Covid-19 has had a big impact on many SMEs in the UK. A recent study by the Office for National Statistics showed that nearly 40% of businesses in the UK had a substantially lower turnover. With the current level of disruption likely to remain for some time, many businesses are adapting their practices to continue trading in some form.
For businesses in this position they may also benefit from reviewing their vision and strategy through our One Page Plan process. This is a condensed business plan which focuses business owners’ minds on the key areas that will make an impact in the business.
As businesses consider their options the diagram above shows what paths are available.
For businesses which have been negatively impacted and are considering how to adapt, they have two main choices:
- Continue providing the same product / service in broadly the same way to the same customers (e.g. restaurants providing take away service); and
- Repurposing or Pivoting the business to provide a new service (which is now in high demand) to a new customer
In either case the benefit of adapting is that the business remains open, employees are retained, and the organisation is seen as being agile and innovative.
In the case of repurposing, there may also be an additional benefit of strengthening the values and reputation of the business as it has risen to support the community in a health crisis.
Please download our full factsheet about Pivoting and repurposing a business.
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