UNCERTAINTY AHEAD? PIVOT, DON’T PANIC

ONE THING WE’RE UNCERTAIN CERTAIN OF…

This isn’t another coronavirus blog. Because the time has now come for solutions, not statements… Let’s be honest, currently people are feeling worried and nobody really knows what is going on, or what to do next. So, setting coronavirus aside, the Purple Tasche team decided it was time to become a voice of reason; sharing knowledge that we know will help people during uncertainty, now and in the future.

PIVOT AWAY FROM UNCERTAINTY

Ever heard the expression, one door closes, another door opens? During and after every major or global event, good or bad. There are always economic winners and losers. Whether you’re a short-seller that’s now sitting on a Caribbean Island, or a pub landlord that’s completely out of work. Just because the external factors were out of your control, doesn’t mean the solution is. In fact, if you can pivot fast enough. You may even find yourself thriving and we’re here to help you do it.

SELL WITH INTEGRITY

Uncertainty causes panic, especially when cash flow is involved. But blatantly profiteering from a crisis or employing crass sales tactics will completely demolish brand credibility. When approaching cash flow look within, and determine what internal changes or cut backs you can temporarily make to either free up cash or make your reserves last longer. Then with the short term problem under control; develop a long term narrative, that’s empathetic to the external situation and your customers – who are likely also struggling. This will build a positive reputation and increase brand credibility long term, which will be far more valuable to your business than a few short term cash wins. Yes, cash is king during uncertain times, we’d never dispute that. However, it’s also vital to look past the short term problem and focus on what your business, and most importantly your brand; will look like in 12 weeks and 12 months time.

BUILD BRAND RESILIENCE

Let’s face it, a crisis is often an excellent kick up the a*se for many of us, both personally and in business. But crisis or no crisis, brand resilience should always be a focus point in your business plan. The best way to know if you’ve built resilience is to ask yourself; how fast can my business pivot? For example; the bars and cafes that survive uncertainty are those with the nouse to become temporary-boutique supermarkets or delivery services… With that in mind, ask yourself… If my business was forced to close tomorrow, what could I do to keep operating? Hindsight is bad for longevity, building brand resilience is how you win long term.

DIGITAL TRANSFORMATION

Marketing while your business is closed actually makes perfect sense; even if you weren’t an online business before. Why? Because once the crisis period passes, your products or services will be needed again and business owners who are vocal online during this time will be the businesses consumers buy from first when it’s all over. But don’t worry about doing it alone, we are here to help.