photo credit: Ana_Cotta
Many businesses have two playbooks, meaning they have one for when their business is doing good, and one book is for strategies on when their business is going through a difficult time. This is a good idea and practice to have, however, it is not 100% sufficient. There is a lot more that needs to be done other than just having two different playbooks on hand.
Business is now exposed to continuous turbulence, not occasional turbulence. We aren’t going back to normal times. The “new normality” is one of turbulence coming from two big forces, namely technological advances and globalization. All this spells higher risk and vulnerability.
Harvard Business suggests possibly lowering your prices, decreasing costs by taking away some features, and adding more benefits to the products for lower prices.
This I don’t think is such a good idea as your customer’s will come to expect those low prices with added features even when your business is doing well. I would think that good old fashion state of the art customer service and adding more features to your products would be a better way to go. Maybe even shortening your hour’s of operation temporarily until the business starts doing well again, but make sure to provide plenty of notice when changing your hour’s.
What are your thoughts on these options?