The world as we know it has changed. Over the last few months, the uncertainty surrounding us has forced decisions upon our business community that were unexpected and for most, unwelcome. There are a lot of different scenarios which can play out and important decisions to be made.
Although each industry is different, what we can expect is that the future will come. In this future there are 3 outcomes that can play out through this time. What you do now in your business, the changes and decisions you make will be crucial to determining where you will end up. And it’s not just about cutting cost or staff. Your consumers should be high in consideration and the best way to service them.
So where will your business be in 12 months’ time? Will your business dive? Will your business survive? Or will your business thrive?
Here are 3 different places businesses could end up as a result of the changes and actions taken.
- Businesses who make NO changes
For the people who make no changes to their business, the consequences will be severe. If they haven’t already, they will be faced with a rapid decline. Unfortunately, businesses who remain rigid and take no action will fall behind quickly or worse, disappear. It is likely that they’ve lost a lot of their consumers because they have no way to service them or they don’t have the ability to attract new ones.
Some examples of these are restaurants who don’t consider delivery or takeaway service or gym owners who don’t offer online classes.
The aftermath is an abandoned community and consumers needing to look elsewhere to meet their needs. Reputation and goodwill built over time will count for little as consumer demands change. This is where opportunity is created for those who make different choices to doing nothing.
Taking no action and making no changes will plunge your business into disaster right now.
- Businesses who make SOME changes
For the people who make some changes to their business, it could mean the difference to their survival. While survival sounds good enough, opportunities are lost especially if the business was in a growth phase. It’s as if time will stand still for the next 12 months and the business will end up where it was when this all started.
Businesses who make some changes like mechanics offering pick up and drop off to their local area, nail salons offering in-home care kits give themselves a chance to keep moving forward.
There is likely to be little revenue growth during this time and opportunities to pick up people in abandoned communities will be few. But finding ways to continue to serve your consumers will be key to surviving.
Taking some action and making some changes will help your business make it through the next 12 months.
- Businesses who make SMART changes
For people who make smart changes to their business, growth may be slow, but the potential to ride a steep upward curve in the future is higher. These businesses will innovate and continue to service their community adapting to the environment and thrive when difficult times pass.
There have been great examples of this including Manly Spirit Co creating alcohol-based hand sanitizers selling out their 100ml and up to 5L range and Flow Athletic moving their training classes online and offering 1 on 1 sessions outdoors to ensure their clients keep moving.
New opportunities will present itself in different ways and these businesses will be in the best position to pick up the consumers left behind by their competitors. While the target revenue may not come right at this time, the rewards will be much larger in the future.
What we know for certain is that during adversity, there will be opportunity. Taking smart action and making smart changes will help your business thrive in the next 12 months.
Patrick Galang is a Business Strategist and is a Co-Founder of Knowledge For Good, empowering people with knowledge through human connection.