As businesses navigate lockdown release, it would be easy for you to breathe a huge sigh of relief that normality is on its way. Covid limited trading for many. The country opening up changes the market dynamics once again. It’s not a static trajectory, and it opens up unlimited opportunities for businesses prepared for this. It’s a time to renew for the better, attack business afresh, seek out those opportunities that will leverage sales, build loyalty, and ensure your business thrives.
If your attitude during the pandemic was ‘limited’, then the way you organised your resources – your time, money and people came from a mindset of scarcity. This will seriously impact your growth potential. Whilst understandably this was an essential strategy for survival, this mindset of scarcity can be a tough habit to kick as the economy starts to rebuild, and it could seriously limit your ability to bounce back, so kick it, you must!
In business, there is an infinite marketplace and abundant opportunities for those willing to access it. Those leaders with an abundance mindset are more optimistic, better organised and provide a context that instils growth and opportunity in all their teams. Their organisations are curious, more innovative, more robust and resilient.
When the pandemic hit, some businesses got resourceful overnight. They transformed operations to working from home and used technology to help reduce business interruption. Why is it then, a year on, that even in the largest of corporations, you still have hold messages that say, “We’re sorry you’re having to wait longer than usual, we have limited staff available and are only able to handle emergency calls”, (a legacy bank)? This, to me, smacks of an organisation that has prioritised operational finite resources (scarcity mindset) over the needs of their customers. This will have significant consequences as customers leave in their droves for the agile Fintechs that demonstrate a more innovative and timely solution by prioritising their customers’ needs.
A local (very popular) restaurant closed its doors during Covid. Its catchment area is affluent, rural with many older households. It stayed closed whilst others nearby opened up for popular take-out services for both food and drink. One even did cooking lessons for their most popular dishes on Facebook and provided ingredients parcels so customers could make their pub favourites at home. They started a community kitchen, recognising that there were many isolated, lonely people close by and encouraged the local community to get involved to deliver and check in on these people. What an incredible way to explore interesting new ways to remain profitable in tough times and give back, provide an opportunity for others and meaning for their staff.
Other pub/restaurants in the neighbourhood used the opportunity of the recovery roadmap to get their business ready for outdoor opening. They erected awnings and heaters, changing the layout to fit more people safely and adapting their menu to foods that stay warm longer. Meanwhile, this once popular place did none of these things. Their mentality was limited, and as such, their opportunities, limited. What a contrast!
The country opening up is a chance for businesses that may still be reeling from the impact of the pandemic to regroup and challenge their thinking. Asking resourceful questions is at the heart of this opportunity. Leaders need to take positive action and lead from the front with this mindset of abundance to steer a steady course.
We often set the 10% challenge for leaders, so here it is for you “What can you do right now to increase profitability by 10%?” You’ll be amazed by what you can develop if you get your head in the game. Enjoy!