Time to Transform Your Business
By: Stacy Spahle
Date: 19 / 03 / 2020
Date: 19 / 03 / 2020
Evaluating Opportunities in Times of Crisis
Economic upheaval, global panic, increased business restrictions and cities on lock down. These are not headlines from a futuristic disaster movie, they are circumstances facing every business across the globe during the COVID 19 crisis. This unprecedented crisis is affecting the marketplace at record speeds and it is hard for business owners to stay ahead of the demands of the this new normal.
The competitive, technical economic and social environments are all in flux and as businesses need to quickly transform their operations to meet the new normal.
Shifting a businesses’ output and altering the ways they deliver their products and services can be daunting and may not be realistic for all. But with any crisis, opportunities do arise and businesses do innovate and transform their day-to-day operations to meet the new market demands. New businesses are born from the necessity to adapt and pivot during a crisis. Now is the time to consider the possibilities not be resigned to simply shuttering your business.
What can a business owner do to not only change their business, but to try to survive through a crisis? They can reinvent their interior business or alter portions of their business to thrive during these unusual times. Businesses can use a systematic approach to creating a new plan and converting their operations to meet new consumer and market needs.
The following are steps to take to begin your transformation now;
Adding services or products to meet new marketplace demands. With every crisis comes opportunity and now is the time to consider adding or augmenting. The COVID 19 pandemic making certain types of businesses more attractive than others. Here are a few categories that might see a lift in revenue.
Take a look at other ideas at https://www.national.biz/5-recession-proof-business-ideas-opportunities-2020/.
Finally, every company no matter the size is going to have to deal with one or more of these five sets of actions outlined by McKinsey.com at the very least to achieve business continuity during this new and uncertain time. For specific details for these five activity sets, visit https://www.mckinsey.com/business-functions/risk/our-insights/covid-19-implications-for-business.
It’s time to Plan. Prepare and Pivot. ActionCOACH can provide your business professional guidance and assistance in creating a 90-day Crisis Management Plan to help you survive and thrive during this global crisis. With coaches in over 70 countries, there are certified business coaches ready to offer your organization tools and resources to help you adapt, change and evolve.
For more information about ActionCOACH visit actioncoach.com.