Business Growth Strategies in the new Normal with COVID-19

Nexus International University > Blog Posts > General Posts > Business Growth Strategies in the new Normal with COVID-19
  • 31 Aug
  • 2021

BUSINESS GROWTH STRATEGIES IN THE NEW NORMAL WITH COVID-19

WHAT COVID HAS DONE

  1. Transport restrictions
  2. Some products took advantage and flourished
  3. Ban on gatherings – weekly markets
  4. Social distancing
  5. Digital showed its real place – FUTURE
  6. Quarantine

WHAT COVID DID

  1. The 1918 influenza pandemic
  2. 2008 Financial Crisis
  3. Covid-19

After the 2008 financial crisis, big businesses recovered within 4yrs, SMEs needed 6yrs on average.

SMEs Employ more than 80% of the active workforce

RESILIENCE TESTED

Organisations that survived the pandemic have most or all of the following:

  1. A very strong reason WHY
  2. A solid vision
  3. A healthy balance sheet, very rich in current assets
  4. Strong NPS – customers are loyal and refer.
  5. Healthy relations with their suppliers and could renegotiate terms on payables.
  6. Business continuity/risk management/disaster recovery plan.
  7. Solid values and culture with heightened sense of belonging amongst the staff.

New businesses & SMEs need to look at how they can built some of these.

WHAT WILL HAPPEN AFTER COVID 19?

Many organizations are going to:

  1. Work on their business continuity
    and risk management plans.
  2. Review their values and culture.
  3. Review their values and culture
  4. Have better working policies for
    dealing with their suppliers.
  5. Put more emphasis on the
    experience they give their employees
    and customers.
  6. Think of future sources of growth.

WHAT BUSINESS LEADERS, BUSINESS OWNERS, AND ENTREPRENEURS NEED TO DO

  • Get your WHY right – will drive your vision.
  • Back to basics/fundamentals
    • Understand the opportunity & industry well
    • Ensure the product and customer fit is validated and revalidated
    • Be sure of your brand differentiation and articulate it well
  • Market-driven go-to-consumer strategy.
  • Your processes and systems – WHERE DOES DIGITAL COME IN & HOW?
  • Your people should love the place.
  • Your risk management matrix – BC.
  • Your support system/mentor/BDS.
  • Third party support system you can take advantage of: government, development agencies, etc.

     

ARE YOU READY FOR THE NEXT DISUPTION?

Identify your risks and have a business continuity plan in place.

X