We’ve all heard that what was considered “normal” yesterday will not be the same tomorrow – a “new normal” will apply.
Business owners will be forced to adapt to changing markets and economy. Those who can adapt, take back control and take advantage of new opportunities, will ensure that their businesses survive and those that don’t, will fail.
The biggest obstacle to be fought will be in your “mind-set” as “strategy wins the battle but mind-set wins the war”. And there’s plenty of bad news about to influence your mind in a negative way – if you want to fall into that trap!
For many business owners, this will be all about doing things they haven’t thought of before, doing things that they don’t like, or have never wanted to before.
So how are business owners going to achieve growth after Covid-19? Basically, it comes down to two options:
- Organic growth or
- Growth by acquisition
Organic growth is often considered to be the hardest to achieve, as a considerable amount of effort, expertise and expense has to be invested in marketing. Not always easy, as only 20% of marketing ever works!
The trick with marketing is to find out understand what 20% actually works and roll it out in a way that you can afford, constantly monitoring the enquiries and conversion rates.
Many business owners just rely on referrals, repeat business from existing customers but many of these will not exist once the “new normal” becomes apparent. Becoming great at marketing might just have to be one of those things you really didn’t want to try or do!
So, what about the other alternative – Growth by acquisition?
With many businesses finding the “new normal” difficult, there will be many more opportunities available for those businesses who can see the benefits in expanding their customer bases and market share, or maybe increasing capacity with additional storage facilities, plant & equipment etc etc.
For those business owners who haven’t thought about growth by acquisition before, there are several financing options available from finance specialists who have access to institutional lenders, without having to rely on the mainstream banks!
Whatever the options available, “doing nothing” will rarely achieve “something”. Taking action will.
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