06 Apr The Silver Lining: Reshaping Your Business Model During COVID-19
Pivot now & rapidly speed up the evolution of your business.
Director of Marketing Sweet
So, the economy has undergone some dramatic change. But what have you done about it? Our previous article Don’t Panic, Keep Calm and Carry On outlined a number of fantastic opportunities for businesses to take advantage of during these testing times.
One of the key points discussed is Expand Your Mind and Reinvent Your Business.
Essentially, with the right mindset, you can harness the power of the Coronavirus economy to rapidly speed up the evolution of your company. Below are 5 of the positive mindsets to embrace:
1. BUILD A ROCK-SOLID CULTURE
Now is the ultimate time to really show your staff and clients who you are. While fear is spreading faster than a bushfire, this is the opportunity to be courageous and face your fears.
A rock-solid culture depends on giving your team the respect they deserve with open and honest communication at all times. Collaborate with them daily to align your strategy and take their input on board. Negotiate pay structures if you need, and check in with staff personally to show you care. Most importantly, make them part of the solution and give them reason to join you in arms to fight the good fight ahead.
If your clients are looking shaky, it’s more than likely financial distress. They don’t really want to leave you, so don’t let them. Find out how you can support them financially and carry them as much as possible, because the memory of how you handled the situation will last forever.
2. CREATE SUPERIOR RETENTION STRATEGIES
Empathise with how the client is feeling and offer them the best deal you can to ensure they never leave your side, because this is all temporary. It’s not about saving the account, it’s about building and maintaining a stronger relationship with your client into the future.
3. IMPLEMENT GREATER DISCIPLINE FOR GREATER RESULTS
Batten down the hatches, the hurricane is about to hit and we haven’t seen the worst of it yet— we’re just at the beginning. But rest assured with the right mindset, you will weather the storm. Moving forward requires commitment. You need to be more malleable, more vigilant, extremely collaborative and way more disciplined. Ironically, this means being totally at peace with yielding less financial gain while working harder than ever before. Just know that when the dust settles, the upside will be market share.
4. WIDEN YOUR REACH BY EMBRACING TECHNOLOGY
Stop procrastination and making excuses, now is the day to use technology that’s been sitting on your devices for years. Start having face to face meetings using video conferencing software to keep your team engaged, up to date with new strategies, and motivated towards crushing the market.
5. IMPLEMENT THOSE OUTRAGEOUS PLANS YOU’VE BEEN SCARED OF
If your business has already taken a 60% hit, I’ve got news for you. It’s time to pivot hard and fast. Start executing the plan that you’ve been dilly-dallying around with all year long and get it done today. Losing money is not okay. So, stop watching the news, stop being complacent and put all your energy towards making changes to save your hide.