Business101: Transitioning your business to level 1 of lockdown
By Ben Bierman
JOHANNESBURG - Covid-19 has impacted the business landscape in a number of ways, with the pressures of lockdown turning daily operations on their head.
Staff has had to adapt to remote working, while those that could not, had to implement a host of rigorous occupational health and safety measures.
Businesses also had to review their processes and adjust accordingly, including revisiting their models in line with client needs.
Reputational risk has been on the up as well, forcing businesses to review how they handle aspects like customer feedback and complaints.
Here are practical steps for your business to emerge out of lockdown and adapt smoothly to the postCovid-19 world:
Winston Churchill said, “He who fails to plan, plans to fail”, and this cannot be truer for businesses right now. As such, take time out to complete a full strategic business plan, which requires you to answer the crucial questions of where the business is, where you want it to be and how to get there.
Conduct a full, thorough assessment in order to gain a better understanding of how the business is doing. Factors to consider include your target market, suppliers, existing competition, internal capacity and the external factors – political, environmental, social, technological, and legal influences.
Select a framework model that is most relevant for your business. Newer businesses need to develop a business model canvas – a simplistic model that helps answer questions relating to their value proposition (the value a company promises to deliver to customers). For established businesses, the primary model that can be easily adopted is The Ansoff Matrix, which looks at market penetration, product development and more.
Identify key focus areas going forward. Take into consideration planning for the short-term and long-term period. In addition, revisit and update your business vision, mission and goals to take into account the new realities and the desired destination.
Bierman is a managing director at Business Partners Limited.