Welcome to the first SME Blog, this is all about how a business needs to adapt to survive.
Here I am a business coach sat in a hairdressing salon. This is my new office! because my home has too much noise in with the family being at home thanks to the Covid lockdown.
I am trying to adapt my business to survive but it is difficult when you just do not know what the hell is going on. There is so much misinformation about in the newspapers and online because nobody knows what is going to happen. All the media is just guessing
This is new to everybody! Everybody is having to make it up as they go along and try and try to guess what is right for them with no experience to base decisions on. Whether it is the government, the NHS or whether it is me as a small business owner, we are all trying to deal with the unprecedented situation that we are in.
And as I said, we have never had to deal with this before. So how do we know exactly when this will be all over? We answer is we do not. Know one can give definite answers, everything is pure speculation.
So, what do we do know as fact?
- The economy is going to be severely impacted. FACT. Retail sales have fallen by 5% last month (the biggest fall ever), unemployment is rising but we do not know the scale of the economic downturn yet. No one does.
- Social distancing is going to be with us for a while. FACT. You know, that is going to affect how every business operates. The Chief Medical officer says that this is not going to change massively until we get a vaccine for the virus, and that is not likely to be until 2021. And here we are only in April of 2020! Therefore, this will change the behaviors of everybody in the country whether its where we go on holidays, how we buy, what we buy etc. there will be a fundamental shift. And this is going to have a seismic effect not just for the next six months, for the next twelve months, but for years to come
- This is one of those pivotal events in history. FACT. However, we do not know how long it will take to play out or what the outcome will be.
So Small Businesses owners have got to be able to adapt. We have got to be able to look at the business environments around us and answer the question “How do we change to suit this new normal, whatever that may be?”
There are opportunities but how do we seek them out? How do we adapt our business?
I also think is doing nothing is not an option. You must adapt because the business environment has changed. And if you do not adapt as a small business, the likelihood is you will not be around in the long term!
How to adapt is the question.
Good luck for the future.