Pivot your business in a crisis
Every business will have to re-examine its vision, strategy, direction and plans in response to the COVID-19 pandemic.
Steve Jebson of Business Doctors shares his tips and know-how on how businesses may need to re-examine its vision, strategy, direction and plans in response to the COVID-19 pandemic.
Normally we look to our experience and knowledge to give us a framework upon which we can plan the future, however, there is no experience or knowledge when it comes to facing a global pandemic. Businesses are now faced with a lack of clarity in terms of future decisions and this can lead to inertia and the worse position of all – no decision.
“The man who waits to know everything is the man who never does anything.”– Craig D. Lounsbrough
We will never be blessed with perfect information, in fact business has always had to deal with imperfect information and knowledge.
I think there are a few simple questions which a business leader / owner should be asking:
- How significantly impacted is my business, sector, industry by COVID-19?
- What are my biggest business challenges right now?
- How long will it take for my revenues to return to pre-COVID-19 levels?
With the answer to these questions you can begin to define the strategic options for your business, allowing the development of appropriate strategies, plans and actions to move forward.
Potential Strategic Direction for business pivoting through Covid-19
This model provides a framework for the business owner to begin planning their future direction. Giving clarity to the level of change within the organisation required to survive and thrive. This ‘simple’ model also allows business owners to quickly start to focus on the scale of the challenge ahead, allowing them to gather the appropriate resources (financial, people, etc) to facilitate the development of a longer term strategy.
All businesses will need to adapt to the ‘New World’, however this has always been the case, however not all businesses will survive the ‘New World’ in their existing shape and this model is designed to quickly bring focus to the businesses which need to REINVENT their business model.
So, now it’s time to make a choice, it is imperative that as a business leader you demonstrate that leadership by guiding your business through decisions, monitoring and measuring their impact and rapidly changing course as appropriate. Which area of the model does your business fit in to? Are you ready to chart a course in to the ‘New World’?
About the author
Steve Jebson has over 30 years’ experience across the retail, manufacturing and hospitality industry as a coach, advisor, mentor and specialist in helping small and medium businesses build a more valuable long-term business. For more information about working with Steve Jebson of Business Doctors, please go to https://www.businessdoctors.co.uk/
If you’re interested to hear more from Steve, you’re welcome to view the previous webinars below.