Adapt and Grow as Opportunities Develop – Even a Pandemic
It is one thing to be good at what you do both as to product quality and profitability. But the business model can’t become stale and feel immune to potential threats and developing trends. The model must include some elasticity for both potential threats and developing trends. The COVID-19 pandemic has become the worst of both - a threat and will push toward a trend. The trend may be that people will not gather together in densely packed locations like restaurants and bars, as well as event venues, for at least the foreseeable future until there is a clear and prolonged downward progression.
A business however can still grow. If you have a high quality product as well as a loyal customer following, you don’t have to change the product, rather change the way your customers can access your product and also grow the customer base. You cannot expect that in a challenging situation, your customers will be willing to take more time and work even harder to gain access to your product. You must adapt the accessibility of the product and help customers to be able to find / buy it in different locations that are easier for T-H-E-M to get to. That could be either through on-line sales or in critical locations they have to go to regardless – like grocery stores and beverage stores. This method may force you to grow your production and output, but just do it in profitable ways. This could be intended growth or back door growth that you bump into, but growth.
When times become challenging…….strive to make your product more accessible to your current customers and grow through those similar channels. You may need to adjust your processes, which is controllable by you; rather than try to control and change customers’ behaviors. Think about which of these behaviors is most controlled by you.