In conversation with Strategy & Innovation Expert, Daniella Genas
The disproportionate impact of COVID-19 on BAME communities has recently received much media attention and has fuelled BYP’s latest fundraising initiative. This week Daniella Genas, award-winning Strategy & Innovation expert; Enterprise Europe Network’s Senior Business Advisor and founder of She’s the Boss International, joined BYP founder Kike Oniwinde, to discuss why strategic thinking and innovation are crucial for businesses who want to flourish in a post-COVID world.
Strategy & Innovation: The Fundamentals
Having started her first company at the age of 22, Daniella Genas is no stranger to addressing early challenges to planning for eventual, long-term success. Sharing her years of experience as an entrepreneur and Strategy & Innovation consultant, Daniella outlined the crucial role in thinking strategically and creating a plan of action to build businesses that last. She explained:
'A strategy is a plan, with practical steps to implement that plan. It is often a long-term plan to achieve a long-term goal. Innovation is doing something new: developing new ideas, products, systems or processes. You can succeed if you can identify a gap or find a way to address a problem in the market.'
Some Of The Greatest Ideas Are Born Out Of Chaos
While the pandemic may have pulled the rug out from under our feet and companies may be facing more problems than ever, this also means there are a plethora of opportunities for savvy problem-solvers and solution-oriented businesses to find success.
Zoom is the perfect example of an agile business that has risen to meet the demands of millions now working at home. In contrast, the case study of Primark, whose revenue has gone from £650 million a month to £0 due to lockdown measures, provides a harsh lesson for us all in failing to anticipate risks and responding too late to change in consumer habits.
What can we learn from this? Daniella had a strong message for businesses and start-ups to ensure they thrive in times of crisis: 'A lot of businesses operate on a day-to-day basis and don’t think about risk. Sit down and think of your key functional areas and how they will be impacted. Create a three-year vision with actionable goals to hit the ground running once lockdown is over.'
Slow Down And Be Easy On Yourself
Finally, speaking to those who suddenly find themselves unemployed, furloughed or unable to fulfil their start-up or business ambitions, Daniella made clear that it’s OK to take a step back.
'Take this time to think deeper. Ask yourself questions like: ‘What brings fire to my soul and what can I do that makes me happy?'
Invest in yourself, up-skill, reach out to others, create a vision for yourself or your future company and find resources to help you work towards that vision. These are all aspects of Strategy & Innovation that are invaluable in setting up strong foundations for success.
Interested in learning more about Strategy and Innovation? Check out Daniella Genas’s recommended resources:
Writer: Payal Bhavsar
Reach Daniella Genas on Instragram: @shesthebossintl
Follow BYP: @BYPNetwork