Business in a ‘Post Covid’ world
As we all know, the impact of the Covid pandemic has left no business unscathed (including most recently the Arcadia Group and Debenhams) and many have taken drastic action in the fight against the pandemic.
However, with the vaccine now beginning to see its rollout, we have sensed relief, optimism and hope from businesses as we near the end of 2020.
Over the past eight-months many sole traders, partnerships and companies have been viewing their businesses in a very different way. The challenge now in our ‘Post Covid’ world is how they can (and how they should) adapt, re-evaluate target markets and customer needs, advance innovation, be creative and introduce new technology to not only survive, but to use the pandemic as a springboard for further achievement.
For some this may mean smaller changes, perhaps introducing social media platforms to elevate the brand. For others it could mean a major overhaul and restructure, such as going from in-store to online retail. Other business owners will view this as a chance to really become innovative and put those things they always wanted to into action (albeit it may be sooner than they had hoped).
The potential risk with change is making a knee-jerk reaction and not considering the total impact.
It’s important to take some time to think about:
- How the product or service offered has changed
- If, and how, the market has changed
- How customers’ needs have changed
- Potential new opportunities which have presented themselves; such as new markets, new customer bases, new suppliers
- How your own teams have changed and what your employees’ needs are going to be e.g. technology, working patterns, management
- Black holes or loopholes in the business that may have been overlooked, not considered or not relevant previously
The real success in our post-Covid world will be measured by our ability to use this as a time to be brave, inventive and lead in originality, reforming and restructuring our businesses to thrive and
blossom into metiers of our sector.
If you are thinking of creating a start-up business, or perhaps restructuring or expanding your existing business, our team at GA can help you. Please get in touch to discuss how we can help you.
You can contact Serena Willis directly via serena.willis@GAsolicitors.com or by calling 01752 203500.