Building Business Resilience
Building Business Resilience
Posted at 3:35PM • 8/05/19 • Liz Sagaser
Building a Resilient Business in a Rapidly Changing Retail Landscape
*This blog post is an abbreviated version of an upcoming article we wrote for Christian Retail Association Magazine. Stay tuned for the full article, coming up in the October issue.
At Kerusso®, we believe the following elements are key to remaining resilient in business, even when we don’t know what business will look like.
DEFINE YOUR BIG WHY
If you don’t know why you went into business in the first place, it can be difficult to keep going when the going gets tough.
At Kerusso, we know our mission: Proclaiming the Good News to the world through products about Jesus.
Use this simple template to create a mission statement for your business: [Business Name] creates/sells/distributes [product/service description] in order to [desired impact.]
KNOW YOUR CUSTOMER
Do your homework and find out the key persona for your store or business. Who is your particular customer? Give him or her a name, and focus in on who the persona is for your company.
ASK HARD QUESTIONS
• What if a resurgence happens with COVID-19?
• What if I have to pivot to only doing curbside? Am I prepared for that?
• Do I need to have an online presence if there is a pause again?
• What inventory options do I need to look into?
KNOW YOUR NUMBERS
Now is the time to get in there and take an honest look at where the money goes.
Look at each expenditure and ask questions like:
• Does this contribute to sales growth?
• Does this bring in new opportunities/leads?
• Can we survive without this expense?
• Are there affordable alternatives?
EXPLORE NEW SALES CHANNELS
If you’ve been waiting for the right time to consider online sales channels, dropshipping, or other expansions of your brick-and-mortar operation, you can no longer afford to wait.
If businesses are forced to close again or stronger restrictions are put in place, you’ll need these channels to be up and running so you can continue to make sales.
Dropshipping is a no-fuss option to continue making sales. Kerusso works with retail partners to blind ship our products directly to the customer. This means the package that arrives at the customer’s door is not Kerusso-branded, so for the customer, the transaction is simply an order they placed with your store. This can be done on the phone, email, website, or even Facebook.
INVEST IN GROWTH / NEW OPPORTUNITIES
It may seem counterintuitive to invest in your business at a time like this, but for business owners/operators who are able to dive in, taking calculated risks can really pay off.
If you can afford it, now is an excellent time to diversify your product line to meet changing consumer needs and interests, to invest in new sales channels, to consider new advertising mediums, and to invest in expanding your knowledge base in areas that can make your business stronger.
Think beyond your current customer base:
• Is there a church or Christian organization that you can reach out to and be their go-to place for resources?
• What other businesses around can cross-promote what your business has to offer that are not in competition with your business?
• Are you maximizing the potential of social media for your business?
GIVE IT TO GOD
One benefit of being a Christian believer is that we view all of this — the local and global economy, the pandemic, and the balance in our bank accounts, as being in God’s hands.
Joshua 1:9 says, “Have I not commanded you? Be strong and courageous. Do not be afraid; do not be discouraged, for the Lord your God will be with you wherever you go.”
Commit to praying over your business daily.
Print a favorite Bible verse that gives you courage and post it on your bulletin board or office door.
The business and personal lessons we learn as we navigate this challenging landscape will make us stronger and more agile in the future. We look forward to looking back on this time and thanking God for His provision and His work on our behalf.