Most businesses are currently in dire need of increased sales to weather the economic aftermath of the lock-down measures, merely to keep operating and protect their livelihoods and that of their employees.
But there are businesses who manage to grow and flourish even in these challenging times.
Here are some suggestions to jog your mind whilst you are working on the solution which will propel your business forward.
Business Area: Operations
- Rethink how you are doing business. This might even require that you need to reconsider your business model, target market, business lines and pricing model.
- Optimise your business. Determine what is required to ‘sweat your resources’ to their maximum capacity and productivity levels.
- Consider offshore expansion as a way to hedge your business against an inconsistent Rand.
- Provide products and services to customers which are safe, cost effective and delivered timeously.
Business Area: Marketing and Sales
- The crux of the matter is to maintain your current customer base. One way is to develop value adds which can lead to higher levels of customer loyalty and secure consistent sales to them.
- Develop well-targeted and ‘fresh’ marketing initiatives and campaigns which are driven by innovation, creativity and adaptability.
- Endeavour to keep your marketing budget intact – most businesses decrease their marketing spend during challenging times. If most businesses are following this route, then your business will stand out from the crowd, as your visibility will increase.
Business Area: Information Technology
- How can you apply technological advances to develop digital products and services? This will lower the cost of ownership for your customers, enable you to deliver in real time and make it more convenient for your customers to transact with your business.
Business Area: Human Resources
- One of the most challenging decisions to make is to determine how many staff to employ during difficult economic times. Once you have ‘right-sized’ your staff component, you can consider appointing skilled contract workers to fill the resource gap as business flows fluctuate. In this way you will be more flexible to respond to market movements.
Business Area: Management
- Align all your actions with the business purpose, values and vision. Experience has taught business owners that there is a direct correlation between performance and the alignment of employees to a higher business purpose.
- Focus on what you can manage.
Our decisions can either lead to excuses or to results. Will difficult economic circumstances be our excuse not to grow our businesses or the reason why we manage our businesses to further growth and success?
Book a direct consultation with Jannie or an obligation free first meeting with the Bright Future Consulting team via the Symmetry Tools & Services.