The New Business Playbook

The business sections across newspapers and magazines have recently offered a somber outlook, leaving both business owners and entrepreneurs scouring for concrete guidance amidst the uncertainty. The concept of “the new normal” post-Covid has become increasingly intangible as the benchmarks for business operations continue to evolve unpredictably. However, the essence of entrepreneurship—characterized by agility, caution, and a proactive stance—remains unaltered. These times call for audacity, a firm adherence to one’s strategic vision, and a readiness to defy conventional wisdom.

In a world that appears to be retreating into a shell, stepping out into the marketplace can set you apart; at a time when downsizing is the norm, consider the strategic advantage of diversifying your team with fresh talent; and where there is a general hesitance to invest, you might find the perfect moment to launch or expand your venture. Navigating the waters of entrepreneurship has always involved balancing the scales of risk against potential rewards.

To bolster your business’s resilience and keep a keen eye for opportunities in these fluid times, consider broadening your approach. Reassess and adjust your business strategy to align with evolving consumer behaviors and market trends. Innovation should be at the forefront of your operations, whether it’s through revamping your product line or reimagining your service delivery. Enhancing your online presence and utilizing digital platforms for marketing can also widen your reach and deepen customer engagement.

Investing in your team is crucial; nurturing a culture of growth, adaptability, and well-being can drive your business forward. Keeping abreast of industry developments and being prepared to pivot quickly will enable you to seize opportunities that others might overlook.

By expanding your strategic playbook in these ways, you can navigate the present uncertainties with greater confidence and agility, ensuring your business not only survives but thrives, ready to capitalize on the opportunities that lie ahead. Here are a few suggestions for keeping your company running efficiently and your eyes open to opportunity.

Get out more

Despite current trends, securing major agreements rarely happens through video calls, acquiring local market insights goes beyond online research, and building trust is challenging when faced with poor phone or wifi connections. Displaying even a slight readiness to engage in face-to-face meetings places you at the forefront when business opportunities emerge, showcasing your dedication, respect, and sincere desire to foster a durable and fruitful partnership.

Work as a team

Not every employee needs to be in the office daily, yet a company’s culture is built on shared experiences and teamwork, calling for a more harmonious balance. While outsourcing tech solutions to the Baltics may be cost-effective, it could diminish the quality of staff gatherings (including holiday parties) and weaken the sense of mission and employee moral. Importantly, leadership from managers and executives, demonstrating their commitment by being present in the office, is crucial in setting this standard.

Become a part of your community

Start by establishing a strong foundation locally, focusing on the community around you since that’s where your initial supporters and customers are likely to be found, offering encouragement especially when international investors become less communicative. A bright spot from the years largely overshadowed by difficulties has been our reconnection with the communities that are integral to both our personal and professional environments.

Don’t forget that it’s a big world

Explore inspiration from foreign markets, study the success strategies of businesses internationally, and don’t hesitate to establish connections, plant your presence in various cities, and engage with pivotal nations. This approach also diversifies your risk and assets, safeguarding your business against the downturn of a single market. Consider, for example, whether your apparel brand could manufacture a product in Portugal or Hungary, or if Italy is the sole source for a specific fabric. The global market is ripe with opportunities waiting to be uncovered.

Dress the part

We’re not suggesting that you need to don a dicky bow tie or elaborate dress but do try tailored trousers and jacket that won’t crumple between cabin, cab and boardroom. Online video conferences enabled us to take meeting in our pajamas but dressing credibly shows that you mean business – and, more importantly, that you actually care. Much has said made of the relaxed Silicon Valley uniform (jeans and t-shirt) but even the CEOs of the US’s largest technology firms come suited and booted when summoned before politicians on Capitol Hill in Washington, D.C.

Remember what’s important to you

Consider the value of founding a business that enhances your life, offers you autonomy, and aligns with your passions. Why not seek initial support from family and friends instead of venture capitalists eager to capitalize on and potentially sell off your hard work at the opportune moment? Success varies from person to person. Earning a steady profit through a venture that sustains you, one that you can eventually bequeath and take pride in, might be a more fulfilling objective than securing a lucrative financial agreement.

Be more hands on

You’ve dedicated years to your restaurant enterprise, but when did you last personally supervise a service, immerse yourself in the kitchen, or directly brief your team? Taking the time to do so can lead to surprising discoveries, insights, and accomplishments. Investing moments with those on the ground—be it on the shop floor, within the factory, or alongside your team’s heavy lifters—is invaluable.

Remain entrepreneurial

Running a business is no simple feat! If you were looking for the path of least resistance, you would have stayed an employee or been content with a regular paycheck, wouldn’t you? Instead, you chose the challenging path, betting on a more rewarding way of life. Don’t stop now. The insights you’ve gained are invaluable as you venture into new beginnings, refine your approach, and explore fresh opportunities. Courage is key.