Uncategorized · May 28, 2020

Fail to Succeed in the New Normal

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So far, your business has survived Covid-19 and the lockdown. With lockdown lifting soon, you’ve got to find money to pay for operational expenses, to survive.

What does your business need to do to continue to survive and thrive? Are there any demand/supply gaps and opportunities that have opened up in this New Normal that you can leverage on?

As I pondered these questions for my businesses, I realized there is no longer a playbook to follow. There are no hard and fast rules. It’s business unusual.

Restaurants have opened, but people are eating at home more. Shopping Malls have opened but shoppers are buying online. Offices have opened, but clients are working from home. How to do a sales pitch while they are feeding their kids?

Yet we can’t sit still. If maintaining the status quo and doing nothing is your strategy, better to close your business.

So what can we do to move from surviving to thriving?

My suggestion. Embrace the unusual. Fail. But Fail Forward.

Forget about 5-year plans, ROI. Focus on revenue. Quick revenue. Just try something, anything to grow your business. Fill those demand/supply gaps, seize those opportunities. If you fail, review what went wrong. Learn from the failure. And then get out there and try again.

In the new normal, failing forward might just be the business strategy we need to succeed.