Business Development Strategies
How have you spent the lockdown? Many businesses out there are thriving and using the time to improve aspects of their structures that they didn’t previously have time for. Business development and growth has been the focus of many forward-thinking and aspirational companies over the last 3 months. CJM has spent this time supporting businesses to ensure they survive and thrive during the pandemic.
We have been able to aid business development and business growth through financial forecasting, supporting grant provision and the development of financial strategy. As well as this, we have delivered COVID-19 focused financial management training courses to our clients to help them during the pandemic. Each of these areas we have focused on play a key role in not only the survival of your business during the current pandemic, but also its growth.
Business Growth after COVID-19
At a time when the key strategy for business is survival, we have seen positive signs of recovery and business growth as time goes on. As of the end of June and into the start of July, business has resumed for many and companies have now started to think of the future. We have been working with businesses who have decided to review their plans, reconfigure them and start planning for growth.
CJM have been supporting these companies in writing their business plans and reworking financial forecasts to take account of the “new normal”. Despite the current restrictions and changes to the economic climate, we believe there are a range of things you must do at this time.
For example, the businesses who are looking to the future are investing in what’s most important:
- Staff
- Technology
- Marketing
New Business Model Planning
The companies taking these positive and forward-thinking steps are best preparing themselves for life after the pandemic and ensuring they hit the ground running once things return to normal. The market research to allow due consideration in where to invest limited funds is difficult to attain. What we knew last year through market research probably won’t be relevant this year or even next. Therefore, we need to predict what the new market may look like, then build your new business model accordingly.
In the projects we have been working on recently, many changes have occurred:
- Venues have become smaller
- Premium services have become more prominent
- Office have been changed to meet home working and social distancing
- Employee numbers reduced and replaced with more flexible freelancers
- More cautious investment proposals
CJM set up business in 2008 at the start of the global financial crash. The lessons we learned from that was that it’s important to keep with your strategy, review your business plan and become adaptive when it comes to change.
The plans we are developing for businesses at the moment are more agile and leaner, yet full of opportunity.
Do take the time to review your business plans for your future objectives. If you need that professional and expert direction, contact CJM and we will be very happy to assist in ensuring your future is viable.