Business Growth in 2021
The unexpected turmoil businesses have faced in 2020 has caused major strain to the bottom line of many companies. Whilst some businesses may feel urged to hibernate and weather out the storm, now isn’t the time to sit back and do nothing.
It’s been encouraging to see so many of us battle through the hurdles we’ve faced, and continuing to operate under these trying times. The franchise industry in particular has seen so many businesses adapt under lockdown restrictions, operating virtually, on a take-out or click and collect basis, or adopting new social distancing measures.
As we step into the new year, there’s a sense of hope and encouragement with the rollout of the vaccine to help put us in good stride for a return to ‘normality’. Now, is a crucial time for a rapid response plan to recover and grow, with an accumulation of sales and marketing teams working strategically to deliver business goals.
Lots of businesses will be repositioning themselves through digital channels in order to reach new and existing target audiences. The difficulty is responding to the adoption of a digital footprint with new and creative ideas that makes your brand stand out from the crowd. It helps if your franchise already has a unique selling proposition or a niche market to avoid getting lost amongst the competition.
McKinsey (2020) suggests the most effective leaders approach rapid recovery with a set of five core elements needed to drive revenue at a scale that makes a difference and built around the SHAPE model:
1) Start-up mindset - to deliver action over research and testing over analysis. A risky motive, but certainly a rewarding one that delivers tangible results in minimal time.
2) Human at the core - changing the companies operating model to work around how people work best will help to drive rapid action.
3) Accelerate digital, tech, and analytics - moving quickly to the adoption of digital offerings will certainly help in getting your brand noticed and driving sales.
4) Purpose-driven customer playbook - the customer first focus has always been a long-established principle for many businesses prior to COVID-19. However, a refocus on customer journey and an understanding on how to affect the customer buying process is crucial in targeting campaigns effectively.
5) Ecosystems to drive adaptability - disruptions in supply chains and offline buying channels have made adaptability crucial for survival, but for long-term strategies, businesses need to think about new partnerships and collaborations in order to drive success.
When pivoting their business, franchise owners will need to consider how they increase awareness, conversion and customers' lifetime value through a combination of digital avenues designed to drive growth and profitability. It’s no doubt important that going digital is crucial for survival, but ultimately nothing beats the face-to-face trust and engagement you gain at an event.
For over 25 years the Great British Business Show has helped thousands of individuals start their journey and grow their business. As Europe's Largest Business exhibition, the 2021 edition has never been more important. For free tickets head to www.gbbs.co.uk or to get involved call +44 (0) 1179 902 005.