WRITTEN BY RAHIM GULAMALI
While the last decade has been a time of unprecedented growth, 2020 has seen that trend turned on its head. Expectations are that 2021 will not be much better. I recently heard that in the Netherlands they expect that 68% of the SME market will not survive the end of 2021. The BBC mentioned that the UK has avoided a recession thanks to actions by the government over the summer and domestic holidays. However, caution is needed. Credit Bureau´s believe that thanks to the governmental aids, it looks ok with respect to failures. That said they also mention that the majority of the hit companies actually only are zombi businesses and it´s just a matter of time before they actually file for bankruptcy. The numbers are just predictions, but the fact is. We are all impacted.
In this post, I will go a bit deeper into some tools you can implement within your organisation, and some quotes to ensure that you motivate your team to keep pushing forward. Now is the time to be creative and prepare your organisation to thrive again!
This uncertainty requires organisations to reinvigorate their future. Now we will see the difference between organisations which can adapt, and the ones who will have limited to none chance of existence. In this blog, I will touch on some of the tools you can use to move from Survival mode to Engage Thinking, which is just a small step away to Thrive thinking. Let’s start with what’s happening to a lot of sectors and on a global scale:
We have quite some clients working in segments which have been hit hard by the current market conditions. The travel tech sectors see a massive decline in the usage of their platform. Companies like Booking.com, Hotels.com, Expedia as also technology providers supplying solutions for online (business) bookings have seen a decline in numbers as travel is limited. Many other sectors suffer.
International Business and private travel expectancies will not increase in the short term. Domestic holidays throughout the summer have postponed the downturn for a lot of segments of the business.
Customers perspectives at the same time are changing. Look at yourself. Your buyer’s journey has probably changed drastically. The online market spaces are flourishing, and the need for different solutions is imperative. These evolving trends will likely continue to change faster. It’s up to us to think different to accommodate those needs.
Navigating the outside influences
Lately, we have seen quite some reports pop up with results which are confusing. Recently we in the HBR we saw 2 articles wherein one survey 98% of the executives had Digital high up the priority list, and in the other, less than 70% actually had time for it.
These contradictions do not make it easy to navigate and build out a trustworthy longterm plan. Even the general news struggles to keep up with facts. But there is a way forward. It’s time to start building out your data insights and capabilities. What happens to other companies does not have to apply to you!
Revitalise your teams and businesses with the Engage and Thrive mindset
Here my two cents on where you can find the short term advantages in your operations!
1. Shift your focus towards your customer’s current needs
Keeping an existing customer is roughly five times less expensive than attracting a new one, so it’s a good idea to view growth from a retention viewpoint as well as a sales viewpoint. Your beautiful roadmap created months ago, will need revisiting. This probably has already happened a few times this year. Notably is that you look at these dynamics from both a data intelligent as an emotional standpoint. And with emotional, I do not mean yours, but your customer. Especially now, the empathy card plays a significant role in building your future collaborations.
If your budgets are frozen, it´s vital to make the right choices. The benefits of new functionalities versus improving the existing. The benefits of investing in your current customers versus seeking new ones. Transforming your marketing activities to increase retention, versus aiming at the blue oceans. Take note in this that team budgets should go back to company budgets. Enabling the organisation to revisit investments and shift the available cash to the segments which offer the best return. It´s not about every team restructuring, it´s really about taking a step back and shifting investments.
2. Stabilise to enable Growth
It’s time to move from emotion to insights, from Insights to Action. The negativity in the market impacts all of us. That spiral we get in can be broken and turned around into engaging opportunities. Now we have the chance to look at diversification, white spaces and our dormant accounts. We start to build out that agility into your services, solutions and, your people. This new adventure may have a painful starting point. However, what we know from experience is that the more painful the starting point, the better success will feel. The better you feel, the more motivation you will have. The more inspiration, the better the results will be.
The goals have not changed, it’s the adventure we engage on which requires updating and agility!
We now have an opportunity to use an abundance of data and technology to a competitive advantage. Stabilise our organisations capacity and design and build out our blue ocean strategies. We now have the opportunity to stimulate our team members to be an intrapreneur and start building the next-generation version of who you are as a company.
Don´t change your dream, learn from the journey and engage on the new adventure!
3. Enhance your Executive Data Dashboards with behavioural targets
The current downfall in numbers works counterproductive if it comes to motivation. Revenue down, Attrition and dilution rates up. Not very motivating talking about that every day.
Now more then ever, executives must start onboarding Behavioral Targets. Targets which enable us to stimulate the use of the solutions, resulting in the next level of People Growth. When focussing on them and moving budgets into solutions to increase the usage and impact, ultimately this will lead to an increase in revenue. It’s vital to gain understanding on the real drivers of change.
Time to start taking a deep-dive in where you really can make that competitive advantage work for you. Start building that FLOW, identifying positive impacts on your business model! Elevate the creativity flow, Optimise the delivery, Increase the effectiveness as a way of enhancing your business. The better the behaviour if your organisation is towards optimising and finding new growth, the faster you will turn around the downfall.
4. Customer Loyalty versus customer growth!
It´s easy to get paralysed by the market conditions. Less usage is less revenue. Less revenue means less investment and worst-case reengineering.
Only with the right investments, you will be able to retain clients and your people to build out a new basis to engage in new markets. This means that as a leader, you will need to start thinking like a customer. Thinking like an entrepreneur. Enabling others to be that entrepreneur and stimulate creativity more than ever.
Start opening up for what is out there! That blue ocean is somewhere to be found as long as your focus is right. Now it´s time to focus on customer/people Loyalty versus Customer Growth.
Your mindset is the key to finding new purpose and meaning. Trust the system, Trust yourself!
5. Transform survival thinking to the engage thinking
eing in a survival mode, managing expenses, using all the tools the governments throw at us to keep the businesses active. All good. We need to take a look at how we operate our businesses.
However, this is not where the focus should lie. There are new opportunities to engage, new opportunities to thrive. They are out there when you open up to them.
Change your mindset, Elevate your team to be more creative in their thinking, Elevate your customers and your partners to build that new you.
Survival mode is a temporal space. When the survival mode starts turning into survival thoughts, you are fueling yourself and your organisation with negativity
- Create a core team focussed on Engage Thinking with the task to find solutions for you to Thrive
- Create a team focussed on the Survival and challenge them to make the organisation less fragile
- Build out your Data Insights to validate and monitor the progress of behavioural targets
- Stimulate ownership and Intrapreneurship on all levels
- Get your people to contribute to the success, Stop Negative Communication, Start building that Positivity flow
Free of Charge 2 hour Consults with an Associate!
We have added additional links to solutions and blogs, perspectives and insights. We hope these will help you elevate your thinking. Everyone could use a helping hand at some stage!
As a one time offer, you can make use of a 2-hour free consultation with one of our mentors. Yes, you heard me, it´s for free. No strings attached. In these times, we need to help each other and share the positive vibe. We will discuss your case and subsequently organise the FOC consulting with the matching Associate. This is our way of giving back to the community!
This blog was written by Rahim Gulamali-Duchain, Co-Founder of DnA, Partner at Content2Click marketing and Business Mentor in the Executive and DIgital space. With over 20 years of experience leading (international) teams and programs in different sectors of business and across continents, he has an extensive background in reengineering and executive growth programs. The successes are linked to the motivation of the people taking ownership and elevating their creativity to succeed. If you want to learn more about Rahim? Schedule some time with us, or check the solutions in the DnA MarketPlace!