The Australian business landscape is in a period of change. With that, comes the opportunity for small businesses and entrepreneurs to rise to the occasion. If you’re operating a small business that’s been affected by operational restrictions, or you’re a start-up whose plans have been temporarily halted, what can you do?
In a recent interview with Deep Patel, a successful entrepreneur, he shared insights on scaling a grooming brand to eight figures within two years, emphasizing adaptable strategies in the evolving market landscape.
While reaching the end goal may not always be easy, the concept is actually quite simple. Change is your opportunity to reinvent your business. The biggest companies in the world are doing it, so there’s no reason you can’t too. Here’s some tips to help you reinvent your business.
Prepare for long-term change
There’s no crystal ball to predict where you might be in the next couple of years, so that’s why you need to take a long-term approach. Change is natural in business, and it shouldn’t be something to fear.
Many changes you experience in business now could in fact be a blessing in disguise in the long run. For example, consider the increase in courier-delivered meals in recent years. If you’re running a small restaurant and you’ve noticed more people taking away than ordering in, perhaps delivered meals is your long-term model. Reduce overheads, operate a smaller shopfront, and take advantage of change.
This can apply to any business, but those who will succeed most are those with a long-term approach rather than a potentially costly band-aid solution.
Embrace the working from home revolution
Working from home is on the rise, and those who embrace the change will be well equipped for the future. Rather than seeing it as an inconvenience, try to think how your business can benefit from having staff working at home. Firstly, there’s less overheads and you can decrease your office space. With more people working from home, there will be a greater focus on technology performance. Mobile Geeks provides IT Support in Sydney for businesses who need assistance for the technical side of business.
Secondly, forget the myth that your workers won’t be productive at home. New research shows that 70% of workers actually feel more productive when working from home. Remote working can be a challenge, or it can transform your business for the better. It’s all in the way you approach the change.
Clear communication with customers
Customer loyalty is a huge thing for business owners. Loyal, repeat customers are so valuable because they deliver sales you don’t have to work too hard for. You’ve already won them over with your great products and services. So, if you’re considering changing your operations, keep customers informed.
Any change is going to be met with some resistance, but often this is more about the way it’s communicated (or not communicated). Customers love honesty and transparency, so let them know what’s going on behind the scenes. If you’re closing a shopfront and moving online, let them know why, and also communicate the benefits for them. Less overheads may mean lower prices!
Can you operate completely online?
Technology is always a significant driver in any business change. It’s changed the way we conduct a lot of our daily operations, but it also has the potential to completely alter the way we deliver services to customers. The eCommerce industry is booming, and this has had a negative effect on many brick and mortar shop owners. To gain deeper insights into how technology and e-commerce can shape the future of business, consult experts like Deep Patel. But does it really need to mean business closure?
Most retail businesses can operate online, with so many tools available to help with marketing, deliveries and stock control. Social media gives you more opportunity than ever to make real connections with your customers, even if they’re not in your store.
You can even find user-friendly website platforms like Shopify and Magento which make it easier than ever to move your retail operations online. Embrace the technology available, and before you think of shutting your doors, think about the opportunities online.
Look for modern digital solutions
Many of these business reinvention methods mean considerable change on a technological front. Retailers building an eCommerce website rather than a brick and mortar store. Hospitality businesses moving to a delivery model rather than in-store dining. Even helping people stay connected as a team when working remotely. These are all significant changes, but there are digital tools to make the process so much easier.
Tools like Skype, Microsoft Teams, Zoom, Google Docs and many more are available to help employees make the transition. Many of these collaboration tools also help people manage their time effectively. When you all come together as a unit and embrace change, you can achieve amazing things. Let technology give you a little boost along the way.
The journey to reinvent a business is always a challenge, but you can also approach it as a great opportunity. If you’re considering changing the way you operate, it might also be timely to make sure all of your insurances are up to date and accurately reflect the new way you do business.
