The ‘new normal'
It has been an unprecedented time for business, from the Covid 19 pandemic to the current cost of living crisis, it just feels like you have stepped over one hurdle and landed straight on another. It’s my hope that this article will give you a few hints and tips as well as useful resources to help you navigate your way through the “new normal”.
One thing the pandemic has taught business owners is how to be more agile in the way they think and be able to see things from another perspective. This new normal is how “Pivot” was birthed. Business owners at this point had to Pivot and adapt themselves to the change and adapt themselves to the way they do business and the way they think about business. With the current cost of living crisis, this new normal has forced business owners into developing new strategies for success. As a business owner, you must be more imaginative than ever before to survive.
See the illustration below “Morale and Competence” – which shows, in brief, the thought process leaders go through when faced with such a huge change over which they have no control.
Four Key stages
To get through this cost of living crisis it is essential that business owners focus on the following four areas:
Staffing
| Supporting Customers
|
Suppliers
| Financial Stewardship
|
Leadership and Management
These two words are used interchangeably, most of the time, in business. However, as the illustration shows, the duties between Management and Leadership are distinctly different – with some overlap. As a business leader in this climate, you may find yourself mostly working in the overlap. Be careful as you need to be proactive and not reactive.
In Conclusion
The information I have provided you with in this article is not exhaustive, but I hope it provides you with support on your journey.
Remember to….
“Be agile in your thinking, adapt the way you do business and the way you think about business”.
“Be Proactive, not reactive” …… “Think outside the box” …… “Don’t suffer in silence” …… “Ask for help”
Network
Networking is a great way to connect with other businesses to develop professional relationships and customers, as well as getting support and advice from like-minded people.
Marjorie Price
Marjorie Price is a business management training consultant, coach, and mentor, specialising in developing Leadership and Management skills for founders and senior leaders. She is a Business Information Specialist for Waltham Forest’s Business & Intellectual Property Centre (BIPC) Leytonstone, supporting start-ups and SMEs to develop and grow. She is a BIPC ambassador, working to bridge the gap between the local council and the business community. Marjorie also runs her own company, Price Management Consultancy.
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