Why the Change?
The pandemic continues and the way we live our lives and do business has had to change. Even when a vaccine is found and rolled out, life will never go back to what it was before – it has changed. Many businesses will not survive, and this leaves gaps with diverse consumer needs and altered markets, that need to be filled. Opportunities are available.
If your business is to survive, it may not be enough to save cash, with government grants and cost cutting. Our new business world has changing needs. If your business is still struggling, then now may be the time to think about rotating and repositioning your business.
Rotating and repositioning your business is to change the direction your business is going and offer something unique in a different way, to tap into our new lifestyle needs.
How to Rotate and Reposition
First draw up a plan.
- Identify what has changed regarding business trends and consumer behaviour
- Work out what you need to change in your business by what is not working and think about changing your target market.
- Which skills and abilities does your business have that you can adapt?
- Remember to keep your mission statement and core values
- Let you and your employees be creative in thinking of new ways to change how your business goes forward
- Do not waste time looking into an idea that the business does not have the experience or skills
- Work out if the new idea is going to be profitable and sustainable
- Do not invest, until the new idea has been tested
- Engage customers in your new rotating idea for the business and request their input and feedback along the way
- Continue to communicate during and after the reposition to ensure the change is working.
Be prepared to adapt and change as you go along, in tune with customer demands.
Change is the new norm. So, the more your business is open to adapting to the changing conditions, the stronger it will be to weather what is hopefully the final storm.
If you require further advice or assistance, please contact us, email@example.com or 01223 294732.