Adapting your Business to the Changing Times

2020 no balance at all, we started the year on a high with extremely high hopes. We had posted our highest net profit margins ever in 10 years between Jan & Feb 2020, after years of hard work involving cost optimization, operational efficiency and leveraging economies of scale as we built the brand. However, the pandemic struck, sales plummeted, and even though I soldiered on, it was tough on us all. However, in the last few months, we picked ourselves up and said you know what, this is not going anywhere soon and here is how we have thought about our recovery path

THINK CHANNELS

How can you effectively reach your target audience at this time? Where, how, and when do they want to be served. In our case, we saw our business shift from commercial hubs to residential areas, we saw our online business double at a point. What trends are emerging from your data and similar industry data?

THINK VALUE PROPOSITION

Is your value proposition still valid to the consumer given the current and future emerging trends? Conduct a customer survey, find out what has changed about their behaviour and buying patterns. What sectors are booming, find out why? How can you adapt it? Study similar and even dissimilar businesses and spot the emerging trends.

Think convenience, personalization, accessibility, sharing economy, subscription models, helping people monetize going forward.

THINK DIGITAL

There is no escaping this, you must think hard and quick on how to adapt your business digitally to complement your current model or double down on what you are currently doing digitally, either on social media, online platforms, newsletter etc. \My team started to leverage more on digital platforms, investing on digital ads, Newsletter sales, optimizing our eCommerce capabilities etc.

THINK PARTNERSHIPS?

If you want to go fast, go alone if you want to far, go together. I bet you want to go far! Find meaningful partnerships, explore M&A, affiliates, etc. Find what works for your model.