Now is the proper time to design your plan for the emerging post-coronavirus market era. Be out front. Take action ahead of your competition.
Remember the adage: The early bird gets the choice of worms.
1. Attitude - You must be at the gate - fully in the starting box. It is essential that you be in a settled frame of mind...having mentally moved beyond the primary impact of the coronavirus issues.
2. Resources - Begin by inventorying your assets. How is your cash situation? Has your borrowing capacity been severely impacted? What is the status of your employee availability? Are your key customers still in your camp? What actions have your competitors taken?
3. Identified opportunities - In order of preference:
Product/Service enhancements - Stay close to your core competencies and strategies. Start by enhancing your current offerings. Then examine all levels of your supply chain for efficiency and growth opportunities.
Emerging market needs - What new trends have evolved from this coronavirus lifestyle? A prime example is the ability of some to work from home. Another is the change in our food shopping habits.
4. Plan - It helps to document your intended actions. Make sure to detail financial projections and timing benchmarks. Vet this program among both staff and, if possible, key advisors and customers.
5. Launch initiate diversification program NOW, before your competitors act.