Emerging from almost two years of unpredictable economics and rapidly changing consumer demands, it’s likely your business has evolved at the pace of lightening and is almost unrecognisable compared to its pre-pandemic self. And while the last thing a solo-preneur who spent multiple lockdown’s resolving myriad problems wants to consider right now is reassessing their business plan (yet again); with a full summer of ‘normality’ behind us and before the holiday season gathers pace, it really is an ideal time to review your position, product, and processes.
Illustration: Bok Goodall
As Mary Portas wrote in a recent newsletter, “we can no longer predict where exactly people will be – whether that’s our customers, our employees or our suppliers” – so here are three things to do right now to rebuild your business and come back stronger after Covid-19.
Understand your numbers
Intermittent trading, payment holidays and loans, and new infrastructure investments (from PPE and Perspex screens to e-commerce development and increased post and packing costs) make for a very different bottom line. Review the financial years spanning the pandemic to date to identify what percentage of income you’re spending in all categories now (everything from operations and cost of goods, to rent and rates) compared to the previous two years.
Where do you need to re-adjust to comfortably cover outgoings going forward? Can you build in contingency savings? Taking a fresh look at the figures will highlight the strongest income streams too. How does this new view align with your business vision and goals?
Clarify your vision
The pandemic-pause shone a spotlight on what we each find important and gave rise to entirely new ways of working. So, ask yourself what you want to do and how you want to be going forward. Perhaps you created a virtual service that was a surprising success; you discovered you work better on different days or shoppers preferred different times; or consider how it felt to connect with clients in new ways and whether you want more or less of that. Our pre-pandemic patterns and habits are primed for reinvention – take advantage to evolve in ways you truly enjoy.
Re-connect with your customer
The demands of our customers have changed dramatically, and now is the time to ask what they really want from their intimate apparel in this new era. Not only does this offer a genuine incentive to re-engage with your audience, and demonstrate you have their best interests at the heart of all you do; but a short, well considered questionnaire sent to a segment of your customer database will return truly valuable data. Not only will the information customers share clarify the exact problems they’re facing right now, but it will also put you in command of creating and offering appropriate solutions, ensuring you meet your audience where they are right now, and naturally re-asserting your position as the authority in your area of expertise.
Taking time for each of these tasks now won’t only strengthen your position in delivering a seamless customer experience while staying true to your vision and values, but underpins business strength, and re-defines decision making to stay on course no matter what’s around the corner.
If you have a question, or need help navigating a challenge in your business and would like to discuss consultancy or mentoring options, write to Sarah Connelly at hello@sarahconnelly.co.uk
