How to create a small business strategy that works.

In an uncertain world, how can small business owners, particularly those with micro businesses (0-9 employees), find a strategy that helps them not only survive, but actually thrive?

This blog was on my content calendar for last week, but frankly got a re-write after the news over the weekend of yet more global uncertainty. As a micro business owner myself & someone who has supported leaders in businesses from micros to large SMEs and global names, as a coach, consultant and MBA tutor, the topic of strategy development that can navigate uncertainty has never been hotter.

We reacted to the pandemic of 2020 by pivoting, surviving, spinning brand new plates and dropping many of them. After a 6 year hangover, businesses have been trying to head back into proactivity, planning, strategy building and priority setting only to be met with one blow after another - global instability, a continuing climate crisis, AI and a customer base who is struggling to manage information overload. It's little wonder that all businesses, but particularly small, micro ones are feeling the pain.

Managing costs and the attention span of customers has always been a challenge, but how can we evolve now?

In my experience, it's not always necessary to re invent the wheel, in fact it rarely is. But tweaks, changes, new perspectives & ways of communicating can often be the difference between struggle and success.

Here are some of my thoughts:

Time

What I observe, in others and in myself, is a habit to rush, try harder, keep going and push through in the face of uncertainty and challenge. It's a natural response of course. But actually it's the right time to give time a try. This is the moment to stop a moment, create space to think and, even better, lean on peers, colleagues and mentors for help. In a world that may never be the same, it's on us to spot the opportunities, notice our risks & open our minds to possibility. Since 2020, we all got locked into 'busy' and perhaps it's time to lock into 'observation'. Gather time, data, information and perspectives that aren't your own or your assumptions, and already you'll be steps closer to thriving.

Model

The advent of AI, industry 4.0 & even 5.0 and an ever changed customer expectation, we can assume that we shouldn't assume anything. Traditional business models may no longer work and, at the very least, need a really good evaluation. In a world when tech, global market access, bespoke & knowledge all came at great expence (time, money etc), we all have better & more affordable access to resources than ever before. Ideas that have long since been assumed to be beyond reach, may now be the obvious next step. Along with the time you've created (see above), now is the moment to really unpick business models to see if they are agile and resilient enough to cope with multiple changes as well as serving the new world in the way customers want. For example, traditional retail now needs more purpose and more experience. Online needs more personal authenticity. Supply chains need more trust & transparency, human service is now a premium and so on.

Values

Intrinsically linked to my next point, values have never mattered more. We've been talking about them, and working in them, for a long time, but in the face of challenge, now is not the time to let them dilute. Rather the opposite in fact, it's time to get in, really deep. Clearly I'm not talking about expensive graphics on the wall of an office, I'm talking about the embedded values and purpose that lead all decisions, behaviours and cultures. Why? Because employees don't want to work where values aren't. Because customers are tired, suspicious & jaded and want to believe in something again. Because business has the ability to drive good things like hope, value, sustainability, care, kindness, generosity & creativity, not just profit, overwork & fear. Be sure that values are meant, felt and enacted across any business and you may just have foundations that others don't, even when things really sway and stretch.

Voice

Of course, good business has always been about providing something valuable to the customers we want and sharing that. But...authentic voice, real lives, imperfect decisions, transparency and even a bit of 'Marmite' has become the winning formula for many a business. No longer a world where 'beige marketing' suffices, we're, thankfully, in a space where colour, diversity, creativity, honesty, reality and trust really matter. In places where business is still clinging to old ways of crap service, profits at all costs, shiny perfection & no voice or values, we see failure, distrust and frankly people just walking away. Small micro business has a particular advantage in the authentic voice playbook, providing new opportunities, unlocking new markets & developing new value. Don't think that micro reflects the level of impact you have.

Simplicity

Two phrases come to mind. 1. Just because we can, should we... and 2. We can do anything but not everything. The world is shiny with possibility. AI, digital access, speed, efficiency and more. Can they unlock potential? Undoubtedly. Should we try everything? No. Alongside time, and business model evaluation, now might be the time to go for simplicity too. At least, clear priority setting so that we're not trying to achieve success on all fronts. Customers are already overwhelmed (consumers and fellow businesses alike) and our own brains are flagging. Spending time creating clear priorities, developing phased approaches, trying out before launching, testing and getting feedback, simplifying are all legitimate approaches when 'keeping up' may only lead to failure and exhaustion. Learning to choose what to do rather than feeling the urge to do it all is a game changer for success and may provide the resilience a business needs as the world swirls.

Resilience

We've talked about ways to make a business more resilient, but what of the leader, founder, owner and teams? Personal resilience, mental health, stress management, internal reflection, sharing experiences & open covnersations are no longer consigned to the empathic or (dear god) the 'woo woo'. Finally, it's ok for everyone to be human. In a world of digital transformation, the value of 'human' is rising and we need to be ready, primed and feeling creative. Pushing through, ignoring signs, maintaining the wall, rejecting help are all sure fire ways to trip up. Investing in personal & emotional development is a business strategy in itself. Learning, reflecting and changing will be a superpower that no tech can replicate and that will provide the stability on stormy seas.

These words were written by Emily Whitehead, founder of Simply Club and a Director of her own Coaching Consultancy business for over 20 years. Find out more about Emily here.

If you're a micro business owner looking for support, tools and community all year round, then head to Simply Club to find out more about how we work.

If you're an SME leader or organisation who is looking for some help with strategy, teams, sustainability and leadership and management, then contact me today.