5 Strategies from 5 different businesses were in the feature story in last weekend’s Wall Street Journal “Small-Business Survival Guide”. I know I am one of a dying breed who still sits down and reads a newspaper in the morning. (It reminds me of when I first moved to New York and would grab a paper on the way to the subway and read it on the ride to the office each day) When I meet with new clients, especially younger than me, they often find my reading habits intriguing. Although my law office is pretty reliant on technology, there’s something comforting about the feel of a newspaper or a book in my hands when I read. And this past weekend’s focus on small businesses was right up my alley. The businesses featured range from a UV lighting company to a retailer of college sports team merchandise. Across the spectrum of these companies, there is advice that you can use for your company as well.
5 Companies, 5 Strategies
Ruth Simon does a good job of laying out the different strategies from the five companies:
- Focus on What Sells
- Stay Focused on What You Know
- It’s Not Too Late to Go Digital
- All Hands on Deck
- Get Simpler and Get Small
You can check out the article for a deeper dive into how each company is approaching these 5 strategies. Each of them can be applied generally to your company. They may not be the right option, but they should be considered.
Focus on What Sells
Many companies were getting ready to expand and grow their businesses at the start of 2020. With the pandemic changing the way we all do business, it can be a very smart financial move to regroup and focus on what’s actually selling. Instead of running out all new products, does a tried and true offering still sell? Maybe it’s a good time to double down on that before pushing into too many new product markets.
Stay Focused on What You Know
Similar to focusing on what’s currently selling in your business, it’s also a good time to look at your core business. What does your business focus on? If you’re a landscaping company, it may not be the right time to branch out into HVAC services for your client. Maybe it’s a better time to focus on the landscaping business and get through the current economy upheaval.
It’s Not Too Late to Go Digital
Many retail businesses have thought about online selling for years. But there can be a high barrier to entry. With extra time at home and less foot traffic, now is a good time to do some research and examine what steps you would actually need to take to add more of an online presence to your business.
All Hands on Deck
The company featured in the article using this one of the 5 strategies has their executive team helping out. They’ve got their c-suite level helping out in their warehouse, moving boxes, preparing orders. With a small and nimble business, having everyone chip in can help you weather the current storm.
Get Simpler and Get Small
The insurance company featured for this strategy has looked at serving simpler, smaller clients than they would have in the past. They’ve been forced to adapt because of the lack of networking events where they would meet larger clients with more complex needs. Maybe your company also has part of its business that can be simplified? It’s not necessarily the right time to drop your prices and become a commodity, but are there more simple and smaller clients that you’ve turned down in the past but that could use your services now?
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- Re-Engineer Your Company For A Safe Return To Work
If you are thinking of starting a business or already started your business and want to make sure your legal documents are in order, give me a call and we can set up a Legal Strategy Session to discuss the process and what documents would be best tailored for your company – (877) AMAYERS.