It's natural to be panicking in the pandemic because businesses are closing down just like Debenhams but we also have to look at the positives of what people have achieved. The Issa Brothers, petrol station billionaires from the north of England buying out Asda and expanding globally.
What is their secret to success like many of those continuing to thrive during tough times in business? One of the major strategies deployed by many entrepreneurs consciously or not is the 'Blue Ocean Strategy'. (book written by W Chan Kim)
The Blue Ocean Strategy in a nutshell is about finding a space in the market which has untapped potential and where many people aren't operating. It also talks about different approaches to combining sectors and making your business more emotional and not just logical.
We at Shakur Developments & Etica Leaders always look to identify these in order to adapt and thrive whilst others scurry in desperation. e,g:
1. In the Real Estate Market most investing strategies focus on the property and location whilst our approach is to focus on the investor relationship and brand aspect to our business first.
2. Many Private Equity Firms operate for developers abover £5m but we saw a gap in the market working with developments that require below that amount.
3. Etica Leaders rather than like most marketing agencies today who talk about ads & funnels we sell people on the idea of a community, engagement and conversion. This helps us stay profitable whilst increasing the proof of ROI with real time conversations.
The lesson here is rather than focusing on what the market is doing you have to look for opportunities on positioning yourself with different value points than others. Yes, you may have to educate more than others but there's people out there that will buy into you purely because of the clear differentiation you have from others.
The key thing to also identify here is that do your values and strengths align with the services or products that you offer? This will help you understand whether what you're doing is something you'll stay passionate about long term. It's important as an entrepreneur that during the tough times you still feel like you're enjoying the delivery whilst being impactful with your customers or clients.
In order to implement what was said here it requires you to step away from your business and look at it from a wider angle. If you need help achieving this book a consultation call at http://calendly.com/abdulshakur/30mins