Everything has changed. We all operate now in a climate of uncertainty, uncertain even when the instability will end. This crisis will define what the world looks like moving forward. As business owners and entrepreneurs, we have the opportunity to take part in shaping the future. Having a pivot strategy will ensure that our businesses not only survive but thrive, now and for years to come.
This pandemic has tested and will continue to test all of us, but as anyone in business knows, if we can get through this, we will come out the other side stronger. Take these tips with you as you adapt and grow your business.
Look to the Big Names in Your Industry
No one is exempt from this crisis. Everyone is feeling it, including the biggest names in your industry. More than likely, those big names have already pivoted their businesses to remain viable. After all, not many people need a ride across town these days, so it’s no surprise that Uber has looked for other ways to use their technology to stay afloat. They have pivoted. In addition to ridesharing, Uber drivers can now, thanks to the launch of an On-Demand Work Platform, tap into work on other platforms owned by the company—Uber Eats and Uber Freight are just a few opportunities drivers now have access to as part of this pivot strategy.
Clothing companies are making masks and scrubs. Distilleries are making hand sanitizer. Whatever your business does, look to the big names to get some ideas.
Add a Digital Component If You Haven’t Yet
The future is online. Many businesses have already started finding ways to get their products or services to their customers using the internet. Go through everything you have to offer. Can any of it be delivered online? If so, it’s time to get to work.
Help Your Customers, Don’t Just Sell to Them
While it’s important to keep your business up and running, your pivot strategy should also consider the needs of your community. You don’t have to give things away, but if there is a way for you to help out, seize the opportunity. By showing that you genuinely care about those you serve, you not only strengthen your community but also your brand.
Offer New Opportunities to Employees
Despite how things look, this is a time of growth. At least, now is the time to plant the seeds. Your employees need to work to support their families, but that might not be possible with such low demand right now. Look for ways to keep your staff busy. Now that things are slow, you might want to consider new training opportunities that will become useful later.
Get Help with Your Pivot Strategy
While this is not an exhaustive list of how you can pivot your business during this difficult time, it’s a good start. Now that you know a few ways that you can adapt to this crisis, think about whether you need help executing your pivot.