With business norms rapidly changing, many SMEs need to reassess their strategy and build resilience into their business model. This may include revisiting their value proposition, suppliers, or customer base to ensure they continue to be viable. There is a difference between revamping and reenergizing.
Some businesses assume that the old ways will return, and feel a certain type of nostalgia towards the recent past. This mindset needs to alter the same way that these businesses need to evolve. Most newly formed or established SMEs are having to change how they work, and many have already effectively adapted to the new remote working arena. For example, we are now all holding online team meetings, workshops and even orchestral concerts. The possibility of casually “bumping into” a potential client at a networking lunch has been replaced by online networking groups and we are seeing more professional activity on social media platforms.
For SMEs who are unsure how to develop their businesses in this new space, the Online Business Model Canvas is a good place to start. However, there is no rectangle for resilience on this Canvas, so we researched around this topic and added new elements to this efficient and results focused tool.
When we meet with our clients, we use a combination of two online apps to achieve an interactive meeting space, and bring in bespoke templates to evaluate their current status and help develop their new business model. In addition to the trusted Business Model Canvas, we might include an empathy map or a challenge wheel, or other process that allows us to tackle the concept from different angles. An empathy map dives more deeply into the customer base, while a challenge wheel presents the opportunity to prepare for unforeseen circumstances. Thus the success focus shifts from being solely on their profit margin, to a more well-rounded business security and resilience model. This ensures that we have integrated approach to finding the most desirable, feasible, viable, and resilient solutions.
One particular SME wanted to reopen for business using a different format that they had previously adopted. Our approach worked by looking at who they currently serve, who they want to be serving, what their revised value proposition is, and working this into an achievable, competitive business. The integrated methods allowed them to see exactly what their goals were and how to achieve them. By going through what needed to change and why, it became easier to define the step that would make that significant positive impact for them. The end result is simple, a clear and detailed plan with an achievable vision of secure growth and resilience for their business.
“The Zoom workshops I had with Sawsan were invaluable.”
“She quickly understood my business concept and applied her knowledge to help me ultimately define my business model.”
“Sawsan was extremely fun to work with and at the same time focused.”
“Thank you so much for all your help and patience.”
“I am excited to have a clearer vision now, as well as a detailed plan of how to progress with the project.”