Should I change my business model post COVID ?

If you are thinking fo changing your business model post COVID and not sure where to start, ask yourself these 3 questions.

1. Are you introducing a new service?

2. Are you innovating on the existing service/product?

3. Are you discontinuing a service/product?

If the answer is yes to any of the above- then yes you are automatically changing your business model.

However, even if you kept offering and selling what you had before, you could also change your business model simply by changing the following:

• Your customer segments

• Your sales channels

• Adding e-commerce

• Changing your marketing approach

• Changing your sales approach

• Changing your pricing strategy

• Automating certain staff duties

If we looked at our PESTEL or SWOT analysis from last year, we would not have mentioned CORONAVIRUS and the economic effects of the lockdown anywhere, in our business plans.

The lockdown had such a huge effect on the economy ( especially in the travel and events industry) that having the same business model seems risky.

BUT REMEMBER: YOU DO NOT HAVE TO REINVENT THE WHEEL:

1. You can build on what you already have

2. You can carry out new research with existing clients to find out their NEW problems and frustrations

3. You can add an innovation, which is already used in another industry

4. You can partner with software providers or digital startups that would help you innovate and offer something new

5. You can launch an e-course about your expertise

6. You can add in an online consultancy

7. Experiment with various ideas on the side- now is the time that innovative and creative ideas might take off

Check out this post with a lot of material and inspiration for rebranding and changing your business model and tools you could use.

Do not forget to subscribe to your blog for more valuable ideas and information.