How to manage business development strategy in a crisis
In crises, not only companies, but also entire industries go into "oxygen starvation" mode. Managers and owners are cutting budgets, trying to figure out what else to save on. First of all, marketing costs are reduced.
"Strategy, marketing - these are excesses that you can afford in a quiet time, but now you need to survive," - they say, which is fundamentally wrong.
In a crisis, demand will fall, the market will shrink, and competition will increase. To buy it from you, you need to give a good reason to your consumer. Discounts, which in the opinion of the business are the only right solution to increase customer loyalty, only exacerbate the "oxygen hunger", taking away resources from other opportunities.
It's necessary to think of a good strategy that will provide two advantages at once:
gives you a reason to choose your product or service
frees up the budget that you would otherwise spend on discounts
So, the first sign of a good strategy is that it helps you spend resources efficiently, i.e. get more for less money.
Creating a good strategy isn't easy. It is even more difficult to make sure that every employee of the company is involved. In every word of the strategy, there should be not just a strategic plan, but a guide to action. Every employee should " buy " your strategy and follow it.
Your team should be a full-fledged participant in the process of forming a strategy, and consultants can help: methodologically, analytically, and consultatively. Together with you, we develop a strategy and help you make it simple and understandable so that your top managers then translate it into simple and understandable tasks for every day in all departments of your business.
Here the second and main sign of a good strategy is born — every employee of the company should work according to it.
We will develop a checklist, thanks to which each employee will be able to independently conduct a mini-audit of marketing. Once filled in, the strengths and "bottlenecks" of marketing will be visible.
How to start working on the business strategy?
Determine whether you need people responsible for the strategy within the company — these are people with very high salaries-or you will attract external consultants. This depends on the size of the company, the type of market, and the intensity of competition in the market. To begin with, we recommend trying outsourcing, so you will get results faster, and then decide whether you need this competence within the company or not.
Perform an audit of the internal environment. Again, this can be done by the hands of your employees, or you can attract external experts. We know how to conduct an express audit in a limited time and budget.
Involve your employees in the audit process, as many employees as possible. Explain to them why this is done, and how it can affect the result of the company. People like to make meaningful actions, this will increase their involvement in the further implementation of the strategy.
Prepare a strategy session based on the results of the audits and gather key top managers to discuss the current situation and determine future goals. Organize a team building. Gather all participants away from their work stations and turn off their phones. Provide them with a full immersion, because the strategy requires concentration and full commitment.
Fix the top-level decisions and give the top managers a week or two to discuss them with their teams, make adjustments, and consolidate the agreements among themselves.
We had a strategy, but then the pandemic happened
Strategy is not a stationary object that can stand for centuries. 20 years ago, long-term strategic goals were set for 5 years. Now, with the growing uncertainty in the external environment, the strategic horizon has been reduced to 3 years with a revision cycle of 1 year. The annual review allows the company to respond to all external changes. In the case of force majeure, the strategy is also revised to reflect the new situation.
If you are interested in the partner who will take care of financial audit, accounting, financial and marketing consulting, management consulting, please don't hesitate to contact us. We look forward to cooperate!
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