Is It Time to Reshape or Evolve Your New Business Plan?

Well it's been a rough few months for many and the prime minister said to expect the months ahead to be 'bumpy'. Therefore, it's reasonable to expect varying Covid restrictions to continue for at least another 6-12 months. For some sectors, e.g. the travel industry, it looks likely to need a vaccine or herd immunity to help them return to anywhere near norm.

Commercial trends and the big economic disruption is forcing through change.

As we now have a better understanding of the future, it's a good time to review your New Business strategy. Ask yourself:

• What's happened since lock-down?
• Where you are right now?
• Where are you most likely to be heading in the next 6-12 months if you continue without making any adjustments? Try to be objective and realistic of future expectations.
• Are you comfortable with those probable projections?

Yes? then good for you, carry on as planned. 

No? then it's time to consider a re-pivot.

It can be hard, bewildering or upsetting to accept that what worked well in the past is suddenly not working so well for you now. Try to stand back and evaluate your portfolio of work and the markets you've been servicing.

Some aspects to consider:

• How affected has your regular target market been by Covid?
• Are you typical prospects likely to get through the next 6-12 months without significant impact?
• Do you need to diversify?
• Is there anything more you can add or offer that opens you up to other sectors?
• Do you have any competitive advantages? 
• Do you need to ramp up your new business activities?

The above is some broad guidance to help work out the future. For my thoughts on your specific situation, get in touch.
​Ilse

---