Our VP Industrial & Defense Tim Vaesen, has given a webinar hosted by Supply Chain Canada, on How to get your business back in shape. This article covers the essentials of what has been discussed. The effects of the COVID-19 pandemic have been profound. Business leaders around the world are breaking their head on how they can rebound from the damage done by the virus outbreak. The damage does not only entail the effect on the running business year, but also the weaknesses it exposed to business models and supply chains.
To come back stronger, Tim Vaesen, suggested that companies should re-imagine their business model. Never waste a good crisis is very true and companies that step up their game will be in a better position to confront the challenges that lie ahead – but will also be better able to grasp the opportunities that ‘the next normal’ (or the next 24 months) has to offer.
In some cases this can mean that companies should rethink their revenue profile and get in a better position for long term.
The SHAPE model with some alterations provides excellent guidance in this context. This is a tweaked version from McKinsey & Company tailor made for this webinar.
Startup mindset
What is a Start-up mindset? It basically disregards ‘What could be’ – but it cares more about ‘what is’ and acting on those parameters now. It is accepting the fact that the environment changes and that when it does – you will be able to look back at what you did, not at what you did not do because you were afraid of what might be.
"It is like building a bike while riding it"
This approach favors action over research and testing over analysis. For our engagements with North American companies, some of our teams immediately looked across the borders of our normal focal area Europe. During the initial virus outbreak, these teams were able to get traction in South-Africa and the Middle East. The virus was not as strong in those areas at that time.
Human at the Core
If you are letting a basketball team with 7-foot centers play a motion play, you will not be successful. Companies that have been surveyed during Corona on the success rate of newly applied sales models confirmed that these were as much or more effective (31 percent) compared to traditional channels.
Depending on your company culture and background, if you have the guts to manage based on output – a nontraditional approach can turn out to be the best solution for your business. Ask yourself; how can I let my team thrive?
Accelerate Digital
It is interesting how fast this statement became a cliché; the Corona virus pandemic has accelerated the shift to digital. At EuroDev, we spent the last quarter automating around 70% of our communication with our customers. This does not mean that we are planning generic messages, but merely automating when they are sent. The HubSpot platform is an excellent exemplary CRM to do this. Two big advantages are the reduced time it will take to stay in better touch with our customer and safeguarding the fact that we do.
Pushing hard to establish not only a defendable ROI on these systems, but to make them work for you is essential in dealing with this crisis and its aftermath. This requires integrating your business processes and incorporate data-driven decision making.
Purpose-Driven Sales Effort
Companies need to understand what customers will value, post-COVID-19, and develop new use cases and tailored experiences based on those insights.
Companies who are chasing traditional verticals or markets, have found themselves in a checkmate situation where their target market was locked down, marked as non-essential or otherwise unavailable. To prevent this from happening in the future, your sales organization should be designed to continuously prioritize certain accounts and deals – deciding quickly where to invest.
In the EuroDev healthcare division, we spotted a need for companies in Canada and the United States who are providing solutions designed to battle the pandemic. These are manufacturers that traditionally approach other markets but revamped their products or production lines to serve a different purpose. We designed a quick 45-day sprint program to allow these companies to approach this emerging market in Europe quickly, through the allocation of a small team of business development experts.
"Not being able to sell is similar to allowing your company to bleed out"
Ecosystem awareness
Given crisis-related disruptions in supply chains and channels, adaptability is essential. That will mean changing the ecosystem and considering nontraditional collaborations with partners up and down the supply chain. This could mean that you need to consider, negotiate nontraditional procurement channels to ensure product availability, accept customer continuity over less favorable pricing conditions.
More information
In case you would like to have more information, do not hesitate to connect with Tim Vaesen - VP of Industrial & Defense at EuroDev. Interested in more information concerning our Sales Outsourcing services? Please have a look at our Sales Outsourcing page.
About EuroDev
EuroDev, established in 1996 with offices in The Netherlands and France, has a single, defined purpose to help mid-sized North American companies expand their business in Europe. We have created a proven, successful business development model and since our founding, have partnered with over 300 companies to help them define and meet their European business goals. Services provided include Sales Outsourcing, HR Outsourcing and Digital Marketing.
