Creating in an uncertain market – Use your numbers to create a profitable future
Business owners are changing strategies, working on developing a new vision, plan, products, and services for the short to medium and long term.
With restrictions in place for some time to come and massive uncertainty around what might happen, focusing on a strategy for a longer period where we offer a LASTING product or service will serve businesses well.
While developing your short-term plan, why not focus on the longer term also. Rather than developing a product or service for the immediate pandemic related time, consider the longer term. At development stage, if you produce a product or service that will be relevant NOW as well as POST COVID, you are creating value for the long term (as well as short term).
Whatever your strategy right now, ask yourself ‘could this serve a market into the future also?’
This will make the most of your time and resources.
Look closely at feedback you are getting, both external and internal. Take note of relevant feedback that can help improve your offering. Pay attention to what the market needs now and will need into the future. Sales can only be made by serving your customers NEEDS. Be aware of staying on one path if you are not receiving positive feedback.
Review your numbers
Reviewing what was working for you before the pandemic is a good starting point. Look back at your 2019 financials. Review your numbers by income source; product or service type; type of client. You can look at these numbers in a variety of ways to learn more about your business.
What was your most profitable service or product?
Can that be adjusted for a post-pandemic offering that is relevant and remain profitable?
I have linked a short video on reviewing your numbers here.
While the restrictions may be lifted in the outlined phased plan we have, this is not guaranteed to happen. Be prepared to adjust your schedule. Remain open to the fact changes can be implemented that are outside your control. Having an open mind and being flexible in thinking, will help get us through this period.
The only certainty is we have no certainty.
“Start by doing what is necessary; then do what is possible; and suddenly you are doing the impossible.” Francis of Assisi
Have a good week
25 May 2020