PLANNING FOR GROWTH
There is a certain amount of excitement as business owners are evaluating their positions and are preparing for growth. The following are several aspects that will be important for growth for the balance of 2020 and for the foreseeable future.
- Go Lean: Small business owners that survived past downturns focused on getting lean before and during previous downturns. Cash flow and cash reserves are still critical for survival in the world of small businesses. Careful budgeting is more important than ever. That requires an understanding of your market and how they will communicate in COVID-19 environment.
- Understand needs: The “old normal” is gone and your customers and target market are now dealing with the “new normal”. Products and services will have to be adjusted; the pains and needs of our customers and prospects have changed.
- Lead with purpose: The COVID-19 epidemic has resulted in frightened and unsure customers and prospects. The current dire economic conditions put an additional burden on small business owners as they strive to meaningfully support both their communities and their business base.
- Take care of your customers: Safeguarding the well-being of your customers is a top priority. This is the time to build up your brand and gain trust. Taking care does not only pertain to the products/services you provide, but includes going the extra mile when possible and providing such things as hand sanitizer, masks or other non-business related support.
- Increase digital knowledge: E-commerce has been very important and will likely continue to be so, not only through the recovery but, perhaps, forever. Stay current with trends and new innovations.
- Lead Change: I have always asked BizQuack members to lead change and not follow it. Now, perhaps more than ever, this is a must. No one can predict what the next normal will look like but the fast changes that have and are occurring at this time is an indication that there will be a lot more in the near future.
- Work longer and faster: Winning the future will require a commitment to change and that can only happen if you are willing to work longer, faster and by keeping an open mind.
This is another reminder that growth cannot be accomplished alone. It’s impossible for anyone to stay abreast of everything that is happening. Open yourself to working with BizQuack mentors and support along with other members. Let’s be ready to capture the coming demand for our services and products even though they may be different tomorrow.
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