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How to re-position your business to win in a post-COVID world
- 1. The Regeneration Game How to re-position your business to win
- 2. So how are YOU feeling?
- 3. Spent too much time with the family? Discovered the joys of the garden? Taken up cycling? Cut your own hair? Excelled at Zoom drinking? Spent hours Googling possessive pronouns, improper fractions, and the periodic table
- 4. How’s YOUR team feeling?
- 5. Concerned about the future? Worried about keeping safe in the workplace? Concerned their jobs may at risk? Lacking the motivation to get back to work? Nervous about re-engaging with colleagues? Are they?
- 6. So how’s YOUR business feeling?
- 7. HAVE YOU? INNOVATED MORE THAN EVER RE-DESIGNED YOUR CORE PROPOSITION SORTED THE WHEAT FROM THE CHAFF SEEN THE BENEFIT OF NEW TECHNOLOGY AND COMMUNICATIONS BECOME LEANER, FITTER, MORE EFFICIENT FOCUSED MORE ON LEADERSHIP RE-FINANCED YOUR BUSINESS GAINED MORE INSIGHT FROM BETTER DATA REFLECTED ON WHAT’S REALLY IMPORTANT TO YOU
- 8. The ‘balancing act’ UK plc Your Business
- 9. So how do you navigate the ‘new normal’?
- 10. RETURN
- 11. When is the right time? YOUR Q’sPEOPLE Q’s Is my job safe? Is it safe to go back? Will I need to make job cuts? How do we make the workplace safe? How am I going to get my team fired up again? How long is it going to take to get sales back to where they were? How can I safely get to work? How am I going to manage childcare? Can I still work remotely sometimes? What’s going to happen to the business? Does the business look fundamentally different coming out than going into lockdown – what has changed? Plan the workplace Re-assess structure, roles & responsibilities Review key processes / operations Comply with government guidelines
- 13. RENE W
- 14. . PURPOSE Has this changed your direction of travel? VISION Do you still want the same things as before? PERSONAL ASPIRATIONS VALUES / CULTURE Do you and your customers still believe in the same things as before? DNA Having a game plan… …gives you the tools to lead Do your customers still want the same things as before?
- 16. REVIEW
- 17. TECHNOLOGICAL impact POLITICAL impact ECONOMIC impact SOCIAL impact NOW FUTURE Taking a S.T.E.P. forward
- 19. REFRES H
- 20. TOP 10 CUSTOMERS SUPPLY CHAIN COMPETITION BUSINESS MIX MARGINS / PROFITS PRODUCT & SERVICE MIX KEY RELATIONSHIPS Customer Needs / Market Opportunity So what’s changed? Where are the opportunities?
- 22. REVIVE
- 23. G I V E GREAT – what you do best – Has this changed? IMPROVEMENTS- What has changed and what more can we do? VULNERABILITIES – What new challenges have we seen and how have we responded? EDGE – Do we see a new competitive edge or significant differentiator? Now take a fresh look in the mirror and what do you see? This situation has tested us…
- 24. The ‘So What’ Test – time to think like a customer KEY Question …”how do I support my customers in a meaningful, human and relevant way?” EmpathyAnxious Remote Risk Averse Short term focus Own job security Engage, Listen, Understand Be more Agile & Flexible Be more Accessible & Available Guide & Support How are your customers feeling? Have their wants and needs changed? How do we respond to those needs?
- 25. Review how you communicate, engage, and service your customers Ask yourself… What will make you better? What will make you different? What do we want our customers to think? What do we want our customers to do?
- 26. DIFFERENTIATION FOCUS COST FOCUS NICHE FOCUS Low margin / competing on price
- 28. REGENERAT E
- 31. So now you have… 1. Clarity on your personal aspirations 2. Articulated your values and beliefs 3. A clear idea what business you're in 4. Defined your visionary goal 5. Looked at what external influences can impact your business 6. Clarified the points needed to achieve the vision 7. Explored all new opportunities in the market 8. Identified the skills and capabilities needed 9. Outlined your unique competitive advantage 10.Focused on strategy …it’s time to mobilise the plan!
- 32. Will you define the Future… or simply observe it?
- 33. FREE support packages available FREE 60 minute 1-2-1 follow up meeting via Zoom
Editor's Notes
- Intros Then open up with Q.. Q: What is New Normal likely to mean? …social distancing the norm for a while – 2m apart …staggered working …continued flexible / home working – challenges for employers to adapt …queues at shops …travel more difficult …acceleration of digital technology adoption
- The number of hot tubs sold in the last three months is equal to that of the last three years. Digital TV orders and Video On Demand increased by 174% year-on-year Online gaming up 237%. Fitness product sales up 53% Sales within the cycle industry are up around 15% Alcohol sales increased by a massive 371% from the week commencing 16th March compared with the previous year Off-licence sales of alcohol soared 31.4% in volume terms Three of the biggest seed companies were unable to meet demand and had to take their website down due the surge in people wanting to grow fruit and vegetables Huge demand for flour and home baking products, fuelled by 51% of people spending more time with loved ones cooking and baking. 38% snacking more, 19% sitting at the table together for more meals and 31% more organised by making lists and meal planning. Tequila sales have soared 175% during lockdown One particular online pharmacy saw a 159% increase in online orders for condoms, just one day after the announcement that pubs were closing!
