Businesses, Wake Up! The Need for Transition is Urgent

Delaying threatens your business's crucial transition. Embrace change now! Many owners of small and medium businesses were struggling through 2020 and 2021 to understand the bigger picture and where the economy was headed. So, "Wake up! You need to transition now. Because Waiting is becoming a deadly option" The only directions they were getting were from periodic nudges to measures and policies to increase safety and manage the pandemic, accompanied by financial support to cushion the financial fall. Photo by Gabriella Clare Marino on Unsplash But the measures and policies seem to be increasing their grip on the economy, industries, and the public. Speculations about the solutions in governments and in the media are confusing the public and business owners; the vaccination rates initially targeted as our way out of the pandemic have dramatically increased, but now that the winter has arrived and the vaccines seem to have diminishing efficacy over time, the narrative is changing. Learn Motivate a Team to Achieve Results | 15 Proven Strategies The infection rates are increasing again, and the pandemic is still not under control. Governments are now openly sharing that COVID-19 is here to stay and that we need to live with it! These shifting narratives and the movement from opening up to closing the economy and restricting the movement of the public are breaking down and crippling businesses. Read: The unrelenting revolution in technology and its future The majority of business owners (read entrepreneurs) are moving from worry to fear to hope and then repeating the cycle again. They are trying to keep their daily businesses running, working hard to compensate for lost income during lockdowns, repaying their debts, and trying to replace the employees they lost during lockdowns. They are left with no time to think about the future of their businesses. When we look at developments globally, we start discerning transformational trends that have the capacity to shift industries and make businesses obsolete. These developments are not widely covered in the media, and SME businesses are not aware of them. We believe that these changes are so impactful for businesses, especially for small and medium enterprises—employing in Europe alone between 50 and 90% of the working population—that they should become aware of them if we want them to make the required transition on time, drive (required breakthrough) innovation, provide jobs, and rebuild the economy. Read Madiha Mouchtak