During the last shutdown, about 160,000 businesses across the nation closed permanently. Very few people saw it coming. They had no idea of the impact it would have on the economy and the types of businesses that would be affected by it. One thing that enabled many of the surviving businesses to get through it was the fact that they got creative and pivoted their business to meet the needs people had during the pandemic.
Now, it appears that shutdowns will occur to some degree for a second time. Fortunately, it is not likely that it will be as severe as before. Still, businesses need to be ready and have things set and tested before the shutdown comes. This is especially true for businesses that are not considered “essential.” Some ways that you can pivot your business may include the following.
Study What Similar Businesses Have Done
Businesses similar to yours may have found great ways to pivot their business to stay operational. Look online at businesses like yours to see what they have done. Some have developed some ingenious strategies to continue making an income and keeping their employees working.
Many restaurants, for instance, have started home delivery to keep the number of orders they had before the shutdown. Many closed the dine-in section of their restaurant. Some opened up patios and let people eat in the open air – which is great during warm weather. Innovation may mean using plastic tents outside that are heated in winter weather.
See What Entrepreneurs Have Done
Entrepreneurs are often a different type of people. They are willing to come up with unique and sometimes outrageous ideas that, strangely, often work out well. These new businesses were likely to suffer loss of business because many of them were still very new when the shutdown came.
Because many of these entrepreneurs were willing to think outside of the box, they came up with truly unique ideas – and many of them worked quite well. You can read online about what they have done and see if those ideas are suitable to pivot your business to doing something similar. You can also get idea inspiration from them.
One grocery store in Canada, for instance, has made a 3D video of their store layout and their products. People can simply click on items they want to order. They can also choose whether the order is delivered to their home or if they will pick it up.
Meet People’s Needs
Take time to figure out what products most of your customers need – or want – and focus on providing them. Instead of adding new products, it may mean cutting down on your inventory or a massive number of choices. People in need may not want to choose the fancier options if they are looking to just meet their basic needs. It could result in getting a larger conversion rate. Take time to do the necessary research on the market and cost, etc. before actually making any changes.
Advertise More Online
A large number of people continue to stay at home much of the time instead of wandering out into public places. This means they are spending more time online – where they are more likely to find your ads. Find out the best places to put your ads for your target audience and on social media. Some ads that can reach thousands of people do not cost much.
Test Your Idea
Since many businesses are still open, there may be a little time to test your ideas before things must shut down – if that happens. Watch your ads carefully to see which ones bring the best results and add more to those sites.