{"id":40185,"date":"2020-05-22T00:00:00","date_gmt":"2020-05-22T00:00:00","guid":{"rendered":"https:\/\/newrcblog.wpengine.com\/smbs-and-mba-students-join-forces-to-adapt-to-the-new-normal\/"},"modified":"2025-03-13T06:26:55","modified_gmt":"2025-03-13T13:26:55","slug":"smbs-and-mba-students-join-forces-to-adapt-to-the-new-normal","status":"publish","type":"post","link":"\/us\/en\/blog\/smbs-and-mba-students-join-forces-to-adapt-to-the-new-normal\/","title":{"rendered":"SMBs and MBA students join forces to adapt to the \u201cnew normal\u201d"},"content":{"rendered":"

RingCentral Sponsored LifeWork Hackathon Spurred Creativity to Help SMBs Thrive<\/span><\/p>\n

Small and medium-sized businesses (SMBs) are the engine of our economy. Not only are they the kinds of places I love to frequent in my own neighborhood, but I\u2019m fortunate enough to work with SMB entrepreneurs every day. At RingCentral we help them bring unique offerings to market, scale-up, and compete with bigger players.\u00a0<\/span><\/p>\n

The COVID-19 economy is posing unprecedented challenges for these essential engines of innovation. SMBs don\u2019t have the cash reserves of big companies or the same access to borrowing, they often operate on razor-thin margins.\u00a0 While many would welcome the expertise, the financial burden of hiring business-consultants is unfeasible in the best of times.\u00a0\u00a0<\/span><\/p>\n

But the news is not all bad.\u00a0<\/span><\/p>\n

We recently sponsored and helped organize the <\/span>LifeWork Small Business School Challenge<\/span><\/a>. SMBs never disappoint!\u00a0 The enthusiasm and innovation were front and center as they worked with MBA students from 10 leading business schools to shift their business models in the face of this new normal. Not only did I see that creativity is alive and well among young people, but it was clear that with the right adjustments SMBs will survive and thrive in the years ahead.\u00a0<\/span><\/p>\n

You might say it felt like a glimpse of the future.\u00a0<\/span><\/p>\n

The event drew yoga studios, restaurants, a wedding photographer, catering businesses, a farmer\u2019s market;\u00a0 places we all love, and which have had the rug pulled out from under them in recent months. Even though many of these businesses were already boosting digital engagement with customers before the pandemic hit, most of them depend heavily on face-to-face interaction for their business.\u00a0 These SMBs need some help adjusting their entire business model for a world where in-person interaction is likely to be curtailed for an extended time period.\u00a0<\/span><\/p>\n

When the event\u2019s organizer, David Corfield, reached out to us on LinkedIn with the hackathon idea, we said, \u201cLet\u2019s do it.\u201d The MBA students were rearing to go. Author and entrepreneur Seth Godin agreed to be the keynote speaker. RingCentral was more than happy to be gold sponsors of the initiative and provide all the <\/span>M<\/b>essage, <\/span>V<\/b>ideo, <\/span>P<\/b>hone (MVP) collaboration tools needed for the event.\u00a0 Our messaging tools kept the teams could be in constant communication and allowed them to share documents, RingCentral Video allowed people from all over the country to work together remotely, RingCentral also provided our HD business phone solution so they could make quick calls from any device, and we enabled the final event webinar that included hundreds of participants.<\/span><\/p>\n

In keeping with the adaptive spirit of the times, we did this in a matter of days and the energy, ambition, and results were inspiring.<\/span><\/p>\n

In his keynote, Godin recounted the challenges he has faced with the dozens of companies he started. \u201cAlmost all of them hit a speed bump, almost all of them were squeezed, almost all of them had cash flow problems, almost all of them \u2014 at some point or another, hit the wall,\u201d he said. \u201cSlogs [downturns] have another side, that\u2019s what makes them a slog.\u201d\u00a0<\/span><\/p>\n

For me, the University of Washington team\u2019s proposal for <\/span>Cuisinett, a French restaurant in San Carlos, California<\/span><\/a>, stood out the most (and eventually won first prize). Cuisinett has a loyal client base, a strong presence in their community, and real expertise in French food. But, of course, when the pandemic hit, they had to shut down their restaurant. They tried to diversify their offerings and operate like a gourmet market selling wine, gourmet salts, olive oil, salad, and sandwiches to go. It helped, but it hasn\u2019t fully compensated for the loss in foot traffic.<\/span><\/p>\n

That\u2019s where the MBA students stepped in. Not only did their analysis conclude that this new model was viable moving forward, but their projections found that with a few tweaks Cuisinett could outpace its pre-COVID revenue. While dine-in service generates 30-40% margin minus labor (MML) for Cuisinett, a revamped takeout operation can generate about 60% MML. By adjusting their online interface, allying with other small businesses, and coming up with a few new offerings like a wine of the month-type subscription plan Cuisinett can actually be more profitable than it was pre-crisis.<\/span><\/p>\n

\u201cThe MBA students were really good,\u201d Geoffroy Raby who owns Cuisinette told us after the event. \u201cNone of them had restaurant experience, so it was valuable to get their feedback from an outside perspective.\u201d<\/span><\/p>\n

All in all, the event was energizing, and it left me feeling confident that collaboration is the way forward. Not only can businesses help customers, but they can help other businesses push forward in the new normal. I wasn\u2019t the only one feeling inspired by the event, either: we surveyed the SMBs who took part, and they rated the experience a 9.5 out of 10.<\/span><\/p>\n

One of the themes of Godin\u2019s keynote was a reminder to \u201cKeep going.\u201d After watching the hackathon, I know that these businesses and the thousands of others like them have what it takes to persevere in the months ahead. I also know that we will do everything we can to support them.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

RingCentral Sponsored LifeWork Hackathon Spurred Creativity to Help SMBs Thrive Small and medium-sized businesses (SMBs) are the engine of our economy. Not only are they the kinds of places I love to frequent in my own neighborhood, but I\u2019m fortunate enough to work with SMB entrepreneurs every day. At RingCentral we help them bring unique …<\/p>\n","protected":false},"author":29,"featured_media":40186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17901],"tags":[17709,293,17710],"class_list":["post-40185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-leadership","tag-new-normal","tag-smb","tag-work-after-covid-19"],"acf":[],"yoast_head":"\nSMBs and MBA students join forces to adapt to the \u201cnew normal\u201d | RingCentral Blog<\/title>\n<meta name=\"description\" content=\"RingCentral Sponsored LifeWork Hackathon Spurred Creativity to Help SMBs Thrive Small and medium-sized businesses (SMBs) are the engine of our economy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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