As business owners, we might feel like we’re in the ‘Last Chance Saloon’ right now but not if we start thinking differently. We can get through this if we change our mindset.
But, before we get into the ‘how’, we need to look at the ‘why’. Let’s go back to last year when Covid-19 took over our lives and threatened our businesses. Why didn’t we see it coming?
Maybe it’s because, as business people, we’re natural optimists. Or, as problem-solvers, we find a way to deal with most challenges. Perhaps, more likely, it’s because we never really think the unthinkable.
Okay, yes we plan for risk and make our forecasts, but, this is exactly why we need to change our perspective. It’s ‘make or break’ time for our brands.
We have to think round corners to make sure that the global pandemic doesn’t destroy our livelihoods.
So how can we do this? There are two topics below that will challenge your thinking.
Topic 1: Time to diversify?
One thing you can do is change your offer. It’s a risky move but diversification can lead to new markets and new customers.
By adding new products or services, or even launching into new sectors, you can add value to your business and your brand. Ask yourself and your team:
- Is there a gap in the market?
- Is there demand for something new?
- Can you adapt your business to meet this need?
Start by weighing up the risks before you invest time or money. Then think about the untapped expertise you have within your business that you could exploit. Where could this take your business?
Don’t forget to ask your customers what they want because buying habits have changed dramatically since lockdown began.
Most of us now buy online, buy from businesses we trust and buy into more ethical brands. There are some startling findings in the Edelman Trust Barometer 2020.
Also, make sure to get the right people with the right skills you need to support your new venture. Take a look at The Government’s ‘Plan for Jobs‘ skills and employment programmes: information for employers.
Topic 2: Time to innovate?
An even bolder step is to reimagine your business completely. For opportunists, innovators and entrepreneurs, this is your year. Change direction, change your brand, why not change everything?
Did you know that lockdown has spawned thousands of new businesses across the UK? Often this has meant specialists in one sector closing up shop and starting again in a different sector. Yes, scary but true, and probably unthinkable before the pandemic.
So what can you do? What’s the big idea? Where’s the opportunity? Every business is different so we don’t have any pearly words to share here except to say be brave, be bold and be different.
We’re running free webinars from April so sign up now if you want to join us. We’ll be sharing our thoughts, predictions and ideas together on how we can all survive and thrive through 2021 and beyond. It’s good to talk!
To sign up please click on this link https://www.hopecreative.co.uk/contact/