29 April, 2020
Small Businesses to realign business strategy with Expo postponement
As at the time of this article, the Executive Committee of the Bureau International des Expositions (BIE) has proposed the postponement of Expo 2020 by a year, expected from October 2021 – March 2022.
Small businesses that have been impacted to various levels by this significant shift in timelines for an event of such a large scale, would typically be in discouraged economic situations. However, the loss minimization strategy adopted by small businesses have come in for a lot of praise by experts.
With many businesses having invested capital and infrastructure keeping the Expo 2020 in mind, the prime focus has been on business continuity – naturally, this means the businesses have consciously adopted a shift in their business strategy.
For instance, companies that have invested in a large facility, have resorted to leasing the facility as a manufacturing unit for other businesses and products that thrive during the current pandemic. Strategic firms have looked at trading in direct-to-consumer products to not only diversify their portfolio, but also to bolster the bottom lines in tough times.
The paradigm shift comes as a welcome sign for the economy, where small and medium businesses are looking at all positive avenues to not only sustain but also to grow in spite of the challenges posed by the economic situation.