As the global pandemic continues to descend upon us, the International Monetary Fund claims this is the worst global economic downturn since the Great Depression. But, what does that mean to business owners?
There are equal measures of challenges to opportunities
It means post-pandemic business strategies will become, and probably should already be, a necessity. It also means opportunity.
The unfortunate reality is that many businesses have struggled or even failed as a direct result of the economic impact of Covid-19 – but for the businesses that have survived, the gaps now present in the market show significant opportunities for entrepreneurs all over the world.
The OECD forecasts growth through pent up demand as the pandemic eases through 2021 and 2022. With the current and the future economic backdrop providing equal amounts of challenges and opportunities, could now be exactly the right time to shift your company into a turbo-charged growth mode?
How can you promote accelerated growth?
Now is the time to create an environment that promotes accelerated growth across existing and new customer groups.
The most successful business owners will act quickly to break through the Covid bubble, setting stretch targets and thereby winning more than organic growth.
So, what can you do?
- Act quickly
- Do things differently
- Make every second count
- Be more productive
- Have your best year ever
These are all great sound bites and buzz words, but how do we transform them into a tangible business strategy?
Let’s get real…
This Pandemic has left many of us in ‘survival’ mode. How can we overcome the instinct to ‘batten down the hatches’? How can I quickly devise a low-risk strategy that will enable me to maximise growth and empower my people?
If there is a solution, I want it.
A return to this ‘new normal’ demands change, and I see this change taking place across two key phases.
Phase one: Develop a specific post-pandemic business strategy
Take the time to review your market landscape.
What has changed? What has remained the same?
Nothing should be off-limits in this review, and it’s imperative to challenge and assess the effectiveness of the current ‘business as usual’ in all areas of your business. This should give you a clear idea of where your business is now, and where it needs to be in the future.
Figure out how to get there with a detailed, people-focused growth plan You can set all the targets, goals and desired outcomes in the world, but if you don’t have the right people and the right skillsets within your business to achieve those goals, then the goals themselves are worthless.
It’s imperative that you structure your growth plan around the skills you have currently within your business – in Mentor Group, we call this pulling on the People lever.
The way you utilise and develop your people will have a direct, lasting impact on the success and growth of your business. You shouldn’t be developing this growth plan on your own, however; cement the ‘new normal’ and future growth plans by involving key stakeholders in the business strategy formation, and leveraging the advice of subject matter and industry experts.
Phase two: Get match fit and inspire your team by providing a continual learning environment for increased productivity and growth
Returning to a ‘new normal’ has to be more than just business as usual.
We all have a unique opportunity to drive new and exciting self-development opportunities that directly support and align with your growth plan – and these opportunities will live and die on the development of your people.
Every business wants continual growth, but it is almost impossible to achieve continual growth without continual learning.
Providing your people with market-leading development content, available for them to learn at their own pace, fosters a culture of learning and continuous skill development which, when paired with a robust coaching strategy, ensures your people – and therefore your business – will always be growing.
Does this sound like the start of your post-pandemic plan?
Then we can provide the learning and coaching platform to make it a reality with Mentor Group’s Sales Academy.
Mentor Group’s accumulated knowledge and application is conveniently delivered through the Sales Academy straight to you and your team in bite-sized videos, available to watch on demand for a truly self-paced learning experience that guarantees there are no interruptions to your working day.
Think of the Sales Academy as your pocket coach, always available to help you differentiate yourself whether you’re on your move or at your desk, with a vast range of business intelligence ready to facilitate your transition from lock down to spring back.
Why not start with some virtual coaching to assist in the development of your post-pandemic business strategy?
Sales Academy comes with premium features such as Coaching On Demand, which gives you access to three live coaching sessions with one of our expert coaches, and the Ask An Expert service (offered across all available subscriptions) that puts you in direct contact with one of our world-class consultants via WhatsApp for advice and guidance when you need it most.
These are unprecedented times, and we can take advantage of the resulting opportunities. If this is your time to turbo-charge your business growth, then get in touch today via the Sales Academy page.
You can also watch this short video for a quick breakdown of Sales Academy's key features.