Your current difficult business situation has not necessarily arisen not from poor management or a bad business idea. You have very likely been subject to the fall out of Covid – a business threat that could not have been imagined just over 12 months ago.
However, the buzzword “the new normal” is very relevant to what we do about changing our circumstances. The way the world does business HAS changed, and by default, that means the way you carry out your business HAS to change too, to remain successful.
Have you embraced any of the new “doing business” concepts that have already evolved during the Covid era? Things like “work from home”, “digitize your business” and reviewing your “product mix” are all concepts that have been proven globally to help business survive.
Securing your company’s future should also follow a two-step approach – Phase 1 is about business survival. Your primary objective during this phase should be to focus on cash flows. Business cannot operate without cash, so every bit of your management attention should be driven towards this – introduce strategies to reduce payroll cost, [try be fair, but payroll is normally the biggest cost consideration to an SME], to reduce overheads, to keep sales turnover flowing, [even at reduced prices]
You need to have your business intact, if you then want to move onto Phase 2. Here you will strategise how you can grow the business and return to profitability.
This process is far tougher then it even would have been pre-Covid. But you must start somewhere! A recommended approach is to establish and review what your business plan was Pre-Covid. Then build a post-Covid business plan, and now you can strategise how to pivot your business to the “new normal”
Use traditional business strategy tools, like SWOT Analysis, Business Model Canvas, the 4 P’s, and others, to identify how you can implement a rapid turnaround strategy.
A journey of a thousand miles starts with one step! Good Luck
If you would like help with your Post Covid Business Turnaround strategy, The Business Guru offers a structured, template based, guided Program that can help accelerate the pivoting of your business
Contact Us to see how we can help.