How to Recreate Your Business Model for the New Economy

Times have changed and so must your business. It is time to adapt and reflect your new business approach to your clients. In order to thrive in your business, your new business model must represent the new economy and how you are changing with it to solve the concerns of your client.

Female business owner smiling outside shop with open sign

What We Learned During this Economic Downturn

The Covid pandemic taught us several things about a new economy. One of those was a reminder that the economy is always changing, correcting, and evolving. We saw this in the Great recession of 2018. A booming economy turned quiet in a matter of weeks and months.

With this situation it happened literally overnight and around the world. While it was a reminder to consistently diversify inside our business with multiple revenue streams and beyond, it also showed us more specific details of where we were already headed.

The new digital economy had already been on our doorstep. E-commerce, remote working and location independent work was already on the rise. However, it was estimated only 25% or less of small business had a substantial e-commerce presence. And at that, only a small percentage of the revenue resulted from the efforts.

E-commerce was an after thought or extra for most businesses with any sort of a physical presence. We have seen in 2020 the need—not just convenience for a full online presence and new set of skills and offerings. These offerings will no longer be seen as a trivial add on and instead be ushered to the front as a steady part of a business foundation.

There are many ways to usher your business into the digital age and it is no longer optional. It is essential to thrive and even survive. Those who do not will likely wither away.


How to Innovate & Recreate Your Business Going Forward

As you look to your own business think through every way you could have delivered your service, product and/or value to clients online when they were unable to enter your physical place of business.

What particular services or products or new features could you add to enhance your offerings. Now is the time to make these changes and new offerings.

Think about your brand. How long has it been since you contemplated your personal or business brand identity? What does it say to your customers? How could you adapt it to reflect your new offerings and position in the new economy?

As you plan your transition, evaluate what you want your business to look going forward. Ask yourself if you would like to become location independent. Do you still want a physical space or want to add one? How could you evolve your business to completely online if you had to?

All of these decisions will help you make a new brand identity, new offerings and better identify your new client and how you can best serve them.


Putting Your New Model in Place

After you have made your new plan, it is time for implementation.

You should now have a new or revised:

  • Mission Statement

  • Brand Identity

  • Online Offerings

  • Client Profile

  • Build Out

  • New products, courses, or digital products

  • Implement new delivery or in-store options

  • New social profiles

How will you communicate these?

  • Refresh Website with all new slogans or brand identity

  • Include new offerings on your website

  • Clearly use your new branding in all social media communications and networking

  • Add new lines of communication such as a blog, vlog, videos, podcast


Thriving in the Future Economy

We are already living the economy of the future and adaptation is needed. We have all received a glimpse of what clients will want or need in the future. More importantly, clients have developed new habits during this time and will continue to expect certain aspects of these as the new norm.

As you adapt and pivot your brand and offerings, remember to schedule a regular brand assessment each year gong forward. Look to the outlying trends, even ones you think do not work for your business.

Decipher what would be possible for your business and consider its viability. This is how you constantly stay ahead of the curve and prepared for anything that may come.