Why do we sometimes need to take a step back before we can take a step forward?
Taking a step back doesn’t mean you are going backwards. It means you are learning from where you have come from in order to go forward. A saying I often use is ‘forward to basics’, which basically means use what you now know to help you move forward.
What does forward to basics look like for you and your business?
Innovating your business is only relevant when you think outside in.
Will the innovation add value to your customers? Or help retain customers? Or help you create market differentiation?
When you look at innovation through your customer lens it focuses your mind on the additional value you can create and small changes to achieve those marginal gains?
In the short term during this pandemic, you are going to have to make decisions to survive to be around for the rebound.
You might expect what margin/profit you wanted to make in your business, but during these unprecedented times, you have to change your expectations. You may need to change your marginal gain in order to survive.
Be prepared to compromise and trade-off margin to generate revenue and cash which is a fuel for your business.
Covid has increased our cost to serve; we are running harder to stand still.
We need to add more value than ever. You need to make smart decisions.