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Does Adapting Means Changing Your Business Model?

From a handful of cases in the other side of the world to billions of lives lost; this pandemic has not only threatened our public health but it has devastated our way of living in every way possible.

The lockdowns imposed in cities, states, or countries, had big implications to the small businesses located in those particular areas. When everyone is encouraged to stay at home, customers who previously frequent the local stores have lessened, if not fully “disappeared.” Even large companies were not spared from the ill effects of the pandemic.

It’s been a year since the first sighting of the virus, is it already too late for our business to cope up with it? What does it have to take for us to adapt?

In most cases, businesses like us change our business models depending on the demands of the market, our customers, or even us internally. When we see that we need to innovate, we are prone to changing our business approaches.

But there is always an internal struggle when we make big decisions especially during these testing times. With that, here are a few guide questions if you ever think of changing your business model:

  • WHAT’S THE TREND?
    Even before the onslaught of the virus, most businesses are already shifting to digital. Would that also be applicable to your business? It’s true that your business needs to be unique, how can you bring that uniqueness into what’s currently trending in the market? What do you have that makes you a competition?
  • WHO ARE YOU AS A BUSINESS?
    What are your goals and your purpose? Defining what our business is the key to anything that we do. The market changes, our customers are not the same all the time, and there are a lot of external factors that would affect as constantly, with this, what do you need to maintain to remain on track and grounded?
  • WHO ARE YOUR CUSTOMERS?
    It all goes back to who we are doing this for. Given the current circumstances, customers may not be the same as they were before. Are they still visiting physical stores? What do they buy these days? What platforms do they currently use? Having in-depth knowledge on what our customers want and need would help us cope up with the times, at the same time, provide more details on where we could improve our services.
  • HOW CAN YOU MAKE YOUR BUSINESS RESILIENT?
    Hurdles come and go, and this pandemic (unfortunately) isn’t the last crisis that we’re going to encounter. Are you prepared for what might come next? How ready is your team if another setback happens? What changes are you going to make?
    We all know that the road forward is digital, but it’s not just about that. It’s about coinciding the online sphere to the real world. Adapting is surviving, and creating balance between all those factors is not only meant for our survival but it also intended for the success of our business. Change is risky, but will you take it and make the shift?