It’s stating the obvious to say Covid will have impacted your business- but have you stopped and stepped back to re-evaluate and reassess. Usman Iftikhar is the CEO of Catalysr, who says
“Operationally, it’s really about asking yourself whether COVID-19 has impacted your business model or the problem that you’re trying to solve,” he says. “Has it changed the context in a way that is permanent, or temporary? It’s really important to distinguish that.”
In order to reassess it – you virtually have to go back to the basics (yep the dreaded business plan).
- Is your business still able to solve the original problem you set out to for your customer as when you started your business?
- Has your customers behaviour changed?
- Has the business changed in communicating to clients.
- What limitations/problems has Covid19 presented that has made you change the way you do something in your business? (eg.supply issues, shop closures, stopped marketing because of less sales etc)
- Think about the future of your business (and for argument sake imagine Covid19 will still be in the picture) do you need to expand/pivot/abolish aspects of your business services/products?
McKinsey described five qualities that will be critical for business leaders to find their way to the next normal: resolve, resilience, return, reimagination, and reform. The same is true for businesses of all sizes just on a different scale.
The buzz word is Pivot.
Pretty sure this is the buzz word for business at the moment. The truth is clever businesses that are on the ball would have been doing this prior to Covid19. Lots of businesses have said they “pivoted” to more of an online/digital experience for example. Once you have analysed your business again you need to seek the opportunities there are in each of the challenges your business faces.
Dorry Kordahi says “Be decisive and make the tough, bold decisions, this isn’t easy, and you won’t please everyone, but don’t procrastinate or dwell on the negatives. And don’t wait – these lost days, minutes and dollars could be the difference between sustaining your business or losing it all.”
A few people have contacted me and they are fixated on the negative which then means they are often blind to new opportunites that they may have in their business. They are fixated in the blame or why me game. Through adversity and hardship people are often able to find better ways of doing things not just in business but in life generally. A great article about this in a general sense if found here at Forbes Brent Gleeson, some of which are applicable to managing your business too. Let’s think about your business for a second- are you merely “hanging in there” with no direction? Accepting crumbs instead of the whole cookie? Forgetting that you could add more to the cookie?
If this is something you are struggling with reach out– no obligation to work with us- but our insights and assessment might get you out of a rut!