Business Innovator, Anthony Sanders of aWOKEN — How to Compete During 2nd Wave

Business Innovator, Anthony Sanders of aWOKEN — How to Compete During 2nd Wave

Anthony Sanders discusses how he has been navigating his business during the pandemic and how he is approaching the second wave. He is the founder of aWOKEN Premium Apparel and the company has pivoted to meet the challenges of the virus and to seek new opportunities. 

 

Here is what Sanders shares:

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How can small businesses survive this next phase of the virus? As a small business who started making bowties, I was forced to shift focus during the pandemic to survive. As we’re approaching the next phase.

I’m contemplating how survival will look for the next phase of the virus. Thinking about surviving the next phase of the pandemic is tricky because of the uncertainty of what it will bring (or look like). With the transition to a new administration; a forthcoming vaccine & the rise in COVID-19 deaths & infection in the U.S., I’d say the best strategy for survival in any business is to go back to the basics. 

I’d recommend any business to complete an ongoing SWOT analysis of their business as we continue with the pandemic with the emphasis/evaluation on how their business relates to the virus. Businesses should ask some probing questions like: How can you strengthen your business during the next phase? Can you expand/decrease your products/services? Can you use this time to rebrand your business? How can you leverage your weaknesses? Perhaps you are a small company who can partner with another company to scale in resources, to help keep your costs down or combine services to generate new revenue.

An old adage is perfect for the first two steps, which says always build on your strengths & work on your weaknesses. Next businesses can ask are there other Opportunities for the business? During the first phase of the pandemic #awokenAPPAREL shifted from making bowties to PPE.

Can your business identify & fill the void the next phase will bring? What are the largest threats to your business? Attempt to identify what is the largest threat to sustaining your business -- is it lack of employees? Is it time? Local/state/federal restrictions? Is it customers' available disposable income? Has your business/service become extinct? This is a crucial step in the process because it asks businesses to look inward and face some truths we may not want to see. This tried and true business analysis can give businesses a good strategy that’s specific to the current conditions.

Survival during this trying time requires conducting business in a non-conventional way. Having the ability and willingness to be nimble and ready to pivot at any given moment will determine which businesses survive and those that won’t.

Lastly, business is becoming fiercely competitive during this pandemic. Remember the most important concept to keep ahold of is that your strategy must fit the customer's needs. Will you do what it takes to differentiate your business from the next?