Have you changed your business purpose?
Andrew Hague, Partner
By Andrew Hague, Partner
Many businesses will have been through the wringer during 2020 and into 2021. In some cases, companies have had to update, change and pivot just to survive – and this means having to rethink the core mission behind your enterprise.
Having got through the pandemic, your business is faced with a new kind of business reality. It’s a world where buying habits have changed, consumer expectations have evolved and online shopping has boomed. Many businesses have had to evolve. But do you know where you’re going and how it has impacted on your underlying business mission?
Being able to react to changing circumstances and to evolve your business is one of the key capabilities you need as an entrepreneur. Having a clear outline of how you’re pivoting and why will help you to understand the evolution of your purpose, communicate your business’ “WHY” and understand where you’re likely to go next.
Some key questions to ask yourself will include:
Do you have a robust plan for pivoting and continuing this evolution? And do you have the resources that are need to back up this change in direction?
Do you have an updated mission statement or business plan? If not, you need to get this written down and communicated to your executive board, your team and all other stakeholders.
If your sales, business development and marketing activity is now focused on a new customer base, you need to update this in your sales and marketing strategy. Think about who you’re selling to, what their needs may be and how you can service these needs.
Can you successfully pivot to this new purpose using your current systems, processes and resources, or do these resources need to be updated? If you’ve increased your e-commerce usage, then your production, logistics and delivery operations need to scale up to cope with any increased demand.
If your purpose has changed, it’s likely that your talent needs have also changed. Reassess your key human resourcing requirements and think about the people you need on board for this next chapter.
If changes in equipment, plant or premises are part of your pivot strategy, it’s likely that you’ll need additional finance to fund these changes. Think about approaching your bank manager or funding provider of choice. Please talk to us about government-backed recovery funding.
Talk to us about planning your new business direction
Nothing stands still in business, so there’s always value in taking the time to step back and reassess your business direction. However you are faring in the post-Covid market, taking the time to review your business purpose and planning is time well spent.
Talk to our advisory team and we’ll help you to update your mission statement, amend your business plan, help with HR and get all the operational and financial elements in line for the next stage in your success story.