All businesses, big and small, have been affected by the COVID-19 outbreak, with many business owners having to make difficult decisions in order to keep afloat. One solution is to pivot your business to new revenue streams. Now, more than ever, is the time to have a plan B for your business and here are the steps you should take when looking to pivot.
1) Take Your Time
Pivoting your business should not be done on a whim. Just as you spent time researching and laying the groundwork when you initially started out, you need to examine the current climate to see if your potential new direction has a market. Discuss it with trusted associates and experts (it’s worth reaching out to them on LinkedIn or Twitter) and plan how you could run a small trial without taking a major risk. Also consider whether this is a temporary pivot during the quarantine weeks, or if it will be a long-term shift for your business.
2) Is Digital An Option?
Social-distancing measures mean a huge increase in the number of people using the internet for goods and services. Consider if your business can go digital, like art galleries offering online tours or comedy clubs putting on virtual stand-up gigs; or if you can add this element to your business, similar to how high-end restaurants are selling takeaway food through their website or apps such as Deliveroo. Another great option with long-term prospects is to start selling your products through your own site – we are offering a non-profit scheme to help businesses make this move, click here for more details.
3) Work With What You Have
Some sectors are thriving throughout all this, and your business may have elements you can use, just in slightly different ways. For example, if you have plenty of storage space you could hire this out on a short-term basis to companies that need it, such as distributors providing items to supermarkets. Similarly, beer firm BrewDog realised they could use their existing equipment and ingredients to make hand sanitiser, which they started to give away to the NHS and a number of charities.
4) Treat Pivots As Natural
Many companies pivot to new markets throughout their lifetime. Obviously, the coronavirus outbreak has made this more urgent for many businesses, but it should be noted that it’s a normal occurrence and nothing to be wary about. Taking a bold step into a new kind of industry could be the smartest move you ever make.