The pandemic has brought with it many challenges, and even now, after so long, most countries around the world are struggling with its many implications. Diversifying a business has proven to be one of the best strategies to combat the challenges brought on by hard times such as this. If you own a business and want to know how to diversify it, the tips below are great general rules to follow.
Always adapt
Instead of feeling disheartened about the current situation, try to see the opportunities available to you for diversifying your business. With everything going online, there may no longer be the same geographical barriers (imagined or otherwise) limiting your customer base. With the changing working environment and use of clever technology, your team may start to think more creatively and create new solutions. You may find that remote working works for your business, giving you the opportunity long term to reduce your running costs (office rent, utility bills, mileage allowances). You may even identify a new market for your product or service in an industry you had not yet explored.
Adjusting the service or product
Some changes may be required to suit the new format. For example, an hour long class may be fine face-to-face, but online it may work better if it’s shorter. Or, your most popular restaurant dish may not travel well for takeaway or home delivery so the recipe or packaging may need to be amended, or video instructions on how to present it might be needed.
Reach out
Develop a communication plan to reach out to your clients, partners, suppliers, investors, and other stakeholders. Keep them abreast of your business policies at this time, any changes to operations, or new ways you can serve or collaborate with them.
Challenge your employees
Innovation is born out of crisis. Ask your employees to explore, challenge them to bring out their best. Make the challenge a competition as all of us are natural competitors. Show them reward in innovation and standing up to the challenge.
Main thing is to not give up and have a positive mindset and spread this among your staff as well. If you keep looking for the silver lining you are bound to spot it.
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