Mayo615's French Odyssey 2020 #8
Channel: Mayo615
Date: 2020-05-10

Hello and welcome to the 2020 update #8 of Mayo615’s French Odyssey, and how to transform Big Ideas into Big Realities. Uncertainty is the new normal about everything. Think about it. The extent and scope of unexpected changes to the way things are done has gone global. Reacting and responding to this uncertainty is now the basis for company and personal survival. So I now say that “Impromptu strategy” is not an oxymoron. There are already a number of examples of companies thinking laterally to create ingenious new business survival strategies. I am going to share two examples to get you thinking and I am also sharing here a downloadable model for an entirely new method to analyze and develop your own “impromptu” strategic plan. 
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The first example is re-purposing your business. Beyond simply offering take-out service, some restaurants are dramatically rethinking how they can be relevant, create revenue, and survive. Examples include restaurants converting at least a portion of their business into specialty grocery stores. The other trend is turning restaurant parking lots into drive-in movie theaters. With restaurants needing to reduce the number of tables for social distancing this is an imaginative way to replace those restaurant tables, serving food in the parking lot. The basic idea of repurposing is an example of lateral thinking as it could apply to any industry or market. The other example is exploiting your business beyond its current model. Top Hat is a company that offers smartphone integration into live classrooms. Top Hat invented a way to co-opt students’ smartphones into the classroom. In the “new normal” of e-learning Top Hat has expanded to offer integrated course texts and materials on smartphones, and remote proctored exams, together with offering the basic product for free to students. This is way beyond the current e-learning classroom environments. How could your business model be expanded?
There are many more examples and you may already know some of them. They may not be directly relevant to your situation but can serve as higher level examples of how businesses are dramatically rethinking how to survive.
There is an Entrepreneur Resources Playlist on this channel, and remember the 450+ posts on my blog, mayo615.com. We look forward to your comments and questions. We will respond to all comments and questions and may feature comments in our update videos. If you like what you see here, recommend us to others and click here to SUBSCRIBE NOW!