The EGADE Business School of the Tecnológico de Monterrey contains four recommendations for the private sector in its Decalogue for Business and Business Refunds in Mexico to transform and adapt this new scenario to the pandemic.
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The health, economic and social impact of the COVID-19 pandemic shows that there is a great need reset to default Business in Mexico and the world. With this restart, business models have to adapt to a volatile and uncertain environment, amplify disruptions in entire sectors and deepen new forms of work and remote consumption with their technological and geographic impact on companies and society in general.
To recently contribute to the reflection and search for collective solutions EGADE Commercial School from the Tecnológico de Monterrey published his Decalogue for the economic and business start-up of MexicoHere are four key suggestions for companies to transform and adapt to this new scenario:
1. Develop a more conscious business model
Before the pandemic, the world was already in a deep environmental and social crisis that increasingly undermined citizens’ trust in globalization, democracy and a business model that prioritized shareholder benefits over all other goals. .
Although this model has generated wealth, growth and opportunities, there is an urgent need to establish a new paradigm that promotes business practices and strategies that include responsible and sustainable consumption and production and their participation in entrepreneurship and social innovation. In short, a conscious vision to do business.
2. Place the entrepreneurial ecosystem as an axis of relaxation
Given the poor environment in markets and industries, and a sharp decline in the availability of venture capital and foreign investment, it is important to support and promote the sustainability of current companies and the creation of new ones by developing government funds. paired with private funds. s, entrepreneurs and new businesses need access to credit when factors such as job creation and liquidity guarantee are enough.
In the long term, it will be important to consolidate an entrepreneurship and innovation ecosystem that involves private initiatives, universities, and research centers as attractions for talent. Likewise, it will be important for the different actors to understand that talent is very mobile, so they have to create dynamic, inclusive and sustainable opportunities that attract them.
3. Use the economic recovery for sustainability and innovation
From now on, ensuring sustainable development can no longer be postponed. As a result, companies must set goals that align with the 17 EU-approved Sustainable Development Goals (SDGs) United Nations Organization (U.N).
This opens up great opportunities to increase their sustainability goals, create new business models based on the circular economy and disruptive technologies to improve their reputation and the common value they offer society.
4. Build a collaborative and transparent leadership
The health emergency has revealed an alarming lack of leadership in society. Confused and faulty leadership has cost human lives and resources. As a result of this situation, some institutions or companies are suffering from an increasing lack of credibility, which makes crisis management more difficult.
Therefore, and in collaboration with civil society, the private sector needs leaders with a global, humane and entrepreneurial vision to return to growth and prosperity. Unlike in the past, these executives must prioritize cooperation with other companies, universities and other organizations and be completely transparent in their practices and processes.