After a series of Community Support Circles that looked at research methodologies and quality, the next sessions are focusing on a more strategic and operational side of the business. This was the first one of that series and it looked at business planning and strategy. The sessions were kicked off by Judith Passingham, Finn Raben, Kristen Luck and Gareth Schweitzer.
This introduction stressed that reputational issues are playing very large role in this pandemic – people are paying attention to how organisations are responding and behaving, and altruistic acts are being noticed by people and will be remembered for a long time to come.
The discussion that followed the opening identified 4 mean themes that are critical for a successful business strategy in times of COVID-19:
- Cashflow
- Communication
- Clients
- Community
Cashflow
One of the attendees paraphrased Darwin, “those who survive are not the strongest or most intelligent but the most adaptable to change”. For any business to survive, having a healthy cashflow is critical. We’re now living in an extremely dynamic situation where new challenges present themselves every day and in such an environment it is important to react quickly, but with judgement and honesty.
To help you prepare for the challenge, go through a daily business review and talk with your colleagues about what is happening in your business and how you can face the challenges head on. Doing so can help you recognise expenditures which can be trimmed or delayed.
To strengthen your cash flow, have a look at various government support programmes that are created in many countries. There may be schemes to provide you with financial support. Equally, Venture Capitalist and Private Equity firms have a lot of capital and it is a buyer’s market. They are looking for opportunities to help struggling companies who have a good business and simply need capital.
Communication
A recurring theme in every Community Support cycle so far is the importance of communications, which cannot be overestimated. This goes equally for staff, clients and research participants.
As most of your colleagues are likely working from home now, it is very important to schedule regular communication. Make sure you address your staff in a fair and honest way and explain why you’ve made certain decisions. Any action you take is noticed by all staff, and positive actions at times of extreme adversity can generate loyalty going forwards. You can build resilience together, as a team.
The same goes for your clients and suppliers. Give your contacts a ring and ask how they’re doing. This doesn’t have to be business related, just offer them your help and see what you can do for them. You get more value meeting people on their terms, not yours, therefore try new methods of communicating with your clients and research participants.
Clients
If you get your communications right, you will be able to persuade clients that research is not a discretionary activity but an essential activity. Try putting yourself in your client’s shoes and find out more about the challenges they’re facing and the business rhythm they have been adapting to.
Flexibility and agility are the key, as well as having a tailored approach to each client, don’t rely on just one method of conducting research. Offer your clients new initiatives and build your offering based on their needs.
Community
Remember that we are all in this together, and you can learn from your peers. Stay engaged with the wider market research community to share knowledge, insights and best practice. You can use this as a time to search for new partners and collaborations and expand your existing partnerships into new areas.
Times like these push the research world into developing novel solutions, never waste a good crisis!
Opportunities
This gets us to the last part, even in a crisis like this there are opportunities for your business. Zoom in on the areas you have been too busy to consider in the past and ask yourself: can we look into a greater digital offering? Are there opportunities for investment, or for expanding into new areas?
Use this opportunity to re-skill staff so that their general ‘research expertise and know how’ isn’t wasted. This could be the moment to ‘spring clean’ the research offering – can we adapt or evolve the offering to meet a new paradigm?
You can consider collaborative competition – work with those who would traditionally be your competitors, e.g. someone who could help you pivot to conducting research online.
As a last word of advice from the circle, if you think you know what’s going on, you’re probably not listening. The rate of change in daily lives and behaviours is substantial, and even though we may not see this immediately, it will undoubtedly affect us.
