The Great Retooling of 2020
To retool is a verb; a doing word, and now is the time for us to take action and make change.
We asked Google for a definition of “retool” and came up with a definition as “equip (a factory) with new or adapted tools. “textile-makers must retool plants to meet the demand for smaller quantities” and “alter the form or character of; reshape. “he has had little time to retool his candidacy”.
In the article “The Coronavirus May Inspire a Great Retooling What the CEOs of the 2020s can learn from the business leaders of the 1940s as they confront Covid-19.” there are multiple examples of how businesses have retooled. Its a story told over and over throughout our history books. In the modern day we have many more resources available to us to take up the retooling challenge in our business and, with the COVID-19 crisis upon us, there has never been a better time to raise the baton and get to it.
So what does this mean on the ground level in your business?
A good first step is to take stock of what you have. Consider the infrastructure in your business; it may be physical equipment or it may be knowledge and expertise.
Can this be adapted to other purposes?
Then think about what is the changing demand in your industry and who could you work with to bring a new product or service to market?
In recent weeks we have seen Queensland brewers team up with distilleries to make hand sanitiser, New York fashion icons and Hollywood’s costumers making masks to meet the increased demand for personal safety equipment.
So while you looking at how you can reinvent yourself in business take a moment to check out this article Small businesses reinvent themselves to make products needed for the coronavirus crisis quoting Andrew Sherman, a partner and corporate lawyer at Seyfarth Shaw who thinks “now is a good time for business owners to take inventory of their skills, distribution channels, supply channels, training protocols, trade secrets and other “intangible assets” to identify sources of revenue that they may not have previously considered.
“Ask yourself what you can do to create new revenue streams with very little new investment. There is no time right now to develop a six-month business plan and go out and raise capital,” he said. He has some good examples and tips there to work from.