Getting back on your feet needs to be a well-designed strategy, so here are the essential plays worth incorporating into your winning game.
ENTREPRENEUR LEADERSHIP NETWORK CONTRIBUTOR
Inventor of the Future Readiness Score™
We have seen unprecedented change unfold right before our eyes over the last several months. Our ideas of a world shaped by certainty have been shaken, and notions of stable business, streamlined operations and competitive pricing models have been shattered. Amidst the chaos is an incredible opportunity, an opportunity to reflect upon what the world needs and what you can offer. As an entrepreneur myself, I truly believe that we have an innate responsibility to help our clients and customers arrive at their best results and expectations. Some of the lessons I have learned this year have been harsh, and ones I will never forget. I have also observed the breakthroughs some organizations have been able to create and reflected upon what has always worked. Here are my recommendations on what the new rules of the game are and how you can differentiate yourself as the post-pandemic marketplace continues to evolve.
1. Explore new models of engagement
Our world has permanently changed the way we interact with each other. Buying, thinking and planning patterns for anyone — businesses, organizations and consumers — have changed and shifted. Evidence suggests that video will become a much higher medium of engagement than ever before, including on social media channels such as Facebook, Twitter, Instagram and on platforms like YouTube or even your personal website. Whether you are a small law firm in Nashville or a takeout place in Southern California, video engagement dramatically changes how your audiences perceive your services and engages with you. Start with a strategy to identify where your customer base spends maximum time. If you are a consumer-facing business, it is probably Instagram or Facebook. If you are a law firm, perhaps LinkedIn and Twitter. Second, start creating video for these platforms with strategic messaging focused on what you offer and how that solves the customers' problems.
Related: How Will The Second Round of Government Stimulus Actually Help Me or My Business?
2. Become a learning organization
Many companies have decided to make the rest of the year a work-from-home experience, which is emblematic of how creating more value for your customers is contingent on becoming a learning organization that can make room for new capabilities with every passing day.
Today, there are many options to learn something for free. This includes platforms such as Coursera and OpenLearning. Learning organizations will succeed because they will end up understanding customer needs better and will also be able to use and deploy tools and strategies that yield better results. There has never been a better time to learn something new then now.
3. Pursue perfect execution
Ideas and plans find fruition only when executed to perfection. Execution can happen at many levels, from management and leadership down to the trenches where actual customers are served. For a pizza shop, execution can mean baking the perfect pie on time every time. Does something come to mind? The story of Domino's is an inspirational one, as they became successful as a result of executing on time. Domino's promised the delivery of a pizza within 30 minutes to your location or the pizza was free. Guess what? Domino's delivered and is today one of the most successful companies in the world.
For a small- and medium-sized business, execution is about doing the thing that helps you be who you are. It's about making sure that you deliver on your promise not just to customers and clients but also to employees, vendors and partners who are much needed for your success. A relentless pursuit of perfect execution is a must-have strategy in your playbook.
Related: 5 Companies to Invest in After the Health Crisis
The post-pandemic era is going to present us with a lot of opportunities to rewrite the rules. Some strategies that worked in the past will no longer be sufficient to drive revenue and keep the doors open. Entrepreneurs will have to create strategies that work with their individual needs and unique customer requirements. There is no one-size-fits-all, and yet this itself presents an opportunity to create an opening for your business to thrive.
Engagement, learning and execution are my top three recommendations to have in your playbook, no matter what business your organization is in and what industry you serve. These three skills that will improve your business bottom line, create a stronger organization and position your business towards success.
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