Is it possible for a small business to survive this crisis?
People are scared. It’s little wonder when you see the chaos that is unfolding around us. It has rocked us to the core. But is it the end? We say No! It is not! This is start of a new era in business and those businesses that are prepared to change, will be the ones that survive and thrive.
12 years ago (when I first started icu2) I met with the Australian Retailers Association and warned them that if they did not gear up their members to operate in an online economy, they would eventually be left without members. Little did I know back then that it would be a pandemic that brought the entire sector to it’s knees overnight. Inevitably, if it wasn’t Covid-19 it would have been something else.
Thankfully, those businesses that did establish a strong online strategy can continue to function, as we have seen with our own clients who have invested in their online branding, marketing and technologies. It has meant they have been able to respond very quickly to regulatory changes; to pivot their business model to new ways of working and procuring; while developing new innovative solutions to solve market problems that didn’t exist even 2 weeks ago.
In short, businesses that can redefine their narrative quickly are the ones who will survive. It requires we reassess everything we have held true for a long time; assess our own capabilities and resources to solve new problems; use an evidence-based approach to identify opportunities; and have the ability to execute these strategies in an efficient manner.
Does this mean that it is too little too late, or is there still time to change?
The worst thing we could possibly do now, is to be paralysed by fear and uncertainty and do nothing. The time to change is now. In short, many businesses will need to unlearn what they have held true, in some cases even go against their old value-proposition. Business that can do this will thrive in this environment.
Let’s have a conversation about your digital strategy.
Note: icu2 is launching a Small Business Survival Kit to help businesses pivot their business to a new way of working. This kit includes the basic essentials that a business needs to pivot their offering to a new way of working without taking on too much risk or expense.
icu2 – Inspiring the Human Spirit in a Digital World
Tel: 1300 762 209 | Web: https://www.icu2.com.au