- According to one poll, more than half of UK workers are feeling more anxious or stressed while working from home during lockdown. 56% of those surveyed said their mental health had deteriorated since lockdown began on 23 March. One of the top concerns among workers was the fear of being made redundant when lockdown is lifted. But… 24% said they had more time to exercise 17% said they are eating more healthily. 44% reported that they feel more connected to their families. …More than half (54%) said they would like their employer to give them the option of working from home more often post-lockdown. Q: How are you able to respond to demands for more flexible working post lockdown? Key challenge for business owners… balancing concerns/desires of the team vs personal fears of reduced visibility, concerns about productivity
- What’s the biggest impact this has had on your business so far?...
- Congratulations on making it through this far! More than half a million companies reported to be in ‘significant distress’ 1/4 of companies in the UK have temporarily closed 38% of companies still operating reporting “substantially lower” turnover than normal 40% of the businesses that continued trading have reduced staff levels in the short term. 29% reduced working hours. 21% of the workforce have been furloughed. (ONS) 82% of UK SMEs are worried about the impact the Coronavirus crisis will have on their business 56% approve of how the government has handled everything 47% concerned about a drop in the number of sales 39% are worried about the impact of the wider economic situation 35% are concerned about day to day cash flow 36% of SMEs have required staff to work from home 21% have reduced shifts and hours. Top 3 areas of support / advice needed: Managing cash flow problems (31%) Accessing grants and government loans (31%) Supporting our staff from a wellbeing perspective (24%) Cashflow more of a challenge for micro businesses, staff retention and wellbeing more of a challenge for medium sized Expanded slide points PAID MORE ATTENTION TO LEADERSHIP and management and the value of doing this well BECOME LEANER, FITTER, MORE EFFICIENT by removing excess costs and resources SEEN THE BENEFIT OF BETTER TECHNOLOGY AND COMMUNICATIONS despite adopting through necessity, not choice SORTED THE WHEAT FROM THE CHAFF (staff, suppliers, clients, strategic partners, competitors) RE-FOCUSED YOUR CORE PROPOSITION and offloaded unprofitable products and services UNDERGONE ENFORCED INNOVATION and agility to diversify to meet changing customer needs GAINED BETTER INSIGHT WITH IMPROVED MI(more clarity on cash flow) RE-FINANCED YOUR BUSINESS with low cost low risk Govt backed loans REFLECTED ON WHAT’S REALLY IMPORTANT TO YOU and understand the importance of defining, articulating and engaging culture and values This is what we’re hearing from our customers – do these apply to you?... Has provided a good opportunity to look at cost base – expect to return leaner and more efficient e.g. Lighting company is now questioning the need for distributed field sales force – Covid has challenged the team to deliver sales presentations online and design team to present plans and designs to architects via screen share. This may become their new normal. Still have concerns over ability to return with whole team – redundancies still very real consideration Has accelerated plans to develop new products/services or ‘pivot’ into digital / e-commerce delivery e.g. A food retail client whose stores across the country have been closed, moved quickly to accelerate plans for e-commerce, building a new website and webshop in days, configuring the factory to manage social distancing, starting up production and running pre order campaigns on social media. Now see this as a major part of their business moving forwards. They have made as much profit in 1 month, as some of their physical stores make in a year! e.g. A craft brewer, with all their traditional pub and restaurant outlets closed, moved quickly to home delivery of cans. Now seeking asset finance to invest in a bigger canning machine to keep up with demand Challenged some to look closely at their supply chain e.g. Commercial fit out business, who source products from across Europe – disrupted supply chains and exposed fragility of one supplier. Now have plans to onshore some production & establish a new high value manufacturing capability to shorten lead times, give greater control over product and potentially open up new markets
- In the same way that the Chancellor & Government are having to carefully balance the impacts of Covid on the nation’s health and wellbeing with the impact on the UK economy… …so to are you as a business owner, having to balance the impacts on your team of isolation, lockdown and fears of returning to work, with the impacts on the financial performance of the business and a desire to get going again. As lockdown measures start to be eased and workplaces start to reopen, it is clear that leadership, trust and careful planning will be key in order to balance… The needs of your people in terms of… Returning to work safely & meeting legal obligations around health & safety as an employer Maintaining flexibility for those with childcare pressures & challenges around travelling to work Adapting the workplace With the needs of the business in terms of… Ongoing cash management and driving cost efficiencies Building up the pipeline again and focussing sales effort Possibly restructuring roles & changes to working terms and conditions
- Having a plan Being able to communicate a plan And explaining the rationale for the plan …will be key to leading, engaging & earning trust in restart & recovery.
