Adapt, Grow, Thrive
Today we move into Level 2 and begin the process of resuming life, and business, post the Covid crisis. With so much disruption and uncertainty, how do you begin to make sense of the road ahead to prosperity?
What we can be certain of is that a post Covid-19 New Zealand will be a very different world to what we knew before lockdown. A kinder and more caring place, maybe. A much harsher economic reality, definitely. Many things will never go back to where they were. The way we interact with each other. Our priorities. Our definition of success.
Unless you are one of the few that prospered under Covid-19, your business will be now be focused on revenue growth. We survived lockdown but the reduction in revenue will be most noticeable in the months ahead as cashflow slows but the costs remain. Without increased revenue, the alternative is cutting costs.
Restoring revenue starts with existing customers. Retaining them should be priority and that means listening to what’s now important to them. Be ready to adapt your offer, your service, your communication and whatever it takes to keep them. Engage them positively, support them and you’ll build trust and loyalty, important cornerstones to longer term growth. Understanding your current customers’ needs will help you achieve growth through other customers who value the same thing.
Survival is the focus now, but for the longer-term, businesses need to do more than just survive. They need to thrive. What makes your business thrive? Your people and culture? Your service? Your operating model? Your innovation? Your community? Something else? Look back at what’s driven your success in the past. Now consider the future - will this be as important to your customers and to your business going forward? If not, what is it that will allow your business to thrive again? With this clarity, put your focus and efforts on this.In good times business can focus on many things. In tougher times they need to concentrate their spend and energy on the things that really matter – and this matters. Make a plan to foster it. Invest in it. Communicate it, painting a picture of how it will lead to a better future for the business and your people. Get everyone acting as one towards achieving it.
Read the three individual posts which explore these aspects of business recovery in detail:
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For our business, we thrive when we deliver creative and clever solutions to the problems and opportunities our clients face. So that’s exactly what we’re focusing on. Along with this blog series of insights, we’ll work closely with each of our clients to identify strategic and creative ideas that will help them adapt, grow and thrive in their new New Zealand.
Give us one hour to hear about the challenges and opportunities facing your business in Level 2 and beyond. In return, we’ll give you three ideas to help you address them.No charge. No obligation. Get your boss, your peers and your team together and let’s talk about how you’ll adapt, grow and thrive in your NEW New Zealand.
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As more businesses move out of lockdown and back into operating from their premises again, there’s a lot of talk about adapting, firing up much-needed revenue and managing cashflow. Much of this discussion is...
Integrated Reporting Insights – The connectivity principle
This video in our series on integrated reporting looks at the guiding principle of ‘Connectivity of Information’. This is the bit where <IR> asks you to join the dots between the various things that are...
Integrated Reporting Insights - How important is hard data?
This video in our series on integrated reporting takes a look at the roles of qualitative vs quantitative information. We often come across clients who know they need to embrace Integrated Reporting but feel...
Integrated Reporting Insights - the Value Creation Model
In this, the first of our video series on aspects of integrated reporting, we take an in-depth look at the Value Creation model. Value Creation (or depletion, as the case may be) is probably the most fundamental core...
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As more businesses move out of lockdown and back into operating from their premises again, there’s a lot of talk about adapting, firing up much-needed revenue and managing cashflow. Much of this discussion is...
