It ain’t over yet…

Many of us feel that the threats of COVID-19 are mostly behind us. I see it differently. With the recent outbreaks in Victoria, parts of NSW (in Australia), and in various other parts of the world, I believe that this lull that we’re feeling is just the eye of the storm. It’s a calm moment, yes, but it is certainly not over yet. 

As a business owner, if you’ve managed to hold it together until now – congrats to you. But I don’t believe this is the time to put down our guards, and continue as before. Business will not be the same . I’m now hearing the words “the new normal” on a daily basis, which means – it is what it is. This New Normal is something we need to quickly adjust to, to enable our businesses to survive and thrive through this, and future Black Swan events. 

Now is the time to look at our businesses with fresh eyes, and examine where we:

1. are now. What impact have we sustained, and what can we do now to minimise future similar impact? Cut costs? Scale down? 
2. will be next. What changes do we need to apply in the near future (next 3-6 months, or maybe a year) to make sure we survive that long?
3. will be in the future. How do we adjust our way of doing business, and continue to expand and grow in spite of what else is going on in our market or industry?

Examine the Now

Review costs – cut out all unnecessary recurring expenses. Review suppliers arrangements, and see what’s essential and what isn’t.

Review your industry – how are your competitors coping? Are they doing anything differently? Is there something they’re not doing, and you think they can / should?

Review your house – Check in on your employees. Uncertainty is difficult for everyone. This is a time to rebuild relationships with the ones who stayed with you. Even with the ones you had to let go, or reduced their income, to make sure you’ll be prepared to bring them back when the time is right.

In your review, you may want to re-examine who’s doing what, and maybe look at doing things in a different way, reassign tasks and roles between the existing staff members. 

Plan for Next 

What’s on offer – how can you make your customers’ lives easier. What else can you offer, outside of your current business? Can you offer your service in a different way? Maybe with less need for physical contact? Online portal for ordering, or better delivery system, or pick up options? Creative thinking is key here.

Nothing is set in stone – The way you currently do business, feels comfortable and known. “This is how we always done it” you may say. Think about those habits with the fresh look, as if you’re the customer. Because if you think about it, you buy more products and services than you sell. Put your Customer hat on, and think like they do. Then change accordingly. 

Reprioritise – Various projects now aren’t as important (or viable) as they used to be. Keeping to the original timeline may not be applicable anymore. Keep an open mind, and re-shuffle projects, both internal and external ones. 

Keep in touch – now, more than ever, people feel isolated and alone. Clients, employees, suppliers and business partners (in short – people) are working from home, or rotating in their offices. The streets are empty, and can get quite eery at times. People need to connect, in whichever way possible. Zoom, GoToMeetings, MSTeams, WhatsApp Video, FaceTime Video, and other platforms are available for that connection. Phone calls aren’t enough. We need to see each other, as often as possible, to maintain our connectivity. Stay Connected. 

Advertise – you’re not alone here. Your competitors are likely to be suffering too. When everyone is cutting costs, cutting your business developement costs may seem to be a good idea, but it isn’t. When everyone is suffering, you need to stay top-of-mind with your existing target market, your existing clients, and potential new ones. This is the time to cut every other cost, but not costs related to generating sales. Another note re-advertising. Be creative. Now more than ever. Be bold, and memorable. It will pay you back in spades. 

Create your future

The best way to predict your future is to create it.

Abraham Lincoln

In the past few weeks, I had a couple of conversations with mates, who wanted to know what they should do differently. How can they create a future, much more stable, yet flexible than the present. Those mates come from very different industries (Travel and Construction), but their challenges are quite similar. 

We’ve looked together at various options, but one option really stuck to both their heads: EXPANSION. 

Diversify – there is a common belief in specialisation. Focus – on your core offering, on your core market, on your core strengths. I’m all for focus, but it’s not enough. Breadth is the new focus. Expand your product offering. Expand your target markets – who else is likely to buy / use your products and services? Go there.

Integrate – Look closely into your supply chain. Can you integrate, and gain better control over your supply chain? Move up and / or down? Buy a business up or down the chain, which can add value, and provide leverage? If you can’t / won’t buy another business, how about merging with a bigger / complimentary business within your supply chain. You already have the relationships, you just need to begin exploring these options. 

OPM – Use Other People’s Money. Consider a plan to bundle a few businesses together. You can use banks’ acquisition lending, private investors, or Private Equity firms to facilitate an inorganic growth strategy. It’s been done before, so why not giving it another thought?

Now is the time to start looking into the bigger picture, and create a better future for yourself. Necessity and difficulties create opportunities. You just need to act on yours. 

Put your name in the comments below, for a 30 minutes video discussion, if you’d like run some ideas past me. No Charge, No Obligation. Just help. 

Originally published on Linkedin