One business leader recently likened himself to a wombat who hesitantly pops his head out of his burrow to inspect for danger before allowing the other wombats to emerge.
The return to work has begun, albeit slowly and warily. Business leaders know that the office they are returning to will not be the same office they left back in early March. In fact, it will never be the same office again. It would be foolish to ignore the heightened sense of anxiety that accompanies this. While there remains a myriad of issues (economic, physical and mental health related) to deal with upon our return, businesses should first look at their strategy to help them make a successful return.
So how can we plan for the unplanned?
With enough strategic foresight, businesses leaders can define how entrepreneurial they are and not let good ideas go to waste. Drawing up a plan for your exit into the “new world” should include the key parts of your offensive and defensive business strategy.
1. Your Cash
What are you doing defensively with cash right now? In early April BRM hosted a webinar titled “Where to now for commercial tenants”. One of the main take aways from this conversation was the importance of understanding your cashflow and asking those strategic financial questions about your business. Without knowing this information, it will be difficult to plan properly for your return, as most things HAVE changed.
2. The Financial Impact On Your Business
The JobKeeper program has undoubtedly contributed to a sense of calm over the past few months. However while it has lessened the immediate financial stress, businesses need to be thinking strategically about how they will trade out of this crisis. Which areas and people in the business will be impacted the most? Who and what is most valuable right now? Understanding the position of debtors and suppliers will also help businesses pave their way for the immediate future.
1. What value does your business provide?
When the chips are down it’s a great opportunity for businesses to identify how and why their service can add value. While businesses around you are suffering, and even disappearing, this is a chance to re-visit your business model and identify which areas are working in the current climate. Your strategy should be based around these areas and push them to work in your favour.
The business leaders who have remained proactive since the start of this crisis are those who have recognised opportunity, in whichever form, to emerge from their circumstances. They already have ideas in the pipeline and are prospecting. Who will benefit from your business proposition upon the emergence from COVID? Are their new target audiences to identify?
Another area to re-assess is your marketing strategy. As your focus shifts to different areas in your business, so to should your marketing. Perhaps you will need to build an entire new strategy, or adjust certain elements of your marketing campaign to appeal to different target audiences. Right now, where you spend your money is paramount so make sure it is in a way that furthers your “value add”.
The defensive and offensive part of your business strategy is used as a “sharpening tool” for your businesses who wish to find their strategic competitive advantage. The points mentioned above are a general guide only and cover a small part of the strategy. It is necessary for you to identify your own competitive advantage right now as it can make all the difference on how your business performs when it emerges from its COVID burrow.
Watch BRM's free webinar on leading through COVID-19 to learn more about business leaders are preparing for the 'other side' of this crisis.
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