We’re all startups in this pandemic.
The way we used to do business is a lot different than what we should be doing now. New changes have to be made – new changes that we all need to embrace.
And many businesses right now are slowly adapting to this “new” normal.
Speaker, author, and Chief Evangelist Guy Kawasaki shares some steps businesses can take as they cope at this time of the pandemic.
- Understand the kind of race we’re in.
It’s not a 100-meter dash, it’s a marathon. This pandemic is not going to be over in January. It’s even a decathlon because you have to be good at a lot of events.
- Cash is king, the goal is survival.
In great times, you’re worrying about precision, branding, and thought leadership and all those kinds of esoteric things. But the goal now is survival. Everybody today is discounting. It’s all about turning inventory into cash. Now is not the time to be proud.
- You cannot depend on multiple-tier distribution.
If you used to work with your resellers and your distributors and you sell through Amazon, now you need to sell directly to customers as opposed to depending on multiple-tier distribution.
- Thin out your product line.
The number of choices you need to offer is not nearly as high now as it was before the pandemic. Now, you can get away with having fewer SKUs and that simplifies your entire supply chain. This is like a close to death experience where things get clearer when you’re only worried about the essentials.
For more information and resources on business growth and leadership, check out The Customer Service Revolution podcast. If you’d like to listen, head over 015: Cash is King, The Goal is Survival with Chief Evangelist Guy Kawasaki.