Prepare to Thrive…
There is so much noise at the moment about what is right, wrong, when to do what, and how to do it.
There are some businesses thriving and some preparing to thrive…..it is preparing to thrive that I am excited about and there is no better time than RIGHT NOW to be planning your “post covid” resurgence.
So, how do we get that magical balance right…..?
The mix of making quick “survival” decisions and ensuring we have a smart, robust and profitable business model ready to fly when the “fog lifts”
Firstly : We need to make sure the financial foundations of our business are healthy – expense allocation needs to make sense and needs to be lean. Unnecessary costs should be removed and we should be pretty clear on the core activities that make the most money and align best with customer needs and wants.
Secondly : What did we learn during this lockdown period? What are our strengths and what do we need to do more of? What opportunities did we identify to operate differently? And, what new products or services might be worth adding to our future offer?
Planning to move forward is a combination of a lean and focused mentality and an awareness of lessons, opportunities and willingness to change to grow.
7 Tips to Reinvent Your Business
So, here are my tips on 7 questions you need to explore within your business :
- What do you and how are you different from your competition? The market is competitive so you need to have to have a customer promise that you can own, one that will give the customer a reason to chose you over their many other options.
- Will you will deliver on that promise with every single interaction the customer has with you? Is your entire business aligned to that promise?
- Do you have a compelling online presence? Can your customer access your product or service online? Is it easy? Is it engaging and is it attractive?
- How are you delivering your brand promise and customer experience online?
- Do you know and I mean, really know your customer.…what does she love about your brand and more importantly, what does she love about your competitors brands (big learning piece here)….when was the last time you spoke to your top 10 customers and asked them for feedback?
- Are you profitable? Do you know your breakeven sales or revenue number?
- And, the big question….what are you currently doing and what costs, processes and beliefs are in your business now that are not aligned with points 1-5 above? This is the stuff you need to stop and redirect your energies and expense elsewhere
Once you know the answers to these questions, you can quickly devise a focused and clear roadmap forward. Without this detailed thinking and clarity, you are at risk of :
- Not having the necessary focus to rebuild quickly and profitably
- Missing the many opportunities being presented to us all right now
- Morphing back to doing what you were doing before and one thing we know for sure, the business landscape will be different.
How Healthy is your Business?
If you want to get a quick gauge on the health of your business right now and perhaps where it needs some love, click below and answer 7 simple questions.
Keep this info for yourself or fill in the contact details and we can have a quick chat to see how I might be able to help.