But first! An Invitation!
Business Therapy? You’re invited to a daily 1/2 hour zoom conversation (attend via audio or video) for business leaders to talk, get resources, hear ideas from each other, share what’s working, feel not so alone, get and give help about pivoting. Every weekday at 3pm EDT for the foreseeable future. No signups, totally free. Just show up and tell us what’s on your mind. Video: https://zoom.us/j/3065371681?pwd=RlAxb25PaEVRUDZaMlNxNW5nUVVmZz09 Audio: +1 646 558 8656 (US Toll) Meeting ID: 306 537 1681. Password: 919322. Please share. Thanks.
Getting Ready to Pivot
Even if you did a business plan for 2020, you probably want to think it through again in light of the global health crisis and the impact it’s having on your clients, sales revenues, suppliers, costs and your employees. It will probably get worse before it gets better. What can you do to minimize economic hardship now and to get set up for success when we get past the worst of the crisis? You might want to rethink your strategy. That’s called strategic flexibility or the ability to pivot your products/services or your target market. For me that starts with an in depth look at my client’s strengths, weaknesses, opportunities and threats (SWOT). These four categories might have some different factors now than they did the last time you did the analysis. Here are some examples of factors you may not have listed before. Strengths
- We are all working remotely.
- We are cross trained to cover for each other in case of illness.
- We have good writers who can write educational pieces to demonstrate our thought leadership.
- We have some cash in the bank to help us through.
- We are small enough that we can turn on a dime.
- Some of our services have to be provided in person, too risky.
- Our online products are half complete.
- We haven’t yet created a marketing plan for our intended online products.
- Our cash will likely only last for X months.
- We’re too reliant on a single supplier.
- We offer services and products that people need, they are not discretionary.
- We have suppliers who can provide us with other products we haven’t sold before but are needed now.
- Our clients/prospects look to us for information.
- We sell gift certificates that can be used later.
- We may be eligible for a government grant.
- We offer products/services that are in the supply chain of an ‘essential’ service.
- The Covid-19 virus has created health uncertainty impacting our team and our clients.
- The economic climate has clients spending less money.
- Our clients’ clients are not reliable, making our clients feel there is risk in spending money with us.
Here are the questions your team can ask once you all complete your lists of strengths, weaknesses, opportunities and threats?
- How can our strengths be used to enhance our opportunities?
- How will our weaknesses diminish our opportunities and what can we do about it?
- How can our strengths mitigate the threats?
- How might our weaknesses and the threats come together as a perfect storm and destroy our business and what can we do to prevent that?
If you meet with your team and brainstorm a more detailed SWOT analysis, you might come up with some new ways to make your company more successful now and better positioned for a resilient comeback.