JET Business Network

Seven questions every business owner needs to answer ASAP

says Michael Donaldson, JET Business Network facilitator

Even high performing, strategically sound businesses that have been run extremely well over the pre-covid years are having to reassess their futures. Some will become stronger, some will recover and some will cease, but there is one thing for certain, not everything will return to normal once this pandemic is beaten.

Here are seven questions a business owner should be addressing to understand the business realities of the country coming out of lockdown.

Q1. Power Struggles? As the global superpowers continue to ‘slug it out’, the ramifications will be felt by billions around the world. The US, EU and China are our largest trading partners and then there’s Brexit.

So, what has that got to do with your business? Nothing, unless you, your suppliers and your customers are insulated from changes in international trade tariffs, exchange rates, metal prices, product compliance, innovation etc.

Q2. Purpose? One thing that probably hasn’t changed for the majority, is a company’s purpose – why a company does what it does. That’s not to say it hasn’t or won’t be affected by accelerated changes in how we think and feel about the issues and opportunities facing us as we continue to address life in and beyond this pandemic. After months in social isolation, waiting for life to reboot and worrying about what the future may bring, many more people will be looking for more meaningful work. Actions are now expected on the pre-pandemic issues round diversity, inclusion, equal pay, climate change and BLM. Company words and good intentions will no longer cut it with the pandemic public – the mood has changed.

Q3. People? As some of the 9.5m UK furloughed workers begin to return to work, it’ll be an emotional and anxious time for some and a different return for all; beginning with the commute, compounded by a work environment that demands distancing, PPE, and possibly different start and finish times. One of the challenges facing businesses will be resetting their culture (and policies) with employees potentially working at home, in the office, in the shop, in the warehouse or in the factory. How quickly a business can re-establish a sense of common purpose, shared identity and a sense of belonging will give them an advantage.

Q4. Product? Internal discussion will be driven by how businesses regard their products and services but more importantly how their customers regard them – are you supplying nonessentials or essentials?

As a profit rule it’s always better to choose difference over discount and to avoid responding in kind to product dumping and price-cutting; it’s easier if your products and services have a compelling difference. Monthly Performance Reports - enabling you to benchmark your business against other retail jewellers Online Q&A Forum – whether you have a business issue or just seek guidance. You ask the question and the members answer Educational Store Visits – allow you to see and hear what other jewellers are doing Regional Group Meetings – to discuss the issues and opportunities they face, as well as develop new business skills Q5. Process? The pandemic impact on processes will present opportunities and threats across the business, in areas such as: innovation, supply chains, online shopping, sales skills, finance and mitigating the damage of the next lockdown/pandemic.

Q6. Potential Opportunities? Acting now could position a business not only to survive Covid-19, but prosper postCovid-19. Market share will be available from the failure of competitor businesses to re-open or stay open, but more immediately for businesses handling the crisis better than others – from simple PPE measures to sensitive, clear communications.

Acquisition targets will be cheaper and more acquisition opportunities (be they companies, people, products or processes), will present themselves as businesses struggle to recover.

Q7. Profit? Just one question needs answering here: how will all the above impact the profit line?

No one ever said it was easy running a business, and with challenges like these you might consider seeking some external support from your local Chamber of Commerce, Local Enterprise Partnership, Business Improvement District or a management consultant (I happen to know a very good one) or better still from an annual

For an annual subscription of £850, you and your business will benefit from the shared knowledge, experience and expertise of the JBN via:

subscription for the JET Business Network. New Flash Service – receive relevant business and Industry articles straight to your inbox

Member Business Surveys – on topics identified by the members

Plus the opportunity to influence and shape the content of the Annual Congress

For further information visit naj.co.uk/JBN or call Michael Donaldson on: 07817 305 122 or email: michael@thevalueinnovator.co.uk