Returning from Covid-19 – Small Business Recovery
Hot on the heels of June 1st, after many of us were stopped in our tracks due to Covid-19 lockdown there’s opportunity to return to the workplace and to work in the way that we used to, with a few new rules and exceptions. Cafes and Restaurants will allow more dine-in patrons. Beauty salons, nail salons, massage parlours, swimming pools and outdoor sporting events will all recommence trading, adhering to their new guidelines. And by June 22nd pubs, clubs, cinemas, and gymnasiums will all be back in business.
Small businesses are excited to be moving back into their “new normal” and words cannot express the happiness here amongst my own team, who’ve been working with our clients throughout lockdown to get to this very point in their journey to recovery – that is, being back in business!
A New Way of Doing Business
With the light at the end of the tunnel now visible, we will begin to rebound but let us be mindful that just as we’ve evolved in our business in the last 3 months, our customer or buyer has also changed.
With some freedom of choice removed almost overnight, the small business community had to change or progress incredibly quickly in both our businesses and our day-to-day lives. Three months ago, what we were selling and how, is different to today. And in 6 months from now, I have no doubt it will be different again as we continue to adapt as a community.
At times like these, a successful recovery will require some strategic thought on how you plan to operate in this new market. Thoughts such as:
Does your new normal integrate your “old way” of trading with your new “Covid-19 way” of trading to be a more innovative and adaptable business moving forward?
What do your Covid-19 customers prefer and have you asked them?
And when you have strategised what your return or your recovery will look like, how will you package your products to meet the new market?
Redefining Your Product for Your Recovery
The foundation of your business is your product, that is, the product you build for your client. It may be a tangible product, or it may be a service you provide. On the road to recovery if I can give small business owners one solid piece of advice, it would be that it’s essential to be clear on what your customers are paying for and the way you package it for them. Post Covid-19, the confidence of business has changed and along with it, the buying patterns of Australian Society has evolved.
As a Business Coach I work through product frameworks with clients on a regular basis but in returning from the Covid-19 business interruption period, the process of reviewing your product and packaging is more important than ever. Post Covid-19 presents a changed market for all so it’s fair to say, your point of difference to your competitors has also shifted. Coach or no coach, it’s necessary for all businesses to review their product strategy to remain relevant and competitive in the new world we live in. It has been a challenging time and recovery is certainly in sight but try to be on the front foot upon your return. Be thoughtful and work with an expert if you need to, to redesign how you package your product and clearly define why people buy your product to achieve greater success in your new marketplace.
Find the time to reach out to someone who can give you a different perspective on your products and services and support you in your recovery efforts. There’s still plenty of support out there for small business owners and the specialist business coaches in our team are still available through our Government funded programs, with fees waived for the immediate future.
The energy in my team is nothing short of electric when watching and helping our clients to recover and rebuild their businesses. We are positive about the future of small business and the ability of all of us to adapt and recover. I’m certainly looking forward to seeing our clients’ recovery journey firsthand and I, along with the entire Realise team, wait in anticipation to see your amazing results while we support you in your recovery, and in your success.
On 26th June, I’ll be hosting a FREE 1-hour webinar to teach small business owners the product and packaging frameworks we use with our clients here at Realise Business, and I’ll explain how you can implement these proven strategies in more detail. Register below: