Can your business grow in the ‘new normal’?

After thinking today that I have not written a blog for a couple of months, I was nothing short of astounded to see that it has actually been six months – how time flies when you are mega busy and trying to deliver double-digit growth year on year. Happily, www.fiveinaboat.com has hit its business targets for the last two years (which also happen to be our first two years) but what will 2020 hold with all of the uncertainty and challenges associated with Covid-19? How can you grow, invest and build that all important pipeline when clients are cutting budgets, the economy is looking decidedly shaky and staff are being furloughed or laid off right, left and centre? 

Here is our thinking regarding how to navigate the difficulties and keep your head above water: 

1.     Spend wisely – for www.fiveinaboat.com this has not meant reducing headcount; in fact it’s quite the opposite, and we’ve focused instead on cutting all unnecessary overheads. If there are areas where you can reduce hard costs, it will free up funds that can be banked or spent against areas that deliver better ROI, such as people. For example, do you really need all of that software or can you streamline your tools, or switch to cheaper / free services?

2.     Reassess your new business strategy – times like these bring opportunities as well as threats. Despite there being huge problems in areas such as travel, hospitality and events – not great if that is your agency’s speciality – there are other areas that are accelerating in growth purely by the very nature of being in lockdown: entertainment and learning to name two. Pivoting has the potential to present an entirely new revenue stream for your business if managed well.

3.     Pro-bono clients – use this period of uncertainty to help clients and brands that operate as forces for good. Not only does www.fiveinaboat.com believe that companies should be doing this as a matter of course (and not just in times of trouble) but we recognise that supporting others has multiple positive benefits to both parties. That feeling of camaraderie, that you are making a difference, that you are giving something back in a world that can often appear to be all about ‘take, take, take’. That is a feeling that money can’t buy. 

4.     Reset your targets – we swiftly came to the realisation that we will probably not achieve our double-digit revenue figures this year but that does not mean that we won’t grow. Entering new markets, new sectors and offering new services are all ways of demonstrating growth and success. 

5.     Have confidence – if you have planned well, have a good team, and can be flexible without too much of an issue, you will ride the wave. Good communications professionals were born with resilience, a can-do attitude and the ability to adapt. Even in bad times, have faith in your ability to ultimately succeed – if you master that, you have already won half the battle.