A lot of business owners have been taking a long hard look at how they do business during a crisis. Despite the economic circumstances some businesses are experiencing growth.
Sometimes the default position is to look at a new product. That maybe appropriate for your business. In other cases identifying a new market or business model may be the right approach.
Netflix and PayPal are both examples of businesses that identified new models (Paypal) and new markets (Netflix).
In 2018, Netflix recognised that they needed to tap into the market power of the black community. They created Strong Black Lead to emphasise black content creation with black leads. This market focus has expanded to include, Nollywood with Netflix Nigeria and other African/Carribean content established on the platform.
PayPal was meant to be a cryptography company. Through trial, error and fraud they changed their business model for growth. Today we only know Paypal as a default payment solution for small business owners like me and millions of others.
Transforming your business for new growth could mean either looking at your business model or identifying new markets.
I started a fund for Small Businesses impacted by looting. You can show your support by donating and sharing the campaign.