So how has Covid-19 affected your businesses?
From a business perspective, it has certainly meant some restructuring, I also had to close two early-stage businesses, which meant I had to let some people go, but I’ve kept that to an absolute minimum. Trade, of course, has been challenging, but it’s a great time to think about your business model, your services and just how to adapt during these uncertain times.
Can you explain what you mean by “adapt to these uncertain times”?
Yes absolutely, put bluntly, it doesn’t matter how good you are at business and strategy – nobody saw this (Covid-19) coming, and whilst you can not change the circumstances you find yourself in, you can change your offering to fit. As we have seen with many restaurants, they have quickly and diligently setup as takeaway services, and many others have adapted with online products – from shops to consultants, mentors to education.
If there is one thing any entrepreneur should take away from this, it’s that the world we left will never be quite the same again, and those that embrace change, are best placed to take advantage of the post-Covid future ahead.
How can a small company which has lost its core business – see this as an opportunity or embrace the change?
OK, without specifics I can’t give tailored advice, but, if you can adapt your offering – then do that, if you can’t – then change it completely, back yourself a little and go for it. In this life you get to choose between fear of the unknown or fear of failure, neither is nice, but fear of failure you can control.
I have just closed an ethical UK goods company – it hurts, I can’t dwell on it, that business will be reborn in December with my business partner Ross Wright as ‘SHE Durham’ – a beautiful place where ladies will be able to go for a well-deserved pamper when all this is over.
You may not need to relaunch or reinvent your business, maybe you can bring out a new product or service, like a gym program for online clients. If you have an existing customer base, find out what they need right now, stay close to them and service them in the new environment we are in. Those who adapt will succeed, and customers will stay loyal to you.
Also, access funding! From Bounce Bank Loans to the Kickstart scheme, to Innovate grants. There are lots out there, hunt and you will find – and I will shortly be adding a business support page to my website.
But most importantly, the world we are moving forward into is more virtual than ever so have good business systems, use data efficiently, and be seen online – that is your new shop front – and is more valuable than your physical setup!
I’m always happy to help a business pivot or get back on their feet, or sanity checks new projects and ideas – feel free to reach out. I will give a link to a helpful E-Book on launching a new product or service.
Additionally, my new book “Data Day Business” is out worldwide on December 14th, explaining how businesses can benefit from the smart use of data to scale their companies fast.
From humble beginnings, Dan England is the UK based technological strategist and successful entrepreneur and has built the models behind numerous 8 and 9 figure businesses around the world. He currently sits on the board of several high growth businesses startups as a Non-Executive Director and invests in property in the UK and France.
Website: www.danofengland.com
Instagram @daneng1and
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