Adapt Your Business to Your New Reality – Move Forward & Grow
Now is an uncertain time for businesses worldwide. Business minds have treated the pandemic as an opportunity to develop creative solutions. Many innovators have transformed their COVID solutions into innovative business ideas which can become long-term revenue enhancers.
So, the first thing you need to do is determine if your lockdown products/services represent lasting solutions. Ask yourself, are the offerings bought by your customers during lockdowns going to be in demand for the coming years?
Innovations created in response to specific, urgent, and significant problems become lasting revenue producers.
Building on existing trends.
- Are you performing/producing your existing business lines but in new ways?
- How did you change to survive during lockdowns?
- Is there more of a market for those products/offerings than your pre-pandemic business lines?
Doing your research.
- What are your strategies for matching both current trends and projected long-term trends?
- What long-term changes do you need to make if your current strategies are working to continue your “pandemic” success?
- How have your customer behaviors changed as a result of the pandemic?
- What improvements are required to turn your current trends into long-term customer satisfaction?
Identifying your long-term market.
- Do you know who your priority customers are?
- Are you monitoring their behaviors weekly?
- Why did they move to your” lockdown” products/offerings?
- Have you asked them why they are purchasing current vs. pre-pandemic business lines?
- What is the potential market for both your current and pre-pandemic lines in the future?
- How do you know that your pandemic lines will continue?
- What combination of current pandemic and pre-pandemic lines presents the most excellent possibility for growth?
Focusing on your customers.
- Have you adopted a customer-first mindset?
- What have you learned about your customers?
- How are your “lockdown” business lines meeting your customer’s needs?
- Did you thank your customers for remaining with you through lockdowns?
- Do you have methods for “staying on top” of customer behaviors?
- Are you listening to your customers/clients and finding ways to serve them?
Redefining your business model.
- Are you collecting data to shape your understanding of the demand for your business lines?
- How will you need to adjust your business for the next six months?
- What will necessitate change? Suppliers? Operations? Marketing?
- Will, you be able to sustain current revenue levels?
- Are there growth opportunities?
- Have you defined how your organization represents and delivers value?
Pivoting your resources and processes.
- What is happening in your industry?
- Are their new competitors?
- Is your forecasting being updated and modified in real-time?
- Are you informing human resources of policy changes?
- How will processes be modified to meet your projected revenues?
- What essential resources and processes are crucial to delivering your offerings for the next six months?
- Do your employees feel safe and are encouraged to maintain their mental and physical health as your business objectives?
- Are you introducing efficiencies into your organization?
- How can you maintain flexibility without losing your capacity?
- Ask each team to identify practical tools to improve efficiency?
- Are you communicating your appreciation to your employees for their willingness to contribute to shared goals and objectives, evolving as data becomes available?
- Are your real-time data feeds, customer analytics, and quick response cross-functional team in place?
- Is your cross-team empowered to continuously monitor and adjust resources, processes, projections, and budgets?
- Do your employees understand your recalibrated goals and their role in contributing to those objectives?
- How are you motivating your people to perform at their best during this period of uncertainty?
- Are you sharing a clear vision of your expectations and how you are driving change using real-time data?
- Are transparency and empowerment consistently communicated to your people to build a robust collaborative organization?
- Are the cashflow team and your growth teams sharing information to ensure healthy finances?
- Did you designate a contingency fund to protect your organization from unplanned negative occurrences?
- Are your teams collaborating to blend your operation into a cohesive, streamlined, efficient, but flexible unit?
Accessing growth opportunities.
- What data have you collected to support your revenue projections?
- How have you identified business opportunities that are likely to grow in the next year?
- What are your projections for your pre-pandemic offerings?
- Have you developed plans for both opportunities, but also contractions of your business lines?
- Are your revenue projects properly labeled as boosting, contracting, being displaced, or sustaining?
- Do you have the data to project each product/service?
Make sure what you are creating has flexibility. Be ready to accommodate shifts in customer demands. Evolve to cater to customers/clients’ wants without organizational overhaul.
Pivot when your data indicates that is necessary. Get comfortable letting go of what doesn’t work. Evolution is where the magic lies.
To thrive, rally your teams around your goals and be prepared to produce rapidly following your data. If you’re able to solve problems faster, tap into your people’s collective creativity and keep your customer at the heart of decision-making.
The effectiveness of your planning and execution will determine how your organization grows. Move from a reactive mode to planning and developing your successful organization.
Plan! Adapt! Manage! Succeed!
How to win BIG! Contact AccuComp Enterprises CFO team.
They know how to help you grow!
Learn more by chatting at: https://www.accucompenterprises.com/lets-chat/.
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