These are extraordinary times, with unprecedented market turmoil. We are all experiencing uncertainty over the duration of this lockdown period, with many service businesses scrambling to take their offerings online. What IS certain is that the business, education and service interface has changed, with technology an enabler and connector like never before. Demand will continue to increase.
From adversity comes opportunity. It is absolutely essential that businesses re-evaluate their digital strategy as soon as possible. Fortunately some of you have some extra time on your hands to be able to make a start.
- Survival strategy 101
Cashflow is the lifeblood of your business. You’re going to need to cut costs to survive, but you also need to leverage or re-evaluate your offerings. Many businesses are taking their services online – yoga teachers are streaming classes, consultants are having one-on-ones online, and workplaces are going virtual. Many businesses are quite simply checking in with their customers via email or through social media to keep the relationship going. How are you able to cut costs, leverage your strengths and survive for the next few months?
- Evaluation of new business opportunities
It’s a highly stressful time, but there is no doubt that it’s the best option for our health system. I’m personally quite pleased to be in Aotearoa right now. However, the economic effects of the lockdown are far reaching. It’s a great time to brainstorm opportunities in the new ‘stay-at-home’ economy. “How might we..?” is the power question to ask. How might we create new products or services, how might we go digital, how might we solve a problem for people self-isolating. How might we create a new business opportunity in these times?
- From survive to THRIVE
There is cautious optimism from a supply chain perspective as China starts to ramp up production again, which is good news for exporters. ASEAN countries responded firmly and decisively to COVID-19 on the back of experience with SARS, and expect the new normal to include mask wearing once the lockdown is lifted. Companies that survive this crisis with a comprehensive digital strategy will be well positioned, and expect new opportunities to emerge. Revisit your brand story. How can you tell your business story effectively and scale up?