Innovation in a Pandemic

The global pandemic that is COVID-19 is having unprecedented impacts on our lives and our businesses. From economic impacts to social impacts it feels hard to predict what change could be coming next. For me though, this is a chance for positive change. It’s a chance to innovate, to make real, lasting change for the better, because opportunities are everywhere.

I am loving seeing the innovative and outside the box ideas of my client’s. Their new ideas for products and services are truly inspiring.

My top tips for innovation and thinking outside the box:

1. Think about grouping products and services

Can you offer a gift box? An online business package?

2. Harness the support around you

We are all in this together, ask your family and friends for their feedback and support on your new ideas. Ask them to share your business, tag you in groups and give genuine reviews of your products or services so people learn who you are and what you do.

3. Collaboration

Ask people in similar industries if they want to collaborate eg. A hairdresser and a beautician selling products for a spa at home pack. Local bakeries, butchers and greengrocers working together with a basics box. Cafes and cake makers banding together on thank you gift options. Even tradies can band together to offer solutions to complete odd jobs that people have been putting off for months or years.

4. Talk to your existing customers

Your existing customers believe in you so much that they have bought from you in the past. Harness that, send an email, a text or give them a call and ask if they are craving your product, suggest they might be running out or offer an incentive to buy now and support you in difficult times.

5. Review

After launching your new product or service offering it is important to complete a thorough review. (Remember SMARTER goals Specific, Measurable, Attainable, Realistic, Time-bound, Evaluate, Review)

• What worked?
• What didn’t?
• Can you refine your processes? Can you automate an email sequence to save you time (and stop you from forgetting)? Can you send a general SMS? Can you reduce the number of products offered to save you precious time and reduce the range of raw ingredients or products needed?
• Can you hire a delivery person or contractor so you can focus on your core business?
• Did your marketing channels work well? Is paid advertising, a graphic designer or a professional writer needed to help you to craft and convey your message?
• Can you select a (different) collaboration partner to increase your reach in the market you WANT to be in?

6. Complete a SWOT analysis of your business and the current environment

The best place to come up with new and innovative ideas is with a thorough SWOT (strengths, weaknesses, opportunities and threats) analysis. It’s a chance to be honest to look at your own business and thoroughly understand where you fit. It’s a chance to look at your industry, at other businesses, at other niches and businesses that are completely different from your own and to learn. Don’t forget to spend time understanding how you can minimise the effect of any weaknesses and threats, this is where the innovation often happens.

7. Plan

For some businesses now just isn’t the time to launch something new or to innovate and that’s ok. It is however a time you can spend planning. You can create an action plan for post COVID-19. A business plan to map out your growth and steps to achieve your goals over the coming 1-5 years. You can even create a marketing plan to ensure you can reopen or launch with a BANG!

Don’t forget to share your innovative thoughts and ideas with me! I’d love to be able to support your innovation with a like, share or recommendation.

Sandy

Any advice in this blog is general in nature and is intended for information purposes only. For personalised advice please contact your accountant.