By Ben Bierman
THIS week the world marked the first anniversary of a pandemic that brought it to a virtual standstill. But forward-looking businesses are realising that the Covid-19 trials and tribulations are far from over.
It is becoming evident that many challenges still lie ahead and that the effects may become more pronounced over the coming months.
The last thing businesses cannot afford is to abandon all their growth plans. Inaction may ultimately force those that are in survival mode to close their doors.
Herewith are recommendations to identify and act on growth opportunities during these uncertain times:
Models
The business landscape has changed more rapidly than ever before. This means that your company may no longer be at the forefront of its market or even relevant anymore. Acknowledge this possibility and explore ways to pivot a business model that addresses current pandemic-related needs. Keep in mind that this does not necessarily mean a complete overhaul of the way you do business – simple changes in the way it interacts with customers and tweak your product delivery approach in light of current safety protocols.
Customers
The past year has been extremely trying for everyone. Evaluate how the world has changed for your customer to cultivate growth opportunities. This may in fact lead you to discover that your intended customer has developed needs for new products, or that some of your products or services have become less relevant in the current marketplace. Be proactive and discontinue redundant products before inevitable declines cripple your business. Identifying new product or service opportunities early on will give your business the competitive edge before competitors start to weigh in.
Collaboration
It is impressive to note the number of businesses that have recognised the importance of supporting each other throughout the pandemic. However, there is still scope for businesses with similar interests to band together and improve their combined chance of growth. Reach out to suppliers and other stakeholders as well as potential partners to brainstorm the needs of your business. You may be surprised to learn how different their experiences of are to your own. There are many routes to experiencing growth during this uncertain period. Opportunities to build your business can be found everywhere. Agile businesses that are willing to adapt and collaborate will survive and be successful.
Ben Bierman is a managing director at Business Partners Limited
*The views expressed here are not necessarily those of IOL or of title sites
BUSINESS REPORT