Are you ready to rebuild business?
It’s been a wild and stormy ride. Whether you were closed down for the duration, or you were on deck keeping the ship afloat, we’re all a little dizzy and seasick.
But we’re still here. And even though the marketplace is still rocking, it’s time to assess damage and refit to rebuild business.
Look ahead to new possibilities. Storms both disrupt and create. Some things are damaged, others are lost, but from the upheaval, new opportunities emerge.
So in the aftermath of the storm, what is left? You may have lost significant assets and momentum. The economic slowdown may have decimated your customer base. If old markets have been battered by the storm, it’s time to look ahead, and identify new opportunities. What is urgently needed, and how can you meet this need? Envision the future, and establish your position within that vision.
Seven Steps to Rebuild Business Now
- Anticipate the future. Your business does not exist in a vacuum. It must resonate within the context of your marketplace and clients. And that context has changed. Some disruptions are dramatic, while others are nearly imperceptible, but nevertheless, powerful. Businesses have closed, and car trunk deliveries are commonplace. We are washing hands a lot more frequently, and baking homemade bread. Consider the changes at all levels, from global to your specific circle of business. And consider the extended impact and implications from these new developments.
- Think beyond. What opportunities are emerging from these changes? What new needs have the experience birthed? ? Who has an urgent need, and for what, and how can you fulfill that urgency? Consider not only your past and traditional customers, but also new contacts who need something you can provide.
- What core emotion is driving your customers? Purchases are emotional. Recognize and address the emotion, as well as the objective need. A couple might go out to dinner because they are hungry, but they chose your cafe because it is where they first met twenty years ago.
- Take inventory of your assets. You might have lost critical opportunities during the shelter at home directive, but you still have valuable properties at your disposal. Beyond the traditional balance sheet items, goods and capabilities that were not particularly useful before might now be repurposed to create innovative, new products.
- Create products which are viable and in demand today. Take the opportunities from Step 2 above, use the assets from Step 4, and create the products to relieve the emotional needs from Step 3. A viable product is one you can produce and sell for an appropriate profit. As you evaluate your options and possibilities, ensure your products are in demand by customers and they are willing to pay your price.
- Connect your customers to your products. Relate to the needs and the emotional core, and position your products within your target customers’ circle of awareness. If your product is offshore oil rigs, advertising in a renewable energy publication is unlikely to be the best marketing investment. Whether online or in person, be strategic in your market positioning.
- Nurture relationships. Stay connected. Let every customer know how important they are. Care about them. Get to know them as people, and let them know about you. You might find some mutually shared interests or opportunities beyond business.
Launch, and Excel.
The playing field may have shifted, but business is not dead. Some doors may have closed, with a click or a slam, but new opportunities are in constant creation.
Be ready, willing and eager to anticipate changes and act to position your business to capitalize on these. Stay calm. The most recent storm is on the decline, leaving behind both devastation and new possibilities. Work with the positives and rebuild business to excel in the new marketplace.