And yet Covid-19 has levelled the playing field for all businesses. This field leaves a window of opportunity for those who are quick to deliver what customers need now. Over time these needs will evolve to become the new ‘normal’. The old ‘normal’ has gone. So too will the well established businesses of the past that fail to change to this new 'normal'. These are exciting times for agile businesses with owners and leaders who are nimble and eager to grow.
What to do?
Check your business is still relevant.
Review your vision for the future, the purpose of your business, involve your people in planning the changes you need to make. Communicate this widely including to your present and future customers and the community.
Protect your people’s jobs and their dignity.
Understand every person’s contribution they make to your business and search out competencies they have that you are not currently using. These may provide opportunities for future growth. Team up inexperienced with experienced people to build resilience and provide opportunities for personal growth. Look for gaps in skills you need to grow your business. Where someone must be let go, find them future employment that meets their career aspirations.
Understand your customers.
Talk to your customers and check what they need, and how that may be delivered in a contactless world. Look for potential new customers with similar needs to target your marketing and sales efforts.
Simplify your product and service offerings.
Move rapidly to efficiently deliver products and services that customers need now. Focus on those products and services that will replace the bulk of the revenue and profit you achieved prior to Covid-19. This may mean that many unprofitable products and services are dropped.
Secure the resources you need for change.
Prepare a budget for the planned growth in your business. Look to the Covid-19 relief packages being offered business by government and the banks. These significantly reduce the financial burden at this time. Look to your shareholders for any additional funds you need. Get a mentor and or advisors to help guide you through this period of growth.
If you operate in New Zealand, Business Mentors has waived the cost of making applications for a free mentor during Covid-19. Also New Zealand Trade and Enterprise has established a Covid-19 Business Advisory Fund that pays for an advisor to help you grow your business. This is accessed through the Regional Business Partner Network.
In these uncertain times you need the best help you can get, and especially as you transition your business to the post Covid-19 world. There has never been an opportunity like this in our lives. You may not get one again. Don’t let it pass without seizing the opportunity.
Note: Google chrome users will need to install the RSS extension
Michael posts on topics relating to organisational growth and excellence
Sign up below to receive my future posts and offers