Grasping opportunities after the crisis

Crises come and go. They all leave their impact. But life continues

Over the next few weeks, I will be exploring the opportunities available to SMEs following the worst of the Covid 19 crisis, or indeed any crisis. During many crises we just do not have time to think about the future. Everyone is too busy surviving day to day. There is no time to worry! Covid 19 is different. This crisis is affecting the whole world over a long period of time and there is plenty of time to worry. It is also possible, especially in countries that do not have the virus, that business owners just wait for everything to come back to how it was.

But It is highly unlikely that things will ever be quite the same again. Before the virus crisis, many businesses in the Pacific islands relied on overseas tourism and business visitors for customers. Looking at the markets those customers came from, particularly tourists, they are going into an economic recession with high unemployment and people will have less money to spend on luxuries such as overseas travel. Some will simply be too afraid to travel, concerned that the virus might return.

In destination countries, that means fewer tourists, less money coming in, reduced demand for accommodation, food and drink, transports and local goods and handicrafts. Some business owners will give up, some will just hope that things will return to ‘normal’, some will panic and make changes without thinking through the consequences, while others will be proactive and actively look for the opportunities that will be available to SMEs that have courage, energy, enthusiasm and commitment.

This short series of articles is aimed at the latter group and I will focus on 7 opportunities:

1. Clear the decks – prepare for a new future.
2. Rethink personal and business goals.
3. Consider new products or services that you could provide.
4. Consider new alliances – collaborate with others.
5. Embrace technology.
6. Re-skill yourself and your team for the future.
7. Think differently – reduce and remove waste in all aspects of your lives.

But before you take those steps, it is always useful to look back and reflect – think about your business pre-Covid and make notes on what you liked about your business, what you disliked, and what you wanted to change before you were being forced to make changes.

Use the very simple but effective SWOT analysis tool. Start by thinking about all the things you and your business were good at – these were your strengths, and many will still be there. These are what you will build on as you take advantage of opportunities available now.

Then consider the opposite – all the things you and your businesses did not do well. These are your weaknesses. Left untouched these could limit your ability to make the most of your opportunities.

Thirdly, try and remember what opportunities were available to your business pre Covid – some of these will no longer be available but some will, and it is important not to make false assumptions.

Finally, pre Covid, what was threatening your business? Threats usually come in two types – internal and external. External threats, like Covid or cyclones, are usually outside your control and in the Pacific some threats will always be with us. Competition from other businesses is also an external threat. It is worth thinking about your attitude to these external threats in the past. Did you just ignore them? Internal threats are often weaknesses that get out of control like poor communication, poor attitude to staff and customers, non-payment of bills, bad business practices, poor quality goods or services. As long as they are recognised, internal threats can be dealt with.

As part of this period of reflection think about what you have learned about business over the last few years and write down what your hopes and fears are for the future.

Whether we like it or not most people do have time to reflect and think at the moment. Make the most of that time. If you can, talk with others and engage with your staff. Talk with other business owners but try not to get too negative or pessimistic. Life will go on post Covid!

Next week I look at the first opportunity – clear the decks and prepare for a new future. Now is the time to get rid of all that rubbish that has been cluttering up the workshop or office for years; now is the time to learn how to make better use of your phone or computer; now is the time to get help to see what can be done better and more efficiently in the future; now is the time to look at your financial management practices.

Please contact me with your own experiences and comments and with any specific questions you would like me to deal with in future articles.

Breadfruit Consulting (www.breadfruitconsulting.com) is a Vanuatu-based business providing advice, training, coaching, and mentoring to businesses throughout the Pacific islands. Breadfruit specialises in ‘business continuity planning and action’, helping businesses to survive in a crisis. As a registered Business Advice Service Provider with the Business Link Pacific programme Breadfruit Consulting can offer eligible businesses up 100% fee subsidy. Contact chris@breadfruitconsulting.com or hazel@breadfruitconsulting.com