Choose what to fix.
Before you let someone tell you your business model is permanently broken because of Covid-19, take the time to ask: Is it really?
Of course, for many businesses, the answer will be yes. But for others, it’s probably just on hold. And for many more, it needs to be adapted rather than abandoned. Of course, many completely new businesses will be born as a result of the crisis too.
Personally, I think business leaders should be focusing not just on what they need to change because of Covid-19, but on what they should be doing better, because it needed changing or improving anyway.
The distinction could be important if the first is reactive and fear driven, and the latter is proactive and opportunity driven.
For example, one of the things many biotech businesses are just as bad at now as they were before, is positioning their brands around customer outcomes rather than their own technologies. (You may care about how you solve your customers' problem, most everyone else only cares that it's solved).
If you'd like to investigate how to reposition your business around customer outcomes, contact me at: firstname.lastname@example.org.
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Copyright Hamish Mackenzie, 2020