When faced with major disruption to normal business activity, its challenging to have the head space to plan how to reshape, rebuild and renew your approach. The time to act is now and by following these 10 steps your business will emerge stronger.
Periods of change and uncertainty such as we currently find ourselves in, undoubtedly lead to the need to take a step back, reflect and then consider what’s coming next for our businesses.
For many the pre Covid-19 approach to managing and operating, no longer seem valid as how we do business once the economy opens, will be governed by yet unknown factors.
The need to adapt operations, adjust commercial tactics and re-engage team members working remotely, will come to the top of the management agenda to ensure the business recovers when consumer confidence grows.
Here are 10 practical steps to help structure your planning:
1. Business Planning
A detailed plan of how you aim to move your business forward, will initially be an investment of time, but a great way to refocus on what’s important to achieving a successful recovery. Be clear on your purpose and what your value is.
2. Customer insight
Do you have a clear understanding of what motivates most important customers? Why do they buy from you instead of your competitors? Since lockdown began in March we have all adapted our buying habits and will continue to do so as the new normal continues. Knowing what makes your customers tick will enable you to adapt to their new needs quickly and gain competitive advantage.
3. Value Proposition
What is it which makes your products or services unique or better than the alternatives customers could buy? As the expected recession kicks in during 2020, customers will be looking for greater value, when making their decisions to purchase balancing price over quality. Engaging an independent viewpoint of what your value proposition is, will present new opportunities for your company, you may never have considered.
4. Product Differentiation
- What makes your products unique?
- How do you convince customers you’re a better value?
- Have new companies stollen past clients?
Giving customers a unique reason to buy, will give you a head start to winning more sales.
5. Marginal gains
With budgets under pressure, a companywide review of efficiency is the best way to secure savings and minimise the need for more drastic action. Challenging the whole team to consider what they can start doing better, stop doing if its not adding value or continue with, will yield small adjustments to reducing costs which together can make a noticeable difference to your profitability.
6. Upgrade your Marketing
Don’t have the best products or services no one has ever heard of. But do make sure your marketing plan is communicating your business value clearly and through the channels your customers use. Make sure your marketing team understand your business plan, value proposition and who your most valuable customer are, so they deliver a positive return on your spend.
7. Employee engagement
Making your employees your company’s biggest fans, is a sound investment. With the uncertainty around virtual working, furlough and returning to the workplace under new working conditions, its more important that ever to focus on communication and employee engagement, to retain great staff for your future growth.
8. Sales development
Analysing your sale performance data is an important step to reshaping your securing potential for success. Do you have a high performing team, who are strong on conversion? Does your marketing deliver the right level of leads to match your sales targets? How do you nurture and manage your sales pipeline to minimise lost business?
9. Project management
Investing in dedicated project management support may appear to add cost, but will often be the best money you spend. Having support to scope, track and manage the project schedule and budget will give any project a greater chance to come in on time and budget without also adding additional pressure to your team.
10. Commercial and financial insight
Embedding a culture of measuring the return on investment of any spend across your company is a great approach to financial planning, Using the data within the business to monitor and measure performance against your business plan is a sure way to maximise returns and grow a sustainable financial base from which to build.