- Despite concerns over safety, according to one poll, half the UK workforce are ready to return to work. Younger people especially are keen to get back. 68% of those aged 18-24 and 58% of 25-34 year-olds say they are ready to return immediately. Just 8% of the 18-24 age group believe now is too soon for them to return. However, clearly it depends on the individual. One business owner we spoke to just after the PM’s announcement about easing lockdown measures, said… …some of his team were immediately on the phone, asking when they could get back …some went even further into hiding, with fear & anxiety around how safe it would be to do so. Places a lot of responsibility on you as a leader and employer, in terms of striking the right balance. Many of you will want to get going again. In many cases it is an existential need, but you have to weigh this up with responsibilities you have to your employees and customers. Opening too early without the necessary measures in place could be counterproductive resulting in confusion, fear and worst of all more infection. The need to support employees in a return to work, engage with them clearly on new ways of working, safety and wellbeing is key. Some key steps to take, set out in the Government guidance. 1. Work from home, if you can – help people to continue to work from home if they can 2. Carry out a COVID-19 risk assessment, in consultation with the team – manage your own liabilities by following the right H&S checks & share what you have done with your team to reassure 3. Maintain 2 metres social distancing, wherever possible – look to re-design workspaces to maintain 2 metre distances between people… change seating layouts. 4. Where people cannot be 2 metres apart, manage transmission risk – create team ‘bubbles’, put barriers in shared spaces, have people face away from each other 5. Reinforcing cleaning processes - clean more frequently, paying close attention to high-contact objects like door handles and keyboards. Provide handwashing facilities or hand sanitisers at entry and exit points. Communicate, communicate, communicate….
- Having a plan Being able to communicate a plan And explaining the rationale for the plan …will be key to leading, engaging & earning trust in restart & recovery.
- The situation has been a massive test for the strength of our business foundations...however it has also provided time and space for introspection & to remind ourselves what matters most. As Prof Steve Peters would remind us… it’s time to be less Chimp! Objectively take a step back to renew… Our Personal aspirations – our frame of reference may have shifted over the last couple of months Our core purpose – remind ourselves of our reason for being & why people buy from us. Our core values – what binds us together as a team and connects us with our customers Our vision for the business over the next 6 months, year… Now more than ever, we need to rediscover our Purpose and bring our team around it. Good to remind ourselves of our basic Human Needs – Maslow’s hierarchy During ‘lockdown’ the basic needs of health, safety, security have come to the fore. As we return to work we need to ensure we still meet these needs in our team However, lockdown has challenged our needs for social interaction, sense of belonging, connection… …for many it will also have challenged sense of worth/self-esteem. Time to rekindle our Sense of Purpose and give the team something to aim for and be part of.
- Having a plan Being able to communicate a plan And explaining the rationale for the plan …will be key to leading, engaging & earning trust in restart & recovery.
- Wimbledon example – 3 years ago, after conducting a similar exercise to look at potential impacts of external factors on their business identified pandemic as a genuine risk. They invested £2 million a year to insure for this, which has protected them against £250 million loss for one cancellation of the tournament, which could have put them out of business forever. So we’ve previously identified our direction of travel. This is about having a route plan – setting up your satnav and identifying what could happen on the journey. Take time to scan and assess… …how Covid has impacted the environment in which your business operates …what changes are likely to be permanent vs temporary …how things are likely to continue to change over the longer term Importantly asking yourself…what might this mean for my business…how might we need to adapt…and what opportunities might arise for us if we change what we are doing. Political factors - the extent to which government policy may impact on your business or sector. e.g. Potential taxation policies Impact on trade Economic factors - the economy and its performance & how that might in turn impact your business and its profitability e.g. Recession Higher levels of unemployment Reduced disposable income Changes to supply chain and cost of product Social factors - social environment and understanding of your customers’ & staff needs and wants. e.g. Fear and anxiety Attitude & lifestyle changes Increased remote working / flexibility Eg E.g. One brewery, faced with all its trade outlets closed, pivoted to canning product and delivery to home market. Now they are planning to invest in a bigger canning line to keep up with demand Environmental - the influence of the surrounding environment and the impact of ecological aspects e.g. Ecological focus Health in the workplace Example E.g. A lighting company that brings products in from Eastern Europe has seen supply chains disrupted. Led them to question the long lead times, environmental footprint of manufacture, storage, distribution & shipping of product. Now plan to establish their own UK-based advanced manufacturing facility, using latest technology to minimize waste and provide quick turnaround. Technological - the rate of technological change, innovation and developments that could affect working patterns and your market or industry in a positive or negative manner. e.g. Zoom! Remote working E-commerce E.g. Many companies have seen how remote working / video conferencing has increased productivity and looked at their overheads of sales teams, travel etc. Now instead plan to maintain new digital ways of working
- Having a plan Being able to communicate a plan And explaining the rationale for the plan …will be key to leading, engaging & earning trust in restart & recovery.
