The COVID-19 pandemic has been a real shock to entrepreneurs, but there are plenty of opportunities in the ‘new normal’. There are new products to be made, digital sales channels to exploit, government grants to take advantage of, and a wave of money from families who weren’t able to spend in lockdown and who had earmarked thousands for now-cancelled foreign holidays.
Here, we outline how businesses can recover by taking control of the six strategic areas that make up the Thrive agenda: Team, Honesty, Revenues (including Government funding), Innovation, Velocity and the Environment.
Team
During lockdown, you may have adopted new ways of working to keep your teams safe and motivated, and these could provide the ingredients of success as things get back to normal. For instance, consider the wellbeing issues related to reintroducing travel to work. Is it necessary, and moreover, what is the right blend of office and home working? Lessons learned through this difficult period can provide the foundation for a new and more resilient operating model. And it’s not just the way you work with employees that may need to change. Think again about how you work with other stakeholders, such as investors, suppliers and, of course, clients – this could lead to a greater value exchange and richer outcomes from collaboration.
Honesty
This crisis provides a real opportunity for you to demonstrate important leadership traits, starting with authenticity. These can help you to increase the positive energy each time you engage with staff, clients and suppliers. You should also exhibit the foresight to pivot your business model as required to ensure your company prospers. Resilience will be needed, as will a large dose of pragmatism and humour. This, mixed with honesty, will galvanise your business for a greater future. Use the simple ‘who, what, where, when, why and how’ framework to approach challenges and respond with outstanding solutions.
Revenues
As we emerge from the latest restrictions, we must focus on a return to revenues. This has to be achieved while staying true to your purpose and aims. You will also have to balance sensitivity with commercial reality. While providing support in tough times may have built relationships and sentiment, this should not be confused with the need for a strong value proposition. Acting quickly and making an immediate difference will give you the ability to retain and grow client revenues. New-client acquisition equally needs to be a function of a rapid sales process and effective pipeline management.
Government support
Companies shouldn’t overlook the opportunities offered by ongoing Government support. It has been keen to help small businesses through the crisis and Innovate UK has already approved approximately £77 million in innovation continuity loans1 to nearly 100 small and medium enterprises (SMEs) and third-sector organisations that had a challenge in continuing innovation activity as a result of the COVID-19 pandemic.
And while there are many ways to pivot or accelerate your offering, you should do your research carefully, because many consumers currently have a lot of money to spend. There are opportunities offered by the pent-up demand from families stuck at home for months and forced to abandon their summer-holiday plans. Builders are busy, for example, because people are spending money on new kitchens or extensions.
The Government has also inspired consumers to spend, perhaps most notably through its Eat Out to Help Out scheme, but also through a temporary reduction in Stamp Duty Land Tax, which is helping to revive the housing market.
Innovation
In the COVID-19 environment, innovation has been key to the survival and stability of businesses and sticking with this mindset will also allow you to thrive after lockdown. Think of some of the non-traditional collaborations we have seen in recent months, such as the Formula One teams joining forces to manufacture ventilators. These may not now be needed, but requirements have soared for products such as Perspex screens to protect shop workers. And treats were also popular – Hotel Chocolat increased its annual revenue by 3%2 after ramping up its internet sales during lockdown, reducing the online product range and introducing pre-selected bundles so that its distribution centre could handle the surge in demand.
Many entrepreneurs have rapidly got to grips with new technologies to communicate with their staff, using Teams, Zoom, Google Hangouts and Sharepoint. Continuing in this same spirit by embracing big data, artificial intelligence and the internet of things should help you to improve and automate what you do and enable your business to thrive.
Velocity
To restart or reimagine your business, you will need the urgency and mindset of a start-up and a focus on the marketing Ps of product, price, promotion, place and people. Use this period as a time to work ‘on’ the business, to refine your purpose and to take advantage of the lessons you’ve learned during the COVID-19 crisis to inform your strategy for the future. If video calls have brought a crispness and clarity to the way your team works, how can you best apply this after the pandemic? If your place is informed by digital and physical appropriateness, this will drive velocity and a stronger, quicker recovery.
