The COVID-19 pandemic has caused disruptions in many forms, from declines in business performance, to stock market crashes, and dips in consumer confidence. The crisis has affected not only small business owners, but also their families, employees, and their communities.
Historic times for business disruptions
Ever since the beginning of the pandemic, years’ worth of market and business changes have been compressed into days, weeks, and months. This has been highly disruptive for small businesses, requiring business owners to rethink their business model. Despite the unprecedented changes, we’ve seen many small business owners weather the storm and keep up with business disruptions, altering their offering in ways they have not imagined before.
The fact is, catastrophes present opportunities. Changes happen often, but business leaders must ensure they are one step ahead and willing to put in the work to face any disruption that comes their way.
Being one step ahead
The past year showed us that it is extremely challenging to determine how the pandemic will continue to evolve. With a glimmer of hope that life will return to normal, there is another ‘dark cloud’ around the corner—be it a vaccine delay or an extended lockdown. The constant instability we are facing right now stresses the importance of building a proactive business strategy that arms your business to stay strong during these trying times.
When evaluating continuity plans, business owners need to use scenario analyses to determine their next steps. Business leaders must assess their recovery timeline frequently and use their latest data to alter their business model accordingly. Things may or may not be looking up right now, but there is time to change the outcome—it is possible to restore your normal operations in the long-term.
Our last blog post talked about “Feeding your Unicorn” as the first step to building out this strategy. Finding your unique factor will help you stand out from the crowd and determine how to improve the gaps you’ve identified in your business. From there, understanding your customer base and how their priorities may have changed due to all the changes is key to staying proactive and keeping up with industry disruptions.
As business owners ourselves, we understand how difficult it is to manage industry disruptions—especially those that are unprecedented and have been happening faster than ever before. However, at BTA, we are always ready to assist you in any way your business needs. Contact us at firstname.lastname@example.org for more information.
We are business owners and advisors that offer consulting services to entrepreneurs. Working hands-on, we help develop and implement effective strategies that increase business value, growth and profitability, to prepare for the future.