According to the Miriam-Webster Dictionary, the word “revive” means: to return to life; to become active or flourishing again. After the onslaught the Covid-19 pandemic had on our business community, we are all ready for a revival.
Rebuilding your business post-pandemic provides an opportunity to revive your business plan and rebrand some or all of your messaging. If this global health crisis has taught us anything it is that we can be resilient through the toughest of times and that we can persevere if we are willing to think outside the box.
A recent article in Forbes describes the most fundamental thing to know about business is that customers will always support businesses that provide value to them and to the community. Leading a business out of the pandemic means staying true to your business and its mission. The article explains that there are five sources to consider when rebuilding your business to deliver its full value to the community it serves.
Core Value
Upon returning to “work as normal” post-pandemic, it is critical to assess the following core values to ensure your business thrives. A thriving business relies on developing a solid core value. Core values include things like the overall mission and strategic goals of the business. The mission and goals must be purpose-driven, focusing on a customer or client-first mentality to demonstrate true authenticity.
Financial Value
What is a business without funds? A strong financial portfolio will help ensure longevity and reliability among your clients and followers. Business leaders must decide how to build your company’s financial health by making decisions on how to grow. Do you want to focus on the bottom line or the top? Second behind being mission-driven in providing core value to your client-base, providing a strong financial profile can improve the long-term functionality of your business.
Operational Value
Now it is time to get to work. Operational value demonstrates a business’ ability to work efficiently and effectively. Operational value includes increased productivity, time reductions, and expectations being met or exceeded. As business leaders, it is crucial that your organization is flexible and willing to make changes dependent on the current climate, while staying true to its core values. According to the article, we must never infringe upon our core values to meet the needs of one of our operational values.
Strategic Value
Placing strategic value on this list of ways to revive your business is a reminder that we must make strategic goals that align with our internal core values while reaching our client-base. Being strategically aligned with our clients to meet them where they are at builds trust and confidence, and it improves the sustainability and credibility of the business.
Social Value
If there is one critical business-enhancing value that is often overlooked, it is the social value that we, as business leaders, can provide to our client-base and our community. Especially as we move toward our “new normal”, we must all understand that clients are looking for more from the businesses they support. Creating easier and more effective ways to communicate with our stakeholders, industry partners, and clients can help ensure the stability of your business and how its core values are represented in the community.
These five value sources provide an easy stepping-stone for leaders to assess their current value proposition and, perhaps make some changes. Delivering value requires business leaders develop a solid strategic plan and definitive goals, communicating these things to their team so they may have company-wide adoption. Building your business back post-pandemic is possible if we understand that developing a new and evolving business model can ensure goals are met and the business thrives.