Firms will need to consider demolishing their business models to create new ones, says top academic

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Many businesses will need to consider demolishing their old business models to create new ones due to the Covid-19 pandemic, according to Tazeeb Rajwani, Professor of International Business and Strategy at Surrey Business School. Professor Rauwani said: “The pandemic has caused unprecedented disruption to the already struggling UK high street. 

“A large number of firms will need to renegotiate with banks, landlords and suppliers, set-up e-commerce sites, apply for grants and loans, develop local delivery capabilities and host virtual events, and help develop new forms of community engagement and digital marketing. However, the pandemic, will also create many new winners that will thrive due to their online business models. These will include food delivery companies, remote working platforms, and streaming platforms.

“While we continue to grasp the scale of this pandemic, many businesses will need to consider demolishing their old business models and create new ones. Being adaptive and flexible will lead to survival in this new volatile, uncertain and ambiguous world.”