Factors to Consider in Pivoting Your Business
As unfortunate as it sounds, many businesses have closed this year due to the pandemic. Some businesses are struggling to stay afloat. According to a recent pollfrom the U.S. Chamber of Commerce, in July this year, numerous small businesses have either permanently or partially closed. This, of course, not only resulted in the spike of unemployment counts but also affected the economic situation. If you are a business owner, you know that pivoting your business can be risky, but you are, of course, inclined to adapt. Here are some factors to consider in pivoting your business in this new normal:
Let your clients be heard
Basically speaking, your business would not survive if it weren’t for your customers. It is important to listen to them so that you can gather more information and knowledge on how you can improve your business. Your customers’ lifestyles have undeniably changed because of COVID-19. Changing lifestyles is often interconnected with a person’s wants and needs. This is where surveys come in handy. Since people are now encouraged to stay indoors, you can take advantage of technology and use a net promoter score survey. Familiarize yourself with how it works so that you can conduct surveys remotely and maximize your business’ efficiency.
Invest in promoting your business online
People have been turning to online platforms for communication, education, entertainment, and work. Again, take advantage of technology. Asurveyfrom Pew Research Center shows that more than half of U.S. adults have agreed that the Internet and digital community have been essential since the pandemic broke out. You can build or update a website for your business, where your customers can easily reach you and avail of your products. You can also hire a digital marketing professional to handle your online promotions and advertisements if you are too busy or if you are not confident to handle it.
Remember your goals and visions
Being an entrepreneur is already challenging on its own, whether you are running a small business or multiple ones. Success does not come easily, especially if you started this on your own. Frankly, it can take many years to see the fruits of your labor. Going back to the reasons you started this in the first place from time to time will help you in this long-term endeavor. Pivoting your business does not mean the end of your dream but an adjustment in how it will be fulfilled. Some of the biggest companies today such as Instagram, emerged after a pivot.
Identify the main problem and think of solutions
We are all aware of what the problem is. As we are facing a major health threat, it is your duty as a business owner to provide your customers and employees with the best and safest support that you can give them. Make use of online banking and payment methods. If you are in the food industry, you can offer deliveries and take-out to minimize exposure to other people. The same goes for entrepreneurs who own restaurants or any other businesses that offer on-site services. Just make sure that you follow safety protocols such as wearing masks and proper sanitation of your products.
Make use of what you have achieved
Pivoting your business does not necessarily mean that you have to change everything in your business. You just need to identify which ones to change for the betterment of your business. If you are an established entrepreneur, you may want to think of leaving the things that made your products or services known to your customers. You have already invested so much of your time, effort, and money, so pay attention to the things that you can retain and use it to your advantage.
Think of scenarios and prepare
The situation that we are in right now is very unpredictable. Part of being a business owner is to prepare and plan for scenarios ahead of time. You have to be honest with yourself and admit that not everything is not in your control. Consider filing for business insurance, workers’ compensation, etc. In that case, you can be ready for any accidents or any natural disasters that may occur and by being prepared you can protect your business. It’s important to focus on being resilient. Remember that the changes you will apply should also open opportunities for growth and improvement. You may also widen your target customers while continuing to satisfy your old and loyal clients.
It’s never easy when our surroundings change suddenly. But to admit and to face the reality that the business that you have worked so hard for is not doing good takes more courage. These factors to consider in pivoting your business should be able to give you an idea of how to push forward with your business even during times of hardships.