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Home » Featured » The new reality of Business after Covid. Shifting your Strategy

Shifting your strategy : Pivoting your business

Featured, Mindset

The new reality of Business after Covid. Shifting your Strategy

November 11, 2021
TIME TO READ 4 mins

It’s exciting yet unpredictable times ahead as the business landscape starts to shift in Australia as we redefine life after covid lockdown. In the last two years most organisations have been in survival mode but now is the time to divert this energy and re-assess strategies and business plans that aim to rebuild, enhance growth, and seek new innovative opportunities.

It would be silly to think that we can continue to stay the way we are and for businesses to operate the same as before even as we start to bring life back to the norm. Change is inevitable and this shouldn’t be seen as a negative thing especially for those who are already adapting and evolving. The situation we are in gives us the ability to re-evaluate, wipe the slate clean and seek new efficient ways to become more profitable, agile and assertive.

If you are overwhelmed with where to start, here are four key areas to focus on to guide you in the right direction in repositioning your business:

1. Reassess your environment

a. Understanding customer buying behavior

It important to understand your customer, they too have also gone through dramatic changes in their life, and this will have significantly impact on how they behaviour and their attitude towards how they spend their money and time. Whether it’s socialising more and dining with friends, or ordering take out, shopping online vs instore; or fears of even spending at all due to the financial uncertainty covid has left. Getting to really know your customers will provide insight on how you can better service their needs and desires. Social media and other online channels have become a popular forum for customers to voice their opinions, feedback and discussions. Utilising these channels would be beneficial to gain insight. There are various ways you can connect with your customer through ongoing surveys, reviews, testimonials, membership purchases, loyalty program, social polls. Find what works for you and your customer.

b. Competitors Analysis

Knowing your landscape and what your competitors are doing will help navigate you in the right direction. This is a great way to see what changes they have made and for you to make the appropriate amendments. We are currently in a cautious market and stepping into the unknown, so cross checking and continually assessing the market is a smart way to minimise risk and pushing boundaries in the right area will give you a competitive advantage. Consistently reviewing your products and services as well and researching other related fields will help expand your offering.

c. Seek new opportunities

With so many changes happening around us, one door may close but another will surely open. Don’t be afraid to venture into other related areas, seek to innovate new product ranges or services where you see fit. This unexpected expansion will welcome growth to your organisation. Analysing existing product reviews or competitors’ product range is a great way to understand what your business lacks, needs or can develop further in.

2. Reconfigure the organisation

a. Flexibility, agility and resilience

We’ve all had to change how we operate during covid, with various industries being impacted more than others. Businesses have been forced to transition quickly. Those who have embraced the changes, have adapted, and transformed their business model to align with the market trend have evolved for the better, offering innovative ideation to solve their pandemic situation.

b. Streamline processes

Most businesses have reduced their staff, the workforce has transformed into a ‘work from home’ environment with most sales and human interactions performed on a digital forum. The business ecosystem has had a major facelift with some welcoming the new age working environment where others miss the traditional forms of business; either way the teams are lean, the working style has been remodelled, the workload has shifted and it’s up to you to weight up costs, vs productivity, vs skills vs efficiencies. Keeping it simple is key. Revisit your office or retail space, relocation or downsizing may work out to be more cost effective and more efficient. Reviewing team structure and internal processes to increase productivity can be an important change. Streamlining production and reviewing existing logistics can have a dramatic impact on your bottom line, when was the last time these processes were reviewed and updated?

c. Accelerating the digital solutions

It’s no secret that covid has accelerated the push to digital, from internal operational systems to social media, online advertising, and data analytics. It’s been a long time coming but the expansion of digital solutions is numerous channels continues to grow. Those who continue to resist will be left behind. use this opportunity to embrace this space and utilise this ever-growing resource to gain insight to make better and faster decisions.

3. Reallocate budget

a. Assess your financial budget

Unfortunately, we aren’t out of the woods yet, and there is still a lot to do to recover lost revenue. A healthy cashflow is essential to any business, so ensuring you have the bare basic. You may need to cut back on certain expenditures and invest more in high growth areas to make more profit. If this is currently a struggle, then there are other avenues worth investigating. Check out fairwork for small businesses as a starting point.

b. Alternative Cashflow Options

Most businesses are in the same boat where budgets are cut, funding is low and how to keep the business afloat is the reality at this moment. The government, your local community, and the industry itself all want you to succeed. There are so many options available to assist with getting you back on your feet, the government current offer business grants, covid funding options as well as community outreach programs and ideations that can boost your business. These funding options are a great way to access funds short term to help rebuild momentum

c. Reinvesting in the right areas

Spending at this time seems irresponsible or reckless even though we have only just started opening. However, playing defence is not sustainable. It’s all about calculative risk and ensuring you know where you should be diverting your spending and reinvesting. Revisiting Marketing channels, replenishing stock, rehiring staff or even reviewing store location or equipment. You got to spend money to make money as the saying goes.

4. Future Proof your business

a. No room for complacency

A strong foundation still has room to grow, make sure that the business has clear direction but has mobility to move, adapt, change and grow.

b. Continue to assess the situation

Monitor the current market and ensure your strategy is fluid and adaptable as we pave the way to uncharted waters.

c. Brand speaks Volumes

Brand is key to building long-term success, building a reputation, and a relationship with your customers will create longevity. Stay loyal to your business values and those who share those same values will follow.

COVID has impacted all businesses someway somehow but it’s how your business reacts next that will differentiate how its position, and life after this crisis. Learn, evolve, and move forward.

If you do require funding but are unsure about your options, chat with one of our lending specialists on 1300 760 930 or Get Started so that we can assist you with getting funds approved within 24 hours.

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