BUSINESS GROWTH STRATEGIES IN THE NEW NORMAL WITH COVID-19
WHAT COVID HAS DONE
- Transport restrictions
- Some products took advantage and flourished
- Ban on gatherings – weekly markets
- Social distancing
- Digital showed its real place – FUTURE
WHAT COVID DID
- The 1918 influenza pandemic
- 2008 Financial Crisis
After the 2008 financial crisis, big businesses recovered within 4yrs, SMEs needed 6yrs on average.
SMEs Employ more than 80% of the active workforce
Organisations that survived the pandemic have most or all of the following:
- A very strong reason WHY
- A solid vision
- A healthy balance sheet, very rich in current assets
- Strong NPS – customers are loyal and refer.
- Healthy relations with their suppliers and could renegotiate terms on payables.
- Business continuity/risk management/disaster recovery plan.
- Solid values and culture with heightened sense of belonging amongst the staff.
New businesses & SMEs need to look at how they can built some of these.
WHAT WILL HAPPEN AFTER COVID 19?
Many organizations are going to:
- Work on their business continuity
and risk management plans.
- Review their values and culture.
- Review their values and culture
- Have better working policies for
dealing with their suppliers.
- Put more emphasis on the
experience they give their employees
- Think of future sources of growth.
WHAT BUSINESS LEADERS, BUSINESS OWNERS, AND ENTREPRENEURS NEED TO DO
- Get your WHY right – will drive your vision.
- Back to basics/fundamentals
• Understand the opportunity & industry well
• Ensure the product and customer fit is validated and revalidated
• Be sure of your brand differentiation and articulate it well
- Market-driven go-to-consumer strategy.
- Your processes and systems – WHERE DOES DIGITAL COME IN & HOW?
- Your people should love the place.
- Your risk management matrix – BC.
- Your support system/mentor/BDS.
- Third party support system you can take advantage of: government, development agencies, etc.
ARE YOU READY FOR THE NEXT DISUPTION?
Identify your risks and have a business continuity plan in place.