Companies need business frameworks. If you are new to the business, a business framework is a process and the central base of your organization’s operating strategies. Choosing a business framework depends on your type of business, its organizational structure, the systems, and strategic planning. Your choice will either give you an advantage during a crisis or you go down because of your inability to cope.
As a growing business, how can you adopt new frameworks?
1. Reassess the available opportunities for growth
The pandemic has severely affected global consumption, and consumers had to adopt new habits. Companies that want to emerge from the crisis in a stronger position should understand the changing behaviors of consumers. There could be demands for particular products or new business opportunities that will grow from the new demand.
For example, many members of the working population choose to work from home. This means that there can be an increase in the demand for home office furniture and equipment. Of course, it is necessary to study the demand shifts and know if they will be short-term or long-term.
If you took the opportunities and your business is growing faster than you expected, or you just started a business, ensure that you have the right solution to manage compliance for hyper growth companies.
2. Analyze the data
Data analysis is vital for most businesses today. For example, e-commerce companies need new data on credit card spending or foot traffic. There is a significant drop in attendance to cinemas, theaters, sporting events, concerts, etc. But there was an increase in the consumption of entertainment online. Restaurants and shopping malls saw a decline in patronage, but online shopping and delivery services increased.
Data will show you what markets are doing well, what new products are launching, and what innovations consumers accept. You must understand where the opportunities are and how to use them to re-shape your business model.
3. Take your product online
If you are mainly dependent on your onsite shop, it is vital to assess if you have the opportunity to shift your product online. Shopping activities are slowly coming back, but it is crucial to move your products to minimize your inventory. Thus, you need to think of ways to use online marketing techniques to present your product to appeal to online shoppers, such as using social media influencers or other platforms like eBay, Apple, Amazon, or Google.
4. Expand your customer niche
If you are still dependent on your loyal customers pre-pandemic, it is time to think about expanding your customer niche. First, you need to develop new customers, online and offline. Customer habits change, so you need to find consumers interested in your product or service. Again, data analysis will help. But sometimes, brand re-positioning can accelerate your business growth.
It is not easy to determine which business framework you should choose. Getting help from a professional consultant would be beneficial. However, you can benefit more if you understand your business better and have a firm grasp of your business’s short-term and long-term goals.