How to thrive, not just survive – reviving your business plan
Given the uncertainty of the last six months now’s the perfect time to refine or revive your business plan so you’re well placed to thrive in the face of any challenge.
You can use this three-stage framework to evaluate your business and revive your business plan: review, reset and regrow.
Nearly all businesses have made significant changes to cope with the pandemic. And no doubt you’ve learned a lot about your business. Now is the time to review what you’ve learned.
Go over what you’ve experienced with your:
- Competitive advantage
Carefully consider every aspect of your business model and how you operate. What’s working and what’s not? What will you retain and what needs to change in an uncertain environment?
Look outside the industry, talk to different people and gather as much relevant information as you can. Using a mindmap to visualise this information can help work through the various impacts for your business.
Reflecting on the data you’ve gathered in the review process, you’ll have a better understanding of how you shape up. What’s important now is to map out a clear future strategy. Press the reset button and refine or overhaul your capability to deliver.
Consider the following:
- How you go to market?
- What will make you successful in the future?
- What will be your competitive advantage?
- Who should be your key customer segments in the future?
- What value will you deliver for them?
The Business Model Canvas is an excellent tool with key questions to consider and worksheets to enable you to dissect each area of your operating model. It helps you highlight what and how you might need to change moving forward.
Remember short-term factors too such as the imminent end of JobKeeper and cash flow considerations. Think about things that will definitely change: retail, the use of digital platforms and technology, client thought processes - will they be tentative, frugal, fragile or need to connect? All of these factors will have a direct impact upon how you approach your business plan.
Focus on growth. That seems obvious but with a stronger understanding of your customers and their needs, it’s easier to tailor your delivery commitment.
Check that you can realistically deliver the following:
- A refreshed business growth strategy
- Genuine capabilities to drive growth
- Innovative planning
- A marketing strategy to support and amplify this
- A united team approach
Write a one-page strategy for the next 90 days. It will regenerate focus on what needs to be actioned. Taking the time now to review, reset and regrow will ensure your business is primed to thrive much earlier than those who do nothing.
This information was from the Connective webinars ‘Covid-19: Developing your plan to survive and then thrive!’ by James Atkins, Connective Director and Vantage Strategy Director.