‘XYZ’ Hypothesis will Help SMBs Post Lockdown. Must Read

Every Businesses are under lockdown and within a week or 2 lockdowns will get over, everyone is waiting for the day when lockdown will get over and the regular business activities will be started but I want to ask each and every businessman that what changes they will bring to their businesses post lockdown. But obvious things are not going to be same as it was earlier, Strategy has to be made, Changes has to be planned specific to each department, Changes has to be made in multiple areas but before any change happen it has to be strategise properly, planned properly and then implement.

I have planned the changes I will be doing in my business.

I have prepared XYZ Statement which I am applying in my overall business or department/s or decision/s or resources and documenting the required changes to be made post lockdown.

Hypothesis Statement I want you all to apply in your business is

“By Making X Changes the _______will increase/decrease by Y because it will fixes Z Problems”

I call this statement XYZ statement.

This statement looks simple but once applied properly to any business or decision or department or resources it will help business to solve any complex problem.

Let me give you 4 example of how to use XYZ statement in your business and rest you can apply on your own.

Example 1:

“By Making Product Price Changes the Orders will increase by 50% because it will fixes competitors offering less price Problems”

Example 2:

“By Making Digital Shift in business the Operation Cost will decrease by 30% because it will fixes High Fixed Cost Problems”

Example 3:

“By offering 20% incentives the sales will increase by 50% because it will fixes the sales team motivation problem”

Example 4

“By offering 20% discount the conversion rate will increase by 50% because it will fixes the low sales problem”

What you have to do is first list down all the problem statements and then prioritise the problem and then accordingly form the hypothesis using XYZ statement and then apply the hypothesis in your business post lockdown and see improved changes but by any chance you are not getting expected result then rework on the hypothesis and re implement based on the new statement.

Conclusion:

The importance of XYZ statement is to capture and notice the changes you are making to solve specific problem and to know by which factors success in your business is actually coming.

Best Wishes

Business Leader||Digital Transformer||Brand Advisor||Speaker||Client Servicing||Learner