Doing business in corona time. Take action!
The corona virus is leaving its mark on the northern economy. Many companies are in dire straits. A substantial number even fear for the future of the company. What now? What can you do to turn the tide? In this blog, we tell you how you can adapt your business model to changing market conditions. In order to contain the economic impact of the crisis.
Mid-March 2020. Suddenly everything changed and nobody saw it coming. Especially for entrepreneurs, the corona virus has turned the world upside down. For some, it even came to a complete standstill. Customers stayed away, orders were canceled, contracts canceled, temporarily or otherwise, and planned market launches went up in smoke. In short, the economic impact of the corona crisis is enormous. Fortunately, the national government soon came up with an extensive emergency package. Among other things, financial arrangements in the field of income support, compensation for fixed costs, tax measures, guarantees, and lending. However, as the crisis lasts longer and we are now in the strictest lockdown to date, more is needed, what can you do about this in the present time?
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Temporary or permanent?
We have now recovered from the initial shock and are making full use of the schemes. But they are temporary and of course not sufficient to absorb all the consequences. So it is important to take action and think about how you can ensure the future of your company. Because one thing is clear: the corona virus crisis has radically changed the market. Temporarily or maybe even permanently. Nobody knows. No one who has ever experienced such a situation before. And that is precisely what makes taking appropriate measures so difficult.
Where are you going?
In other words, a new reality that entails many uncertainties. At the same time, there are also opportunities and possibilities. But how do you discover them? And above all: how can you better align your company with a changing market? A difficult task where you can undoubtedly use some support. Hence a few tips to help you a little forward.
Take a closer look at your business model
More than ever, it is wise to take a close look at your business model. In doing so, keep the long term in mind. What is the impact of the corona crisis on your business model? Which parts are still working fine and which ones should you say goodbye to? You can do this by properly mapping the (changing) customer behavior and the possibilities of customers. For example, by gaining insight into the revenue potential of both existing and potential customers and by examining what problems they encounter at different levels. Also try to learn from fellow entrepreneurs, both within and outside the sector in which you operate. How do they do it? Not infrequently, this provides surprising and valuable insights.
Talk to your (potential) customers
Of course, information about the market and your industry can be collected in various ways. Via the internet or via traditional media such as radio, TV and newspapers. Just do it if you think it will take you further. But it is even better to talk to current and potential customers. Especially in these turbulent times, it is good to know what their world looks like at the moment. No one can tell that better than herself. Do they still have sufficient resources to purchase your product or service? Do they still have the same needs? Maybe they now have another problem and there is no product / market fit anymore. Or as Erik Muggen of Greenwall from Beilen recently put it: ‘You are challenged to see that the market is changing, you will have to go along if you want to be on top of that change.’
Be alert and move!
You can use all the insights you have gained to adjust your business model and make it (more) future-proof. For example, by coming up with new propositions and solutions that positively influence your cash flow. By listening carefully to your (potential) customers and by asking questions, you may find ‘brackets’ that match their needs. Look beyond the solutions you already offer. The new reality requires creativity, decisiveness and alertness. In fact, everything indicates that responsiveness and adaptability are becoming decisive success factors for companies large and small.
How can the NOM help?
We understand that it is not easy to go through all those steps completely independently. Quite a lot is required of you. Don’t panic, because the so-called Corona Rebuild Program has been specially developed for this. A national program, a kind of First Aid for Corona, intended for entrepreneurs who are dealing with declining turnover. The Corona Rebuild Program, which is also offered by NOM, helps you to work in a structured way towards a future-proof business model and thus a positive cash flow.
What can you expect?
The program starts on 15 February next. Spread over eight weeks, you will go through five three-hour online masterclasses, a combination of theory and practice, together with other entrepreneurs. A beautiful and valuable way to inspire each other and to learn from each other’s mistakes and successes. In addition, you have an individual session with a personal advisor every week. Use it to your advantage!
Do you think the Corona virus Rebuild Program could be of value to you? Do you want to register or do you need more information?
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