Steps to help your business thrive post ‘The C-Word’!
As everyone will probably agree, we are incredibly lucky to be in this part of the world. However, the fact remains that we are all now left to pick up the pieces, reassemble our lives and build back up our businesses to whatever ‘normal’ looks like now for you.
But here at Bizdom, we don’t actually believe in just settling back into any sort of status quo. No our mantra and ingrained modus operandi is always to THRIVE! And we want that for your businesses too.
So how do we make that happen?
Looking Back to Look Forward
The move through the alert levels of our recent past has put us all through three very distinct phases with the final step seeing us now in phase three…
Phase 1: Reaction
This phase started when it became clear that COVID-19 was a serious health issue and the Government announced the ‘lockdown’ and associated restrictions on businesses and the wider community. Overnight, businesses were forced to close, employees had to work from home and many companies were dealt an instant and potentially terminal blow. Orders were lost and spending was slashed as we all tried to make sense of the impact to our businesses.
Phase 2: Respond
As the initial storm cleared, the extent of the damage began to become apparent. We all began to take the steps to help our business survive: companies began to apply for the grants and loans made available and we found new ways of working and communicating with our employees, suppliers and customers.
Phase 3: Return to Work
Businesses and people have now all returned to work but the business landscape has now changed immeasurably. We have all experienced new ways of working and communicating which helped us through the lockdown phase and are also helping us to rebuild our business in this Return to Work phase.
However, the fact remains that we are now dealing with a vastly different world. Those that fail to plan and adapt will face unforeseen challenges and costly surprises. Now is the time to start to think about and plan how your business will emerge from this crisis.
Plan to Thrive
Below are seven steps every director needs to work through to help your business thrive in through our economic recovery.
Step 1: Adapt your business model
This could be a once in a life-time opportunity to re-design your business. Before you re-build think carefully – What type of business do you want? What problems will your customers want solved? And how can you solve them?
Step 2: Manage your cash-flow
Maximise your cash-flow. Cut or reduce all unnecessary expenditure at this time; take advantage of grants and loans if you need them; look for creative ways to sell and generate income and sell with compassion.
Step 3: Build a ‘people’ plan
Your employees returning to work may be more challenging than you think. Are they ready, willing and able? What arrangements will you have to make in your workplace to provide for social-distancing requirements? Prepare a ‘work from home’ policy and a policy on what would happen if any of your employees become infected with COVID-19.
Step 4: Re-write your marketing plan and keep marketing
Keep marketing otherwise you run the risk of becoming invisible. But change your message and be compassionate. What does your market want to hear and what do you want your message to say about you? You will have to adopt new channels, and digital will almost certainly have to play a bigger part. What new skills do you need to learn in the meantime? Whatever marketing you decide on, you will have to double your efforts and expertise.
Step 5: Strengthen your existing relationships and build new relationships
During this crisis, many people have realised the importance of good relationships. Plan to strengthen relationships with your customers and prospects, with your employees, suppliers and partners. Think about the gaps in your relationships: plan the new relationships you need to cultivate.
Step 6: Write a customer service plan
Winning customers and keeping them will be even more challenging than before. Set new levels of expectation for your customers, work out what you need to do to go above and beyond those expectations.
Step 7: Write a 90-day plan
Write a plan for the next 90 days. Things are too uncertain and fluid to plan beyond that. Be clear about what you want to achieve 90 days from now and write down your plan and actions to reach it.
Visit our Business Seminars page here to join one of our upcoming events or contact us to book a one-on-one planning session to help your business thrive.