Business Growth Strategies: Helping You Thrive in a Changing World

There are factors outside of your control that will impact your business. These are often localised and specific to you. That has all changed with COVID-19. This is one of those universal events that will force many business owners to think differently. Changes that could have a lasting effect on what you do and how you do it.

I suspect you’ve had a range of emotions during the lockdown. You will have thought about the ‘what if’ scenarios and gone through several stages in your mind.

Finding ways to keep your business going, even preserve what you have so you can come back and start operating again. Using the resources that are available to you from the Government and our banks. Remaining intact, resolute and determined. Finding a way to manage your business through this crisis.

Thinking about when lockdown starts to lift. Getting everything back to normal. You bring the focus back to yourself, your team and your objectives. Restructuring and refining as you go. But you need to make sure you are building a business that is sustainable in this climate. You need to think about the ‘why’ for your business. 

You embark on getting your business back together. Breathing new life into your operations, reconnecting with customers, suppliers and your people. How you tackle this should be based on the answer to your ‘why’. The reason you are in business and what you are doing.

But there is one further stage. You will need to investigate the fundamentals of your business and how you have coped with COVID-19. It’s the one area that will help you not only revive your business but ensure you thrive.

This is about taking on board what you have learnt throughout lockdown. It’s not the event itself but more about the way you think and react. You have an opportunity to reimagine your purpose. Ask yourself the ‘why’ again. Fundamental questions that can give you a new direction.

• What will your new shape look like?
• How will you be defined?
• What is your 'why'?
• How will you reimagine your business?
• How will you surprise?

These are searching questions that need to be considered in more detail. You need to generate ideas for how you look at your business, think about innovation and creating a new roadmap. 

If someone had said to you 6 months ago that working from home (WFH) will be the new normal, you probably would have dismissed it. And yet, here we are, several months down the line and many people are WFH. A situation that looks like it will be how we work for the foreseeable future.

Can you think back to why you started your business? It’s a good starting point and a great way to evaluate if it still applies today. Look at how the world has changed and how this has affected your ‘why’. Now is a great time to pivot your business and reevaluate your business growth strategy. Look at your products or services and consider how to deliver them in a changed marketplace.

With every change, there are new opportunities. It will depend on your mindset but if you embrace what is happening you can start to innovate. Look at your business and think about doing things differently. Take a new and fresh approach. But start small, don’t think about what you do in total, break it down into manageable chunks. 

Social distancing could be the new norm. Just to survive you will need to adapt because it’s likely to be with us for a sustained period. Businesses are already operating from a distance using remote conferencing, training and servicing. But this isn’t just about incremental changes to your business model. It’s about being more radical in your business development plan. 

Let’s look at the sales process. Rather than driving up and down the country for sales meetings, why not conduct these over video conferencing. Maybe have a bi-monthly or quarterly face to face meeting with lunch included. 

Product innovations could be accelerated in our new world. There is already talk of electric cars increasing in popularity. The reduction in emissions has been noticeable over the lockdown period and there is a desire to maintain this. The Government will have a part to play. They are already making announcements such as investing in more charging points across the county, which has been a barrier to take-up.

Walking or cycling to work. This is also being actively encouraged and will generate opportunities for business. Not just in the cycle itself but for clothing, storage and security as well as the whole infrastructure of cycle routes. Remember, it’s about understanding the ‘why’ and what you do to deliver this that you can take into future developments of your business plan.

Think of innovation as creating the business you need to become. A way of transforming your business into what it could be. It’s something that everyone can do. You just need to be brave, remain focussed and think laterally. Build on your strengths, look at what you already do well and are good at delivering. Then use this to redefine your business strategy.

You need to be targeted. Innovation can be applied to a product, process or be marketplace driven but it’s not about innovating everything you do. Consider your products or services and how they might change. Your marketplace, consumer behaviour or values could be different. Once you have identified what you need to do, think about the skills, activities, products and services you need to bring to the market. 

This is where you can surprise. You will have reimagined your purpose, the ‘why’ and sought a new direction. If you get the delivery right, you will have a successful business strategy and business development plan. Something that will pivot your offering and ensure you thrive with whatever comes next in our new world.

Have you thought about pivoting your business, maybe you are already doing this, would be great to get your thoughts?

If you would like to talk more about business growth strategies, get in touch today by calling us on 01865 238100 or through filling out our online contact form.