before returning to action Today I will summarize all 8 keys for you to read.

McKinsey: 8 keys for business restarting

1.Create Relaunch map

Prepare a new opening plan (Relaunch Map) ready by studying and considering again the matters of customers, products, store location, segments due to various things. There has already been a change in the entire Value Chain. For example, some businesses may need to change from B2B to B2C, etc.

In the Relaunch Map, there should be separate scenarios as well, and using various scenarios to test the restart plan will give us a clearer picture.

2.Restore trust with safety guarantee

Create confidence for customers that using the service will be safe and healthy, such as

-Set conditions for using services that make customers feel safe, such as having signs announcing the level of hygiene. Employees are constantly being tested for COVID.

-Communicate what is done behind the house to customers, such as adjusting the production process to reduce contact from employees, employees are well hygienically inspected. and can be traced back

3. Take care of employees' health

Companies that are about to open for office work There must be a health care process that complies with various laws. of new government products released during this period To make working at the office safe Or it may be adjusted to have Hybrid work that allows employees to work outside the company on some days, which is considered to be health care for employees in itself.

4. Check demand and supply of products

In a situation of economic uncertainty such as inflation or interest rates that are likely to increase. will be an important factor that causes demand and the supply of goods has changed from the past Sometimes you may have to go see customers to solve various problems.

5.Reboot the operation. and supply chain

Consider that there are things you will need to reboot, such as hygiene equipment. Situation of partner companies (Still strong or not) and act like an air traffic control tower. seen from above that makes it possible to see the needs of customers Sufficiency of raw materials and ecosystem

6. Reconsider the IT aspect.

After this, the changing work style will cause the Chief Information Officer (CIO) or Chief Technology Officer (CTO) to have more work to do. This is because there must be a necessary change from employees working from home to setting up a new system. To be able to support employees to work from anywhere, safety system (Cybersecurity), adjusting digital experience processes for customers, and also considering Digital Transformation. together seriously with true understanding

CIOs and CTOs must also be prepared to collect data gained during COVID. The country has been closed in the past. To be used in data-based decision making (Data Driven Decision Making) because decisions made using old data Before the Covid period will not be able to be used for decision making precisely during this period

7. Drive the Restart carefully.

The important thing is to make decisions quickly. Both in terms of employees (If there is an infection), stabilize the operations, customer engagement, and repeat the stress test if something similar happens again.

In addition, the use of working capital must be carefully considered. Check cash flow during the restart period to ensure that it is sufficient to cover all cases. If possible, there should be a loan limit. Or take out a loan through Crowdfunding to support short-term expenses that will occur during this period.

8. Manage the Business Model resulting from the COVID response. To be sustainable

New Business Models that emerged during COVID and closing the country causing a change in the business model This is a good time to think again about whether the Business Model needs to be adjusted again or not, in terms of Operations, Finance, and People.