As we look toward a post-pandemic and post-Brexit future and furlough winds down, many businesses are being redesigned with a renewed focus on resilience and competitiveness. Business owners can turn the tables on the adversity of the global health and financial crisis by rethinking their business.
Everyone in business has faced colossal challenges over the past 18 months. The pandemic and subsequent lock down measures resulted in a reduction, if not a total halt, of customer spending; disruption to supply chains; reduced availability of goods/materials; and retrenchment of staff. Coupled with this, the significant force of the pandemic pushed through widespread change at a scale and rate not previously seen, but suddenly deemed essential for business survival. As a result, many have had to radically rethink how their business operates as well as rapidly embrace technology investment, sooner than perhaps otherwise planned.
Driven by necessity, many have taken the opportunity to reimagine their business; to ensure it’s fit-for-purpose and robust to face the new environmental and social realities. If you’re yet to start, here are several areas you may want to consider:
1. A rethink of your business’ reason for being
The external operating environment has dramatically changed; is your business still relevant? Does the reason it started and what it stands for still ring true? Is there still demand for your product/service or has the market shifted requiring you to now adjust or diversify? Taking stock of the external environment, your competition, and where your business ‘sits’ is always a worthwhile exercise, perhaps now more than ever.
2. Who, how and where your employees work
The pandemic resulted in a paradigm shift in attitudes towards remote working. In lightning speed, it shifted from the exception to the norm and virtual working became a necessity. Business owners are now in a position to choose what the future of working looks like based on how their people work best. Across all sectors, difficult decisions have been made by business owners regarding which jobs are essential and for some that may not yet be over as businesses continue to adjust.
3. How to rebuild your revenue
Industries such as events, restaurants, sports, the arts and entertainment were forced to reconsider their revenue profile. For these and for many other sectors, it’s essential to connect with your customers and gain a renewed understanding of what they will value post-pandemic and align your business, products, capabilities and customer experiences accordingly.
4. How to adapt your operations
You may have had to make wholesale change to your day-to-day operations when social distancing and hygiene rules were in force. Perhaps your supply chains were impacted leading you to re-look at your ecosystem and consider new collaborations. Necessity can be the master of invention and so your ‘on the run’ adaptations may be here to stay. It’s fair to say, that having a positive attitude towards change, maintaining business agility and embedding resilience will be key to future operational success.
5. Accelerate your move to digital solutions
The pandemic accelerated the shift to digital. Businesses were quick to embrace the digital opportunity with some exceeding themselves in terms of online engagement and outreach. Maintaining that level of engagement will stand them in good stead; but it’s not too late for any business currently feeling left behind, however now is the time to be bold.
6. How are you going to grow
For business owners looking beyond survival mode, investment can be a powerful tool. If you’re thinking along these lines, we’d be happy to chat to you about your plans. We don’t offer financial advice, but we do specialise in helping business owners grow, develop or diversify by providing the funding required.