Historically, 60% of the market recovers within six months of an economic crisis. This means that now is the time to be acting to ensure you come out of Covid ahead of your competitors.
This will require resetting your business to ensure that you are relevant to the changed needs of your customers, suppliers and staff. Their needs and behaviours have shifted, so doing the same thing you did before Covid is not going to yield the same results.
In his new book, Reset Rebuild Reignite, Pavlo Phitidis outlines a method that all businesses can use to help to make decisions when resetting your business.
He calls it the Onion Peeler and it works like this:
Core: At the centre of the onion is the sweet core. In a business this is everything that you cannot do without. Consider a data insights company – they absolutely have to have people who are capable of number crunching, as well of interpreting the numbers. Any actions that support or draw on the core should be pursued.
Middle layer: The flavour and the burn lie in the middle layers. These are things that are not core but strategic to the business. In our data analytics example, this would include the technology that enables number crunching at scale, and which enables the data interpreters to present it visually. The tech is not their core competency but it enables those core strengths and could be outsourced to trusted specialists.
Outer layer: the skin of an onion gets discarded. This is everything in your business that is non-core and not strategic. It could be stationery or catering and cleaning. Don’t spend your energy and resources here, these are commoditised offerings that you can buy for the best price.
For more practical insights into building a business that can thrive in a crisis, join Pavlo Phitidis for a 60 minute online forum for business owners on 30 September from 9am.
- Register here https://aurik.com/ab-sa-webinar-30-09-2020/