Will You Fight?
How are you viewing the future of your business as we approach the close of 2020?
Are you looking for ways to thrive? Or are you just trying to survive?
What I’ve seen from my clients in the past 10 months has been remarkable; business owners are resilient, creative and do not quit without a fight.
They are fighting back! They have adapted, adjusted and expanded. They are actively looking for ways to grow and succeed.
In my last email, I introduced the SWOT analysis as a tool to help you take stock of where your business is today and how it can improve. The 'O' stands for Opportunities; things that are currently outside your business’ operating focus that could give you a chance for growth.
So, what new opportunities are now possible for YOUR business?
Every market has been impacted in 2020—including mine! That means your competition, your customers and your vendors have all been affected. This level of disruption rarely happens, but always presents opportunities for those looking for them.
Two ideas that I have seen my clients pursue this year may be helpful to get you and your team thinking creatively:
Growth by Acquisition
Exploring New Demand Created by COVID-19
GROWTH BY ACQUISITION is a key Opportunity for many of my clients – business owners that may not have wanted to sell in the past, are now looking to get out.
So, if you are courageous and financially strong, this may be a once-in-a-lifetime opportunity to dramatically scale up your operation by adding customers, technology and talent by acquiring a competitor or someone in a complementary market.
EXPLORING NEW DEMAND CREATED BY COVID-19 is an interesting one for many businesses. Some are obvious. If you make plexiglass sheets, no doubt your manufacturing lines have been running around the clock as every business, school and government facility scrambles to erect barriers.
But, what about your business? In what ways could you take advantage of the new restrictions and opportunities that COVID-19 presents to you. How could you differentiate yourself from your #1 competitor? What new pain is your customer experiencing?
Even restaurant owners are adapting. I saw a recent article that more and more restaurants are adopting the Sonic model—you don’t drive through, but you drive-in. Many are totally re-configuring their physical operations to adopt a drive-in model.
They are fighting back.
How about you?
How do you view the massive disruption of COVID-19 to your marketplace?
Are you trying to hold on to what you had or are you searching for the new opportunities you can pursue?
Do you know someone that could benefit from this tip? Please share this post with them.
Be encouraged. Be strong. Be courageous.