How to Change Your Business During and After the Corona Crisis

reinvent your business after crisis

As the circumstances change for every family, entity, group they do change for businesses as well. How would you respond to the changes that already have impacted so many?

An immediate look at your business, would be to pinpoint the main elements that make it up. Does it create products or you focus on services? Some organizations create both products and services that will be in need of reinvention.

Your customers will be engaged in the reinvention. Keeping communication with your customers, and all other components of your business such as suppliers and employees makes them confident to continue the relationship with you, the business owners, and with your business.

How do you reinvent? Observe what’s going on outside your business, look at similar business to yours and then brainstorm ideas about the changes with your employees. If your business is only you, then find a friend, a close relative and bounce off ideas of each other. Many would be in the quest about how to make it work in the changed environment.

There could be a few ways to find efficient solutions to reinvent your business.

Deconstruct to rebuild

Look at what your company produces now, including the ways you source, add value and supply. Make an inventory of all components and unfold them, look at the pieces that make the part and how you could re-arrange, remake them for a new image.

Rebuild and tweak

Rebuilding the product and / or services for the new environment becomes challenging when you don’t know what to expect next. Therefore, when you release the new re-built services, and/or products consider tweaking, and testing them to meet yours and your market expectation from desired quality to financial results.

Employ factual data and learnings

In the economics, a general method to help companies plan has been presented as “Discovery Driven Planning” pioneered by Rita McGrath. It may not fit all small businesses exactly, but it has a main idea that each business is different and therefore you can tweak to your case. According to it, the growth of each business is based on evidence, the facts, data of regular performance indicators of the costs and the related revenue.

The growth is also founded on continuous learning which minimizes the risks of stumbling into a new economic setting. With the new approach to planning, companies can thrive using new methods because they can model faster, more accurate and make efficient use of the knowledge and the facts.