Regenerate Your Business
Blueprint for Regenerating your Business
Regenerating your business is about reset, regroup, and relaunch to unlock the potential in your business in a way that is the least disruptive to your team, your customers and your suppliers.
The need to regenerate a business comes about usually through a crisis. Whilst we have never seen a crisis quite like the one we are in right now, we are liable to be impacted by a crisis at any time through the decisions we make, disruption to the market we are in or, affected by external events.
At all these times we have got to start by taking stock of where we are, identifying where we want to go, and deciding what vehicle we need to get there. This analysis may result in requiring a different team, new systems, new products or services, and a different way of marketing them.
Once you have considered the above, you are in a position to reset, regroup and relaunch. Now is the time to add a digital aspect to your business.
To achieve this, it is essential to have a plan. In this document, we include a Four stage plan with Twelve steps in total.
Stage 1 Preparation:
Step 1 START: Know where you are
Step 2 PURPOSE: Commit to what you want to achieve and why
Step 3 FINANCES: Know your numbers and targets
Stage 2 Design:
Step 4 REDESIGN: Redevelop your business model for today
Step 5 PLAN: Set your three-month objectives
Step 6 PROBLEM: Define your customer needs
Step 7 TRUST: Design your customer pathway
Stage 3 Develop:
Step 8 TEAM: Realign your team and talent
Step 9 CHANGE: Managing the impact on stakeholders
Step 10 RESOURCES: Launch, systems, schedule
Stage 4 Implementation
Step 11 MEASURE: Track, adjust and refine
Step 12 COMPLETE: Deliver successfully and repeat
Completing the Twelve Steps
These twelve steps create a leadership pathway and are loosely based on a system called Entrepreneur Dynamics – the number one system for Agile Leadership, created by Roger James Hamilton of the Genius Group – the leading education group for Entrepreneurs.
People aren’t buying the same products and services they were in the same way. But once you focus on solving your customer problems, demand for what you deliver will multiply as they are being challenged with more problems than ever. Many businesses are not surviving right now and do not know how to regenerate themselves, so you need a proven method not just to survive but to thrive.
Those of you who are Doctor Who fans will be familiar with the act of regeneration. The Doctor has regenerated 13 times so far. Each time he (and now she) has a new face, new clothes, a new personality, and even a new vehicle (Tardis). What has not changed is the knowledge, skills, and experience he/she has gained during their very long life journey.
Preparing for the Winter Ahead
We are living in unprecedented times. We are currently living through the immediate impact of the coronavirus crisis, and we are heading into what experts are predicting to be the greatest financial crash in history.
If you are like most of the business owners, you will be feeling the effects, particularly financially. You are also likely to be experiencing changes in behaviours and needs of your customers and your market.
Even worse, you realise you need to fix the short-term business challenge of furloughed staff, remote working, social distancing, customer and supplier fears, complex legislative requirements, and much more while keeping an eye on the upcoming opportunities.
Over the next 3 – 5 years, the key focus must be longevity if you are also able to grow and increase your profitability, that is a bonus. The goal needs to be to protect your cash flow, keep the business profitable, and where possible, provide employment so the community can thrive as well.
By adding a digital component to your business, you have the opportunity to attract a wider audience, even a global audience. You can take advantage of new and different behaviours of your customers, e.g. less travel, more home-focused, more family time.
You also have the opportunity to save time and costs by delivering services digitally and can have a competitive edge over others in your sector who are expecting the old ways to return. Above all, you have a greater opportunity to participate in a rapidly growing digital world.
With crisis comes possibilities; it is always in the times of greatest crisis that lie the opportunities of a lifetime. But you need to be prepared to go against the crowd and step out of your comfort zone to reap the benefits.