Unfortunately, right now in Australia many small businesses and sole traders are struggling, and some of them are in extremely challenging positions, because of the Covid-19 response. It might sound strange to consider we can learn any business lessons from a business that failed, but sometimes the best way to learn and grow is through failure. Always – Take time to reassess during challenging conditions and go back to your core value proposition
In an article published by Forbes, they unpack the shared lessons and learning experiences of an SME bar in Brooklyn, New York, that was forced to go out of business because of Covid-19. But this story actually has a happy ending! Struggling businesses should consider and understand what SME has done, and from their own opportunities pivot toward a new, viable business model.
Three critical business lessons to be applied to help businesses pivot to a successful business model during challenging times:
i) Take time to reassess during crisis
ii) Go back to your core value proposition
iii) Embrace uncertainty
http://on.forbes.com/6042G2WlE
How are you approaching strategy development in the current challenging environment? Are you going back to your value proposition and leveraging and building distinctive capabilities to ensure you have a winning advantage?
Contact us to find out how we can partner with you to help you align strategy to enable you to be agile and take advantage of new opportunities.
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