Coronavirus: Is it time to pivot your small business?
As the UK goes into self-isolation, our heart goes out to friends and families that are socially and economically directly affected by the coronavirus.
With businesses in the hospitality, leisure and sporting industries that have been ordered by the government to close so that the nation can observe social distancing; and the self-employed whose business model is reliant on face-to-face interactions, these are hard and difficult financial times.
As communities we will do what we can to support you. However, necessity is the mother invention therefore, some businesses may have to pivot if and where possible. We are already seeing businesses who supply food to the restaurant industry sell directly to the public. Tuition services moving their services online to teach their students.
If you are small business that has been affected by the social distancing ‘order’ what 5 things could you do right now to pivot your business?
1.Is there a product or service that you could offer online?
2.Could you anticipate what people may need and add new products and services to your portfolio?
3.Can you widen your customer base so that people you normally do not sell to can benefit from your offering?
4.Could you partner with another business and form a strategic alliance to optimise your resources?
5 Could your business implement a outreach programme in line with government guidance to support the local community?
Want to know more?
If you want some ideas on ‘how to pivot your small business’ listen to the BizChix Podcast of the same name here. In Ruth Soukup's podcast episode ‘Don’t Survive –Thrive’ listen to her business pivot ideas here.
If this article inspired you please do share on social media and tag me in @thebizoflife2 #InthistogtherWishing all our #Mumpreneurs a Happy Mother's Day!