How to Pivot Your Business during a Pandemic or Recession?
A pandemic, recession or a crisis negatively impacts every business. A crisis changes everything and makes things uncertain, which was certain in the last week. We experience unprecedented economic deficiency. Without any clear direction, negatively impacted businesses face great uncertainty and trouble to hold their existence in the market.
Leading a business during a crisis or a pandemic is tough. But, we all know that light always comes after darkness. We have to just adopt some new and innovative ideas and implementing them towards goal. Sometimes, you need to pivot your business to survive a recession or crisis; which is not easy. Sudden change in business is scarier, so it’s hard to pivot your business during times of immense change.
Although pivoting your business during a pandemic or a recession is hard, these business strategies can boost your business during a pandemic. Let’s dive into how to pivot your small business strategy during a pandemic or a crisis.
What Do You Need to Know Before Pivot Your Business during a Crisis?
Like I said before, shifting your business during a negative time is difficult. But, if you need to pivot your business, first stabilize your business to the best of your ability. This is the time to think smart and strategically to create, innovate and experiment new business strategies. So, it’s time to evaluate yourself, your talent, evaluate your cost, and review your contacts and resources and think about what changes you need to make in your business to run it in the crisis. Eliminate unnecessary cost burden, reduce your financial losses and spend your cash wisely. Invest your time and energy on what is working vs. what is not working for your business.
Seeking financial assistance is necessary during a crisis. You can apply for a business loan. Take advantage of every available financial resources and support. These steps can help you to stabilize your business first.
5 Ways to Pivot Your Business During a Crisis
Here are some effective ways to pivot your business during a pandemic or crisis. These strategies can help your business to survive and even thrive in tough economic crisis or pandemic.
1. Take Advantage of Digital Media
In this time of social distancing, pivot your business by utilizing the digital media and marketing techniques to reach your customers. During a pandemic like coronavirus forced us to stay home and work remotely. So, do better remote work.
There are many online communication apps available for collaborations. You can chat, meeting with different groups on different projects by using Zoom, Slack or Skype. If you own a restaurant business or grocery products, offer online delivery to the customers. Launching a website may help if you own a boutique. If you’re a fitness instructor, you can hold your regular workout classes virtually with Zoom. If you are an interior design company, pivot to virtual consultations, you can also create content with links to buy products. Everything can be possible with digital media, take advantage of it and pivot your business online.
2. Take Advantage of Your Existing Assets and Resources
Leverage all the available resources and assets and align them with your customers’ current needs. Think carefully, what people need most in the crisis period? Can you get your customers’ needs? Do you have enough resources? What could you change to fulfill those needs?
It does not matter what your business offers before? During a pandemic, business of all sizes pivots to fill their customers’ needs. Many manufacturers already pivot their business. Top clothing brands Gap, Nike are making masks gowns and scrubs. LVMH offers luxury perfume and makeup brands, has switched to making hand sanitizer now, leveraging their expertise and production capabilities. It’s time to think about what your business can do to meet the customer’s needs.
3. Work Together With Existing Customers
Working together is the ultimate way to overcome any crisis. We are all in this together. It’s time to think about how can you engage and communicate with my customers? What can you do to encourage your current customers to support my business?
Customers are the lifeblood of a business. Be loyal and transparent to your customer. Serve them what they need with the best quality products or services. In return ask for their support. Create a smooth buyer-seller relationship with your loyal, return customers. Be honest with them. Trust is the key to business. Today, communicate with your customers is easy. People are spending more and more time on social media. You can easily reach them using social media platforms. Share your business newsletter and relevant content to your customers. Using your Facebook page, you can promote your services to your customers. Figure out the best way to engage with your current customers and do so in creative ways.
4. Collaborate Strategically
You know, collaboration with partners is important when you are making decisions to pivot your business. Collaborations generate new methods, new ideas, and alternatives. It allows creating new business partnerships where you can get new potential customers, new products and possibly new markets for your services. Maybe you can get the required resources and support that you can leverage from your partner. Maybe your partner can help you to sell your product or service to their customer base by exchanging your resources. Make your collaborations more useful to find the opportunity to bundle your products together. Many companies have forged innovative partnerships during this time. Successful collaborations can find you an effective partnership and an effective partnership lead any business to the step of success.
5. Implement Your Ideas and Strategies
When you get all your required resources, plans and strategies, it’s time to implement and pivot your business. Reduce the expense, invest minimally and look at the results. If your first strategy does not work, adapt and improve the plan and strategy. Coco Chanel once said, “Success is most often achieved by those who don't know that failure is inevitable.” So, don’t afraid to be failed. Figure out what works best for you.
You may also interested: Want to start your own business, but don't have any cash? Here's you can learn how can start a business with no money!
Crisis, recession or a pandemic can negatively impact or even shatter your business. Don’t be scattered. Pivoting your business is not impossible. Even the largest video website YouTube was once a video dating site. Just remember that great businesses can be made in crisis too. Now, focus on what you should do to pivot your business during this coronavirus pandemic.