Environment
An economist might argue that macro thinking and micro action on sustainability go hand in hand, so what does your business do to improve our world? What does it do to protect and create jobs and increase profit (and pay tax)? As a business leader, these are things you can plan for. And in the post-virus world, they are likely to be high on the agenda.
So, what of the business-specific environment as COVID-19 recedes? Will a large office be needed? Could it accommodate social distancing? Do you need the cost, downtime and waste of excess travel? And what about the ongoing wellbeing of the team? How do these near-term issues drive organisational development, now and for your future?
And can your annual operating plan be flexed if and when COVID-19 morphs into its next derivative? A robust yet agile plan is key, and for most SMEs, it will allow for flexibility and adaptation with a mix of deliberate and known actions, rather than actions that are simply a response to a changing situation.
The SME business community are the risk takers and the dream makers. You are critical in returning the economy to a new normal. For business leaders, now is the time to adopt the mindset of a start-up, commit, strategise and plan with velocity to thrive after this pandemic.
If you need help to adapt to the ‘new normal’, talk to your St. James’s Place Partner.
The COVID-19 pandemic has been a real shock to entrepreneurs, but there are plenty of opportunities in the ‘new normal’. There are new products to be made, digital sales channels to exploit, government grants to take advantage of, and a wave of money from families who weren’t able to spend in lockdown and who had earmarked thousands for now-cancelled foreign holidays.
Here, we outline how businesses can recover by taking control of the six strategic areas that make up the Thrive agenda: Team, Honesty, Revenues (including Government funding), Innovation, Velocity and the Environment.
Team
During lockdown, you may have adopted new ways of working to keep your teams safe and motivated, and these could provide the ingredients of success as things get back to normal. For instance, consider the wellbeing issues related to reintroducing travel to work. Is it necessary, and moreover, what is the right blend of office and home working? Lessons learned through this difficult period can provide the foundation for a new and more resilient operating model. And it’s not just the way you work with employees that may need to change. Think again about how you work with other stakeholders, such as investors, suppliers and, of course, clients – this could lead to a greater value exchange and richer outcomes from collaboration.
Honesty
This crisis provides a real opportunity for you to demonstrate important leadership traits, starting with authenticity. These can help you to increase the positive energy each time you engage with staff, clients and suppliers. You should also exhibit the foresight to pivot your business model as required to ensure your company prospers. Resilience will be needed, as will a large dose of pragmatism and humour. This, mixed with honesty, will galvanise your business for a greater future. Use the simple ‘who, what, where, when, why and how’ framework to approach challenges and respond with outstanding solutions.
Revenues
As we emerge from the latest restrictions, we must focus on a return to revenues. This has to be achieved while staying true to your purpose and aims. You will also have to balance sensitivity with commercial reality. While providing support in tough times may have built relationships and sentiment, this should not be confused with the need for a strong value proposition. Acting quickly and making an immediate difference will give you the ability to retain and grow client revenues. New-client acquisition equally needs to be a function of a rapid sales process and effective pipeline management.
Government support
Companies shouldn’t overlook the opportunities offered by ongoing Government support. It has been keen to help small businesses through the crisis and Innovate UK has already approved approximately £77 million in innovation continuity loans1 to nearly 100 small and medium enterprises (SMEs) and third-sector organisations that had a challenge in continuing innovation activity as a result of the COVID-19 pandemic.
And while there are many ways to pivot or accelerate your offering, you should do your research carefully, because many consumers currently have a lot of money to spend. There are opportunities offered by the pent-up demand from families stuck at home for months and forced to abandon their summer-holiday plans. Builders are busy, for example, because people are spending money on new kitchens or extensions.
