The coronavirus is leaving its mark on the northern economy. Many companies are in dire straits. A substantial portion even fear for the future of the business. How to move forward? What can you do to turn the tide? In this blog we tell you how you can adapt your business model to the changing market conditions. In order to contain the economic impact of the crisis.
Mid-March 2020. Suddenly everything changed and no one saw it coming. Especially for entrepreneurs, the coronavirus turned the world upside down considerably. For some, it even came to a complete halt. Customers stayed away, orders were cancelled, contracts were terminated, temporary or otherwise, and planned market introductions went up in smoke. In short, the economic impact of the corona crisis was enormous. Fortunately, the central government quickly came up with an extensive emergency package. This included financial schemes in the areas of income support, concession for fixed expenses, tax measures, guarantee and credit provision. However, as the crisis continues and we are now in the most severe lockdown to date, more is needed, what can you do about this in the current times?
Temporary or permanent?
By now we have recovered from the initial shock and the schemes are being fully used. But they are temporary and obviously not sufficient to deal with all the consequences. And so it is important to take action and think about how to secure the future of your business. Because one thing is clear: the corona crisis has dramatically changed the market. Temporary or maybe even permanent. No one knows. No one who has ever experienced such a situation before. And that is precisely what makes taking appropriate action so difficult.
Where are you going?
So a new reality that brings with it many uncertainties. At the same time, there are also opportunities and possibilities. But how do you discover them? And above all, how can you make your business better suited to a changing market? A difficult task for which you can undoubtedly use some support. Here are a few tips to help you get started.
Take a close look at your business model
More than ever, it is wise to take a hard look at your business model. Keep the long term in mind. What is the impact of the corona crisis on your business model? Which parts are still functioning well and which should be discontinued? You can do that by properly mapping out the (changing) customer behavior and the possibilities of customers. For example, by gaining insight into the turnover potential of both existing and potential customers and by investigating what problems they have at different levels. Also try to learn from fellow entrepreneurs, both inside and outside the sector in which you operate. How do they approach it? Not infrequently, this provides surprising and valuable insights.
Engage with your (potential) customers
Of course, information about the market and your industry can be gathered in various ways. Through the Internet or through traditional media like radio, TV and newspapers. Just do it if you think it will take you further. But even better is to talk to current and potential customers. Especially in these turbulent times, it's good to know what their world looks like right now. No one better to tell them that than themselves. Do they still have sufficient resources to purchase your product or service? Do they still have the same needs? Perhaps they now have a different problem and there is no longer a product/market fit. Or as Erik Muggen of Greenwall from Beilen recently put it, "You are challenged to see that the market is changing, you will have to go with it if you want to master that change.
Be alert and move along!
All the insights you gain can be used to adjust your business model and make it (more) future-proof. For example, by coming up with new propositions and solutions that positively influence your cash flow. By listening carefully to your (potential) customers and by asking questions you may find 'hooks' that fit their needs. Look beyond the solutions you already offer. The new reality demands creativity, decisiveness and alertness. Indeed, all indications are that responsiveness and adaptability will become critical success factors for both large and small companies.
How can NOM help?
We understand that it is not easy to go through all those steps completely on your own. Quite a lot is asked of you. Don't panic, because the so-called Corona Rebuild Program was developed especially for this purpose. A nationwide program, a sort of Corona First Aid, designed for business owners who are dealing with declining sales. The Corona Rebuild Program, which is also offered by NOM, helps you to work in a structured way towards a future-proof business model and thus a positive cash flow.
What to expect.
The program starts this coming February 15. Spread over eight weeks, you and other entrepreneurs will go through five three-hour online master classes, a combination of theory and practice. A beautiful and valuable way to inspire each other and to learn from each other's mistakes and successes. In addition, you will have a weekly individual session with a personal advisor. Take advantage of it!
Do you think the Corona Rebuild Program could be of value to you? Want to apply or need more information?
If so, please feel free to contact us.