We all have learned a lot about business as a result of COVID and developed a post-pandemic business strategy. We all have reflected well in the current crisis, and many are still flourishing with their new business strategies and new small business model. Precisely, the current situation has helped us in understanding how well we can respond when the crisis first hit, how can our team cope, how can our suppliers manage us, how can our customers react, how effective is communication, and how can we cope as leaders? All important questions and answers play a major part in developing our overall business resilience.
When it comes to the business model, we need to pay a lot of attention to where our strategy worked really well and where it was flawed. Here are the three main points that show when we’re working with the old model and require a new small business model.
Working with a model that worked earlier, but now it doesn’t
Evolution has taken a long way in the business world. Just because your model has worked well till now, it doesn’t mean it will work with that efficiency in the future as well. Think about a retail store. Trying to just rely on the Bricks and Mortar model without offering any complimentary, smart, and easy-to-use online buying platform will not promote your business further. Today also many businesses use the old style for selling their products and services in the market. There are still many small businesses who have been very slow in investing online side of their business, preferring to invest huge amounts of money to try to get more people into their stores. An approach that is clearly not working. It didn’t just stop because of COVID, the trend has been gaining momentum for years, and COVID just zipped it up. Therefore, in this current technological world, you should make your presence online and invest more in digital platforms.
The user of an inflexible model that restricts fast and responsive adaption
The way how businesses had adapted to new small business models when COVID-19 first hit was really inspirational. We all saw innovative, unique, and creative solutions keeping businesses stand uncluttered in the market. However, at the same time, there were many businesses that found themselves unable to offer anything outside of what they normally do. Precisely, thanks to COVID-19, many people now do what they earlier couldn’t. It’s amazing how you can implement a new small business model when your survival depends upon it. Gloomily, many businesses stuck by a model that simply didn’t work in our current world. Therefore, now you need to develop a post-pandemic business strategy and make your business ready for any pandemic-like situation.
Business is aware of its broken model, but they seem unable to change it
In this pandemic time, we have heard about a lot of companies losing their relevance with their customers. Many failed in evolving their business model to a new post-pandemic business strategy, which led them to simply fade away in the market. It is not about having the money to adapt and evolve; and it is all about the desire, the ability and the will. Precisely, the crisis is a great teacher if we are smart enough to listen and act at the same time. However, it is not easy; it’s often a sore transition. But for business growth and sustainability, it is better to adapt and evolve.