There are a few steps to follow in this process to ensure business security and continuation.
- Conduct a current state analysis
Take stock of your business and, in the current changing world, write out the key areas of your business and list the potential immediate and future impacts on these key areas. Whilst completing this step it is important to also note the business’s strengths and weaknesses and understand these factors. Check your insurance policies and what you can do or cannot do. You might need to update your insurance policies if you changed your business model.
- Reflect on and revisit your vision and mission
This is the purpose of the business. It will create resilience and can set you up for long term success. Revisiting your market position is also vital as this can help you to identify whether your product or service is still relevant in the current times.
Do something that is uniquely valuable as this changing world we live in breeds innovation.
Matching your capabilities to the needs of your current target market is also crucial to ensure your product or service is still in demand. If this is not the case, changing the way you deliver or present your product or service might be of value to increase market success.
Don’t be afraid to get creative in changing or developing your product or service, find gaps in the market and rethink marketing and design strategies to become more relevant to customers.
This is especially relevant in crisis situations. Ensuring your product or service is of benefit to those who need it is critical. You can create a greater impact by joining forces with other companies to provide products that complement each other.
- Adapted from: Marketing Entourage, Business Victoria Hub