Back to Business: Adapt and Thrive In Uncertainty

Earlier this year, Primark furloughed 68,000 staff as sales plunged dramatically from £650 million a month to zero. The chain was forced to shut completely, and with no online business to fall back on, the successful retailer had no other choice. Sadly, this is an all too familiar story in every industry.

Jim McCarthy is the co-founder and CEO of Goldstar, a company that sells millions of live event tickets to millions of people on behalf of more than 5,000 venues and producers each year. Founded in 2002, Goldstar has helped sell-out events in all major U.S. markets – from Madison Square Garden to Dodger Stadium. The arrival of COVID 19 changed everything. 

Within 36 hours, Goldstar suffered a 100% drop in revenue. In a recent conversation on my podcast, Jim shared how he pivoted and co-founded Stellar to enable producers and artists to sell tickets to online events, stream to a global audience, and manage payments. It's described as "the first-ever Total Show Management System (TSM) for online live events."

Most people are itching to get back to attending live events once we feel comfortable and safe. But the creation of Stellar is also opening up the possibility of hybrid events in the future that are available for audiences to attend both in-person and online. By rethinking the live event experience, Jim has found a way to support the industry and help expand the audience of events in a post-pandemic world.

Replacing uncertainty with optimism and excitement 

The changes to how we work are also making many workers question city life too. Do you need to spend $3,500 a month for a one-bedroom apartment in San Francisco if you spend most of your working life at home? Many workers are now exploring more affordable regions that offer a better quality of life. Startups are also looking to set up camp in areas that are pro-business.

The Greater Phoenix Economic Council (GPEC) has branded the region "The Connected Place." Phoenix on a mission to integrate people, place, and technology to push the limits of what's possible and make the world a more prosperous place. By innovating with sensor technology and challenging the status quo in the internet of things market, the legacy companies and emerging startup disruptors are thriving, even during an economic downturn.

Earlier this year, seven software-as-a-service (Saas) companies selected by the Greater Phoenix Economic Council (GPEC) participated in a virtual trade mission with designated experts from London and Greater Phoenix to discuss key market entry strategies in the UK as an initial starting point into Europe.

In a recent podcast interview on Tech Talks Daily, Chris Camacho told me how GPEC had fueled the regional economy by helping more than 850 companies, creating more than 154,000 jobs and $20.4 billion in capital investment. Whether it's relocating your business or launching a new startup, GPEC has opened its arms and provides the right connections and opportunities as other regions become more insular. 

As a result, over 350 software companies operate in the area, while others are building new interesting consumer technologies. In a period of uncertainty, GPEC has been named the Top Economic Development Organization in the US. All of which further highlights how one of the best ways to adapt to uncertainty is rethink existing business models and break down walls created in the old way of doing things.

Improving the digital wellness of you and your teams

Remember the days where you sat at the same desk talking to the same person from 9-5 before going home and clocking off? It can feel that we are always expected to be online when working from home, and many workers would admit to overcompensating. If your boss sends a Slack message or an email at 11 pm, you feel compelled to answer, right.?

However, if you are on edge trying to respond to every notification and vibration on your phone for 17 hours a day in a never-ending game of whack a mole, it's going to take its toll. How can software help companies ensure their staff doesn't burnout?

On the Tech Fusion Podcast by Citrix Ready, I learned how a company called Flexible IT had created a digital wellness tool to help businesses look after their employees. Nitin Sharma from Citrix and Nigel Woods shared with me how they are tackling the problem of digital wellbeing in a world of lone remote working.

Finally, in my most recent interview with Peter Bell, Marketing Director, EMEA, at Adobe, he revealed a few mouthwatering stats on UK consumers' online shopping habits. Between March and June, Adobe found that online marketplaces, such as Amazon, were four-times more popular than retailers' own websites and apps.

"Many brands and retailers already deliver great digital experiences, but to break the dominance of the marketplaces and attract customers to their sites and apps, they need to capture their attention in ways that marketplaces can't. That could be through hosting exclusive content, giving early access to sales or specific products, or even offering subscription or membership options that make the shopping experience even more convenient and seamless."

Many leaders are currently exploring how to leverage technology, and new ways of thinking will help them get back to business in 2021. Evolving and embracing change will play a critical role in helping you, and your business will adapt and thrive in a continued period of uncertainty. 

In this article, I have provided a few examples of businesses and entire regions bucking the trends by thinking differently. But, I invite you to share your story and insights into how you are turning challenges into opportunities. Maybe we can all learn from each other and build a prosperous path forward.

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Thanks for reading. You can also connect with me on Twitter at @neilchughes or contact me via my site Tech Blog Writer. Subscribe and listen to over 1,400 of my podcast interviews with tech leaders on Tech Talks Daily, Switched-On Thinking by NETGEAR, and Tech Fusion by Citrix.