If you have a ISO standard then maybe the pandemic was not a furloughed reason !

Your SWOT analysis is an opportunity to consider the strengths, weaknesses, opportunities and threats that can help or impact your business.

Threats will include some universal issues such as:

  • another lockdown- Second wave?
  • ongoing social distancing- will this be less than 2m?
  • staff ill health
  • low consumer confidence
  • as well as threats specific to your business
  • Brexit

Opportunities could include:

  • diversifying your offer
  • meeting a new post-pandemic need
  • adding virtual / Remote solutions
  • harnessing new technologies
  • recruiting new staff who were previously unavailable
  • Flexible Working

What impact will these things have on your business? How can you use your strengths and opportunities? How can you minimise the threats and weaknesses?

You could also complete a PEST analysis for more in-depth insights into the situation.

3. The Sales Funnel

The Sales funnel is a group of factors that, combined and optimised to suit your business, help you achieve your goals. At its most basic level, it includes – product, price, promotion and place. All four of these need reviewing in light of Covid-19 and post future outbreaks?

Product

  • What are you offering?
  • Is it still available to stock / viable to produce?
  • Is it still needed / desirable in the current climate?
  • Are alternatives a better proposition now?
  • Are you still servicing the same customers / market?
  • How could you make it more attractive?
  • Can you diversify? What else could you offer?
  • Can you pivot? What else could you do?
  • Is there a new niche that your product could be perfect for?

Service

  • What are you offering?
  • Is it still needed / desirable in the current climate?
  • How can the service be delivered?

 Price

  • Is your current pricing still competitive and attractive?
  • Have your customers been affected financially by the pandemic; can they still afford you?
  • Do issues in your supply chain impact what you need to charge?
  • Can and should you offer discounts or incentives to encourage custom?
  • Can and should you increase prices to help your cash flow?
  • What impact will price changes have on public perception and demand?
  • How can you communicate about price changes positively?
  • Can you develop any passive income streams?

 Promotion

  • Is your promotional mix still appropriate?
  • If you have pivoted (for example, from B2B to B2C, or from in-person to online services), are you using the right channels and messages?
  • Can and should you switch to more affordable forms of promotion?
  • Can and should you invest more in promotion to win business?
  • Have the costs of promotion changed and, if they have, can you capitalise on that?

 Place

  • Are you delivering services and products in the right place?
  • How is your ‘store front’ affected by the pandemic and can you mitigate the effects?
  • Can & should you move services online?
  • Can you negotiate improved terms for your premises to help cash flow?
  • Are your suppliers and distributors still in business and operating on the same terms?

4. The Bottom Line

Analyse your financial forecasts, cash flow and budgets. Taking a long hard look at things now could help you stay on a firm grip. Could you:

  • Consider lower cost marketing options
  • Consolidate your products to a smaller but more successful range
  • Focus on doing less but doing it better – niche
  • Change suppliers to reduce costs
  • Defer planned investments and use the money for other priorities?
  • Risk Assess your future

Paul Shaw

www.is27.co.uk

connect@is27.co.uk