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23 Jun CEED Global Leaders Talk: Looking to the Future with Riccardo Illy
In the latest series of CEED Global Leaders Talk, Riccardo Illy of illycaffè and Polo del Gusto answered the questions: what will a post-quarantine world look like and how can business leaders prepare?
Use this opportunity to review your business strategy and operations
Illy spoke about some of the macroeconomic challenges coming out of the pandemic and current recession, such as inflation in the short term but deflation in the long-term affecting abilities for governments and companies to pay back debt. He addressed how Illy Café and Polo del Gusto had to shift their business model during the pandemic to expand the retail and e-commerce business channels as opposed to selling through restaurants or the hospitality sector. Mr. Illy proposed that this economic decline and recovery will look something like the Nike swoop symbol, a steep recession followed by slow but steady growth.
Illy answered pressing questions from CEED entrepreneurs
Entrepreneurs from CEED centers in Macedonia, Kosovo, and Slovenia asked questions about how they could adapt their businesses for the future. He suggested businesses and entrepreneurs need to be making strategic changes not just to survive the immediate crisis but to succeed in the long recovery ahead. Illy also stressed the importance of training and developing talent, stating the COVID-19 crisis has revealed that “training and education is simply indispensable.”
“Offers solicit demands”
Finally, when asked his opinion about refocusing from this year’s nearly hopeless tourist season to other operations, Illy encouraged entrepreneurs to be hopeful and stay true to their business’s core competencies wherever possible.
Click here for a full recording of the call.