Tough Decisions Made Easy
“I will deal with it next week”
A phrase we have all thought and said, probably multiple times. Whether it be a commitment to get fitter and healthier, clean out the fridge or wardrobe or address those tough changes that we know are needed in our business. We now have no choice – Business reinvention is needed now.
COVID-19 has helped make some of these tough decisions easy. Our lives changed overnight forcing reassessment and a need to find new ways of functioning – both personally and professionally. Social distancing and isolation meant face to face contact as we knew it, was a thing of the past. We needed to find a new way to connect with our family, friends, customers and clients and a new way to get our product and services into our customer’s hands.
There has been a lot of commentary on businesses needing to pivot, re-engineer, go digital, cut expenses, lay off people or add a new channel/product or service. All very valid, but the reality is that many of these decisions were needing to be made before Covid-19 was a thing, and we were finding all the reasons in the world to not make them :
- “No time to think about it”
- “X is a major sales generator – I can’t do without him/her”
- “I’m an old school operator and have no interest in digital”
- “Of course I would like more profit but I am not losing money and life is good”
- “I don’t care what my competition is doing – I know this industry and my business”
Do some of these sound familiar?
Eight weeks ago, this commentary, whether true or a form of procrastination, became redundant. Reinvention is no longer a fancy nice to do, it is critical and these tough decisions, whilst challenging, are no longer unclear.
It is now black and white, we have to change, adapt and reinvent and we have to do it now.
Over the last 8 weeks or so, we have been through the panic, a period of paralysis where we have not known which way to turn and now a sense of calm as we know restrictions are relaxing and life is moving to the new norm. We all need to define what that norm will look like for our businesses and build the plan for consolidation, growth and success in this new marketplace.
“There are a few simple principles to stick to as you redefine your business”
Simple To Do List
- Be calm and considered – Clarity will lead to focussed efforts and in turn profit
- Make sure you are crystal clear on what your brand represents – your single, differentiating brand promise. That one thing that you will be known for and will deliver over and over again
- What is your product or service offering?
- Are there products or services missing that would better service your customer’s needs?
- Do you have products or services in your business that are not adding to:
- your brand message
- financial performance
- How do you :
- Connect to your existing customers
- Attract new customers
- Can you confidently say you are delivering on your promise every time a customer interacts with you?
- Make a list of all the “stuff” you are currently doing/offering and the roles/functions and systems that do not support your focus. This is the list of tough decisions to be actioned now!!
It is easy to write an article like this as an outsider but believe me, I get it. Business can be very personal – people and products that we have created and nurtured, systems and processes that used to work are now irrelevant. Change is tough but it is what keeps us growing and moving forward and now as we look like moving into ‘post Covid mode’, there is no choice.
Prepare your business to thrive and you might even thank Covid-19 for forcing you to act on these vital decisions 🙂
Reinvention has never been more important.