- Refresh your business model and approach; Where do you make the most money? What products / service / customers are growing? Where are the most lucrative future market opportunities and challenges? What needs to be actioned now, this year or longer term? Search for new opportunities… Efficiency - Look at where your business is currently spending money, and consider which expenses are avoidable (some are likely even entirely avoidable after a crisis). Think about excess marketing, rent, the size of your company and other expenses that may be reducible without affecting the quality of your business. Efficiency is crucial to being successful & emerging stronger. Many businesses have realised they have been running with excesses, and this is the perfect opportunity to start running more efficiently. Adapt – Current market trends are going to be difficult to understand and predict, but this might work to your advantage – if you can stay agile enough and respond quickly. If you quickly spend the time to understand the current landscape of your market and the world, you can reoptimize how you position your business. …Maybe your business can provide its product or services more remotely than you thought. …Maybe you need to position your brand differently …Can you develop more digital / online services to complement your existing Products & Services? Move from in-person service and sales to in person and/or online Look at your competition – what are they doing and what can you learn? Some businesses are suffering more than others right now. Study the ones that seem to be making it through this crisis and learn what they’re doing differently. Look at both your indirect and direct competition for the best understanding of what others are doing and which strategies seem to be the most effective. While some strategies may not apply cross industry use what you can and shift these strategies to fit your own needs. If you understand how your competitors position themselves during and after this crisis then you can get ready to have an advantage as businesses begin to return to normal operations. Think about the mid-term—is something changing in the way your customers are thinking? While the short-term will continue to be dominated by the pandemic, it is important to think about what happens in the midterm as well. Are your customers going to change how they think or act even after the pandemic passes? Maybe some of them will end up preferring using services or buying products remotely even after quarantines lift. You must consider whether traditional ways of doing things are going to continue making sense after things “return to normal”. Start by connecting back in with customers – speak to them…a lot. Reassure them, ask them what they are seeing, how it has affected them, what their plans are going forwards Look at your suppliers – how has it impacted them? How able are they to resume normal operations? It might have raised concerns about the resilience of your current suppliers, or brought into focus the dependency you have on one particular supplier. Use as an opportunity to reduce and dilute those dependencies to build greater, future resilience into the business. Most importantly… Keep an open mind & stay positive The world is a scary place right now. Eventually, things will get better, most things will return to normal, and those things which permanently change are all things that you will be able to adapt to.
- Having a plan Being able to communicate a plan And explaining the rationale for the plan …will be key to leading, engaging & earning trust in restart & recovery.
- Plan your skills & capabilities for the new market and opportunities. What skills do you need? What new technologies do you need to adapt or adopt? What are you good at? What needs to improve? What make you vulnerable? What gives you your edge? So what?
- Time to think like a customer…how are they feeling? What will have changed in terms of their needs and wants? How can you position yourself to serve those needs best? Be a leader in helping customers get back on their feet. We are now serving a customer that’s been financially impacted by COVID-19, who wants to be a touchless and digital customer, and who will be living and working differently for some time. e.g. One B2B company that operates in construction / office space sector… …been actively reaching out to customers, suppliers to listen & understand their perspectives – what they are seeing. …one customer said it is all about ‘weathering the storm for the next 12 months’ …from these conversations it was clear that everyone was being financially impacted, customers are likely to be more price sensitive, more risk averse So he has taken the opportunity to step back, look at his whole operation, through the eyes of the customer and ask himself … what can we do to make sure we show we care, will support them, advise them, work with them in new ways, digitally He has reviewed his marketing activities, tone of voice and communication…his sales activities and how they can become more digitally supportive & consultative…how he can open up his technical teams to become more available and accessible…how his operations teams can become more proactive, listening to customer’s needs around fulfilment, managing expectations, prioritising schedules.
- Having a plan Being able to communicate a plan And explaining the rationale for the plan …will be key to leading, engaging & earning trust in restart & recovery.
- Re-energise your business around your new strategy and actions plans. Engage your team in the new strategy. Clear action plans, milestones and KPI’s on; Sales Marketing People Finance & cash flow Supply Chain, Operations & IT Contingency
- Having a plan Being able to communicate a plan And explaining the rationale for the plan …will be key to leading, engaging & earning trust in restart & recovery.