The Government has also inspired consumers to spend, perhaps most notably through its Eat Out to Help Out scheme, but also through a temporary reduction in Stamp Duty Land Tax, which is helping to revive the housing market.
Innovation
In the COVID-19 environment, innovation has been key to the survival and stability of businesses and sticking with this mindset will also allow you to thrive after lockdown. Think of some of the non-traditional collaborations we have seen in recent months, such as the Formula One teams joining forces to manufacture ventilators. These may not now be needed, but requirements have soared for products such as Perspex screens to protect shop workers. And treats were also popular – Hotel Chocolat increased its annual revenue by 3%2 after ramping up its internet sales during lockdown, reducing the online product range and introducing pre-selected bundles so that its distribution centre could handle the surge in demand.
Many entrepreneurs have rapidly got to grips with new technologies to communicate with their staff, using Teams, Zoom, Google Hangouts and Sharepoint. Continuing in this same spirit by embracing big data, artificial intelligence and the internet of things should help you to improve and automate what you do and enable your business to thrive.
Velocity
To restart or reimagine your business, you will need the urgency and mindset of a start-up and a focus on the marketing Ps of product, price, promotion, place and people. Use this period as a time to work ‘on’ the business, to refine your purpose and to take advantage of the lessons you’ve learned during the COVID-19 crisis to inform your strategy for the future. If video calls have brought a crispness and clarity to the way your team works, how can you best apply this after the pandemic? If your place is informed by digital and physical appropriateness, this will drive velocity and a stronger, quicker recovery.
Environment
An economist might argue that macro thinking and micro action on sustainability go hand in hand, so what does your business do to improve our world? What does it do to protect and create jobs and increase profit (and pay tax)? As a business leader, these are things you can plan for. And in the post-virus world, they are likely to be high on the agenda.
So, what of the business-specific environment as COVID-19 recedes? Will a large office be needed? Could it accommodate social distancing? Do you need the cost, downtime and waste of excess travel? And what about the ongoing wellbeing of the team? How do these near-term issues drive organisational development, now and for your future?
And can your annual operating plan be flexed if and when COVID-19 morphs into its next derivative? A robust yet agile plan is key, and for most SMEs, it will allow for flexibility and adaptation with a mix of deliberate and known actions, rather than actions that are simply a response to a changing situation.
The SME business community are the risk takers and the dream makers. You are critical in returning the economy to a new normal. For business leaders, now is the time to adopt the mindset of a start-up, commit, strategise and plan with velocity to thrive after this pandemic.
If you need help to adapt to the ‘new normal’, talk to your St. James’s Place Partner.
The COVID-19 pandemic has been a real shock to entrepreneurs, but there are plenty of opportunities in the ‘new normal’. There are new products to be made, digital sales channels to exploit, government grants to take advantage of, and a wave of money from families who weren’t able to spend in lockdown and who had earmarked thousands for now-cancelled foreign holidays.
Here, we outline how businesses can recover by taking control of the six strategic areas that make up the Thrive agenda: Team, Honesty, Revenues (including Government funding), Innovation, Velocity and the Environment.
Team
During lockdown, you may have adopted new ways of working to keep your teams safe and motivated, and these could provide the ingredients of success as things get back to normal. For instance, consider the wellbeing issues related to reintroducing travel to work. Is it necessary, and moreover, what is the right blend of office and home working? Lessons learned through this difficult period can provide the foundation for a new and more resilient operating model. And it’s not just the way you work with employees that may need to change. Think again about how you work with other stakeholders, such as investors, suppliers and, of course, clients – this could lead to a greater value exchange and richer outcomes from collaboration.
Honesty
This crisis provides a real opportunity for you to demonstrate important leadership traits, starting with authenticity. These can help you to increase the positive energy each time you engage with staff, clients and suppliers. You should also exhibit the foresight to pivot your business model as required to ensure your company prospers. Resilience will be needed, as will a large dose of pragmatism and humour. This, mixed with honesty, will galvanise your business for a greater future. Use the simple ‘who, what, where, when, why and how’ framework to approach challenges and respond with outstanding solutions.
