We have been faced with restrictions in NJ and the tri-state area to help flatten the COVID-19 curve, including many that affected our businesses. Restrictions are now being lifted in stages, and that means it’s time to plan on your reopening. Here are some things you may want to consider as you plan for what that reopening will look like for your business and brand:
- How have changes in the market affected your business model?
- Is your target market the same size?
- Are there new opportunities or market sub-segments?
- Has there been a change in demand?
- Do customers want or need different features or services?
- Do you have more or less competition?
- When you reopen, will all of your customers feel safe and comfortable coming to your storefront or office?
- How will you accommodate customers who may be more vulnerable or those who are just not ready to shop or meet in person?
- Are your products still relevant?
- Does the market still want or have a need for your product?
- Does your product line need to be modified?
- Is it still affordable to the market?
- Do you have supply chain issues?
- Does the market trust your product and company?
- What economic challenges have been introduced by the new reality?
- Have you accounted for new costs you will incur due to social distancing or PPE needs?
- Will you need to adjust your pricing?
- Can you adjust your price profitably?
- Has your value proposition changed?
- Do you need to choose a different pricing model?
As we near phase 2 of the reopening in New Jersey, these are questions every business owner who is planning to open should consider, if you haven’t already done so. As always, if you would like some assistance creating your reopening strategy, we’d be delighted to help. Send us an email!