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
Quarantine
WHAT COVID DID
The 1918 influenza pandemic
2008 Financial Crisis
Covid-19
After the 2008 financial crisis, big businesses recovered within 4yrs, SMEs needed 6yrs on average.
SMEs Employ more than 80% of the active workforce
RESILIENCE TESTED
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 and customers.
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.