Listen to the Podcast for more: Strategies To Think About | The Corporate Entrepreneur (simplecast.com)
During unique times such as these, it is time to work with your teams to understand how the current situation is affecting, and will affect your business. It is time to plan how your business will respond to the potential return to normal… or the new normal! Corporate entrepreneurs will develop strategies and plans for the return to normal using an approach they are familiar with.
There is going to be the temptation to gobble up weaker competitors that are doing as well. Before you do this, it’s important to make sure your company processes are in place. Processes that will help you return to a new normal, as well as processes for dealing with the return to normal. It is important that you run your current processes through the S.M.A.R.T. filter to validate that you are ready.
There is a tendency during tough times to want to broadcast your features, benefits and incentives to customers and prospects alike. This is the time to be selective and use tactics that allow you to reach the people you want. Offer these to customers first to reward them for being a valued customer.
What you develop does not have to be perfect. Communicate to your employees, vendors, customers and prospects in a way that will allow for change in what you are announcing without losing face in the larger community. This is the time for a slow release plan… it’s time to get ahead of your competitors, let your employees know where they stand, and offer your vendors opportunities to help you now with a reward when things get back to normal.