Revenues
As we emerge from the latest restrictions, we must focus on a return to revenues. This has to be achieved while staying true to your purpose and aims. You will also have to balance sensitivity with commercial reality. While providing support in tough times may have built relationships and sentiment, this should not be confused with the need for a strong value proposition. Acting quickly and making an immediate difference will give you the ability to retain and grow client revenues. New-client acquisition equally needs to be a function of a rapid sales process and effective pipeline management.
Government support
Companies shouldn’t overlook the opportunities offered by ongoing Government support. It has been keen to help small businesses through the crisis and Innovate UK has already approved approximately £77 million in innovation continuity loans1 to nearly 100 small and medium enterprises (SMEs) and third-sector organisations that had a challenge in continuing innovation activity as a result of the COVID-19 pandemic.
And while there are many ways to pivot or accelerate your offering, you should do your research carefully, because many consumers currently have a lot of money to spend. There are opportunities offered by the pent-up demand from families stuck at home for months and forced to abandon their summer-holiday plans. Builders are busy, for example, because people are spending money on new kitchens or extensions.
The Government has also inspired consumers to spend, perhaps most notably through its Eat Out to Help Out scheme, but also through a temporary reduction in Stamp Duty Land Tax, which is helping to revive the housing market.
Innovation
In the COVID-19 environment, innovation has been key to the survival and stability of businesses and sticking with this mindset will also allow you to thrive after lockdown. Think of some of the non-traditional collaborations we have seen in recent months, such as the Formula One teams joining forces to manufacture ventilators. These may not now be needed, but requirements have soared for products such as Perspex screens to protect shop workers. And treats were also popular – Hotel Chocolat increased its annual revenue by 3%2 after ramping up its internet sales during lockdown, reducing the online product range and introducing pre-selected bundles so that its distribution centre could handle the surge in demand.
Many entrepreneurs have rapidly got to grips with new technologies to communicate with their staff, using Teams, Zoom, Google Hangouts and Sharepoint. Continuing in this same spirit by embracing big data, artificial intelligence and the internet of things should help you to improve and automate what you do and enable your business to thrive.
Velocity
To restart or reimagine your business, you will need the urgency and mindset of a start-up and a focus on the marketing Ps of product, price, promotion, place and people. Use this period as a time to work ‘on’ the business, to refine your purpose and to take advantage of the lessons you’ve learned during the COVID-19 crisis to inform your strategy for the future. If video calls have brought a crispness and clarity to the way your team works, how can you best apply this after the pandemic? If your place is informed by digital and physical appropriateness, this will drive velocity and a stronger, quicker recovery.
Environment
An economist might argue that macro thinking and micro action on sustainability go hand in hand, so what does your business do to improve our world? What does it do to protect and create jobs and increase profit (and pay tax)? As a business leader, these are things you can plan for. And in the post-virus world, they are likely to be high on the agenda.
So, what of the business-specific environment as COVID-19 recedes? Will a large office be needed? Could it accommodate social distancing? Do you need the cost, downtime and waste of excess travel? And what about the ongoing wellbeing of the team? How do these near-term issues drive organisational development, now and for your future?
And can your annual operating plan be flexed if and when COVID-19 morphs into its next derivative? A robust yet agile plan is key, and for most SMEs, it will allow for flexibility and adaptation with a mix of deliberate and known actions, rather than actions that are simply a response to a changing situation.
The SME business community are the risk takers and the dream makers. You are critical in returning the economy to a new normal. For business leaders, now is the time to adopt the mindset of a start-up, commit, strategise and plan with velocity to thrive after this pandemic.
If you need help to adapt to the ‘new normal’, talk to your St. James’s Place Partner.