Strategies to help your business rebound

Findex manager of performance consulting Jeffrey Broughton specialises in strategy and business growth. Here he gives his best ideas for ways businesses can rebound after the Covid19 lockdown.

AS New Zealand downgrades its alert level and we switch from reacting to rebound mode, the next 90 days will be crucial to the future of your business.

Whatever situation your business is in — whether that’s working hard to capture the pentup demand from your customers or wondering if your business model is still viable — you need to have a clear, yet agile plan for the next 90 days.

Here are some ideas about how your business can be thinking strategically over the next 90 days.

1. Leadership

Your people need you now more than ever. Show empathy, instil confidence, stay true to your purpose, act in line with your values and show a clear vision for the future. People will remember and respect you for your leadership during this time.

2. Longterm thinking

All your decisions should be guided by your vision and purpose. Do not compromise what you stand for with shorttermism. Companies who display a strong sense of purpose will forge lasting connections with customers, employees and the community.

3. Rediscover your customer

Throw out the old assumptions and rediscover your customer’s needs, wants, desires and aspirations. A great way to look at this is by applying the ‘‘job to be done’’ framework — what job arose in the customer’s life that causes them to hire our product to get the job done.

4. Think like a startup

Startups are renowned for their ability to rapidly develop, launch and adapt products. You need to think like a startup; test your ideas, measure their effectiveness, learn, then pivot or persevere. The quicker you complete this cycle, the quicker you will find the right fit with your customers’ changing needs.

5. Lean thinking

Be frugal and strip out all expenses that do not add value to your business. But, at the same time, you need to maintain a growth mindset and invest in areas that will increase sales and improve efficiency. Invest in your direct marketing, sales, product development and upskilling your people for the “new normal”.

6. Focus your resources

Competition is fierce, consumers are hurting, and your balance sheet has been depleted. You need absolute focus in your resources. Pick your most promising products and throw the kitchen sink at them.

7. Keep an eye on the competition

How are your competitors responding? What are they not doing? How does your value proposition stand up against your direct competitors? You should also look further afield into other regions (especially overseas) to see what the disrupters and emerging companies are doing.

8. Continually scan the changing landscape

What are the emerging shifts and trends? Which ones will be temporary and which ones will stick? You want to identify the trends that will stick and use them to reshape your value proposition and business model.

9. Build your digital presence

If you do not have a digital presence, then get there in a hurry.

10. Closely monitor your performance

Monitor performance weekly or daily. Know the levers you can pull if your likely scenario does not play out. Go hard and go early.

11. Look after yourself

Eat well, sleep well, hydrate, exercise, spend time with your loved ones, spend time on your passions. Your business needs you to be at your best, every day.

Findex is an approved provider with the Regional Business Partner Network and the Poutama Trust. We can assist eligible businesses to apply for funding towards your Business Response Plan. Contact our performance consulting team today to see how we can help your business.