Sharing is Caring

Regardless of where this pandemic leads us or our businesses, we know this is a critical time for leadership and for asking ourselves "what role do we want to play? who do we want to be"? We will be remembered for how we showed up, how we treated others, and how we contributed to the greater good during this crisis.

Today, it is hard to see past the unknowns; it is difficult to find answers to questions you didn't even know needed asking; and it is tough feeling like you are alone. To deal with this uncertainty, it is important to recognize the power of community. It can sound like a fluffy concept, but ultimately it is about feeling more connected and supported. And yes, the direct impact of community is often hard to measure, but can be felt when you pay attention. 

At the core, BelCham is a community-driven organization. So when the realities of covid19 sunk in, our first thoughts were of our members and how we could help them get through it. Since we don't have all the answers, we decided to set up an International Taskforce, a collective of representatives (~30) from the private and public sector, as well as the corporate and startup scene on both sides of the Atlantic. It was a way for us to listen and link up, while keeping a pulse on the overall international business sentiment. Once a month, we ask these participants to share the good, the bad and the ugly: from successful business pivots and the potential for first-mover advantages, to changes in sales cycles and massive challenges/concerns about the international business environment.

In these last few weeks, we have learned/re-confirmed that the power of collective sharing is helpful and meaningful. At times, the open dialogue within the Task Force is sobering, but mostly it is energizing, leaving us with a stronger sense of connectedness and ideas for the future.

At BelCham, we have a desire to model the world we want to see. A good community doesn’t leave anyone behind and does everything in its power to support its members- especially in unprecedented circumstances. If you would like to become an active participant of our tribe, or dive deeper into any of the below topics, leave a comment/PM me.

In the meantime, you can find a recap from our May International Taskforce meeting below.

Government Stimuli/Obstacles

• A long-term problem cannot be solved with short-term thinking. Governmental interference is not sustainable and the danger of insurmountable public debt is real. Industries are fighting over grants. Chambers of commerce and lobby groups are helping specific industries to get favorable deals. 
• Continued worries and fear around US administration making decisions for political reasons versus based on a scientific, pragmatic approach, including concerns about long term impact of trade barriers (disruption of global supply chains, travel bans, etc.)
• Concerns about a (potential) increase of taxes for large corporations, for example in booming sectors such as life sciences, to fund public finances (local and federal governments). Already the case in CA and Belgium. Concerns about late/delayed/altered tax collections for companies and subsequent cash flow issues for SME’s.
• Governments at all levels are overwhelmed by the crisis’ impact and the actions to be executed: importance of cooperation and teaming up of ecosystem players and stakeholders to message their own specific leadership for own cases and concerns (new level of messaging & creativity)

Stakeholder Capitalism

• Companies whether holding on for survival or thriving will be judged by the way that they navigated this crisis - are they transparent? Did they show empathy? How did they deal with lay-offs?
• The crisis is highlighting major societal issues. Companies have to look at their stakeholders differently and think about their impact longer term. 

Industry Pivots/Strategic Planning

• Some businesses/industries have to rethink their entire business models and adopt a “zero-based” approach. It is difficult because the future is so unknown. People are trying to make plans but there are no facts or data to base those plans on. There is no long-term planning at this point; only scenario-planning.
• The “new normal” is unclear so companies should prioritize asking “who do we want to be” … regardless of what the new normal looks like, regardless of when the economy will open…

First-Mover Advantage/Potential for Growth

• Some companies are still asking: “How can I restart safely, how do I manage my cash?” Others focus on questions like “How can I get market share? How can I move faster than my competition?”, and are carving out a new place in the market.
• Consumer good companies are trying to find out how they can capture as much of the online market as possible. Target packed a five-year digital transformation into 2 months of getting an online share. In this acceleration process, there are a lot of opportunities. Big corporations are thinking of doing more things remotely and this can be a mental shift where they might adopt outside innovations and look at what startups are doing faster.
• A lot of startups will shut down and this will create opportunities for the other ones. “When your competitors have problems, it is generally a good time to move.”
• Companies are looking at markets where there are -still/again- opportunities, especially those markets that are ready to re-open again. Competition is global!

Future of Work/Human Capital

• Expectations that employers set from the workforce should change. In general, the capacity to perform amongst employees is lowered. Communications and emphatic leadership towards the stress and uncertainty caused by this crisis is essential.
• A mindset shift in big corporations is needed to deal with disruptive competitors, allow for bottom-up ideation and innovation, and empower the workforce to deal with constant change.
• European SME’s have to be more creative in hiring people since there are less funds available. At the same time, there seem to be lesser EU layoffs right now because talent is scarce. This trend could become a possible hindrance in future growth since they might be less flexible in executing their business pivot. For some big corporations (like consultancy firms), hiring policies remain the same so they are fully staffed when the rebound happens.  

Sales

• Not all e-commerce companies are flourishing in these times since many rely on big players like Amazon that are making budget costs that cripple the entire industry. 
• It remains difficult to “fill the funnel” and to do business development. Warm introductions are getting even more important.
• For B-2-B sales, there is a heavy focus on a couple of industries that are doing well, resulting in increased competition.
• #BuyLocal seems to be a global trend, from China to Europe and the US.

Consumer Insights

• Confidence and safety (versus comfort and price) are becoming major factors in consumer purchase decisions.
• Mental effect and trauma of crisis on consumer behavior is still unknown (for example, ‘revenge shopping’ effect in China was much more limited than anticipated).

Real Estate 

• There will be a need for 50% more space to respect social distancing rules. More people will continue to work from home. 
• Office to become home; home to become an office. Real estate is looking at multi-purpose usage of spaces. Flexible and safe coworking solutions are likely to gain in popularity.