For most of us, this virus came in like a bat out of hell, shutting down businesses and bringing the entire world to a halt. So let's talk about you and how this has rocked your business right off it's core. More importantly let's talk about whether or not you are agile enough to pivot your business and what are four things you need to start doing immediately to make sure you are able to have a surviving and yet still financially thriving business.
Let's first talk facts. Financial impacts to the economy are real and by no means is any of it fake news, on that we are all clear. But just like there are businesses that are struggling immensely, we know there are also businesses that are doing well during this time.
Just like I have seen businesses struggle during this time, I have also witnessed, multimillion dollar deals and it made me realize that in order for us to win as small business owners we have to start looking at our PIVOT! So here are 4 things every business owner needs to consider while pivoting their business.
1. What has stopped
Identifying what has stopped for you helps you figure out two things. First, it helps you quickly see what activities were financially important to your business and it also helps you see which activities you were doing that actually have no value to your business. How can you tell these things? Simple, if you can't do something right now due to the pandemic and you weren't making money from it before nor are you making money from it now you can place that activity in the no value-add bucket. On the contrary, if you are facing financial impacts due to pandemic because you can't do activities due to the pandemic, then you place those activities in the value-add bucket. No value-add activities are time stealers and you have the opportunity to see that wasting your time on these activities actually are draining you from focusing on what is important. So these items need to go to wayside for now. Why? Because you have some other parts of your business that have been impacted that need your attention. So let's put your energy into the things that matter.
2. How can you use technology
Do you remember that Value Add bucket we just talked about? You know that list of activities that help your business thrive that are impacting your financial vitality of your brand? Well, now let's take a moment to figure out how it has impacted your business and how can you leverage technology to turn your business around. This one bosses tend to struggle with, so I'll give you some ideas. Let's say you are a hairstylist and you no longer can accept clients, ask yourself how can you use technology to help you? So maybe you can show women how to do certain styles while at home. Maybe for your clients who were getting installs in the salon can now receive their units at home? Maybe for the women who weren't wearing lace fronts, now need one to help them maintain a professional look when attending work video conference calls. So now there is an opportunity for you to reach new clientele. Let's just say women aren't sure how to put one on at home, you can host zoom 1:1 sessions to help them through the process as a consultation. When it comes to leveraging technology, the sky is the limit. You just have to be creative enough to think about how you merge your craft with the use of tech.
3. content is king
This is the time when you need to start that YouTube or IGTV channel, podcast, or even blog. We are currently experiencing a moment in history where people have more than enough time to just be home and are forced to be still. So they are looking to be entertained in ways they weren't willing to experience before. So create that content. If you have expertise in any area, take this time to create content. Content creation allows you to position your brand as a trusted resource. So when people go looking for information, they will know that they can turn to you. If you have any qualms about content creation, I'm sorry but I need you to do the work on yourself to move passed it. You have a tribe of people who need your expertise. So take a deep breath and start creating that fab content now!
4. Collaborate Now
The one thing you should take advantage of is collaboration with brands you trust. Whether it's through affiliate marketing or peer to peer collaboration this is a time when you should leverage relationships you have already created and introduce opportunities for interviews, joint collaborations, whatever comes to your mind try it out! These collaborations allow you to expand your audience and to eventually gain new clientele/customers.
Try these 4 things and start to pivot your business today! Get in your entrepreneurial lab, see what works best for you and make it happen! If you are struggling to pivot your business, try a success strategy session to help you become unstuck during this time.
Nicole Doss is a mother, speaker, author, founder, and CEO of the Prestige Society and Girl Guess What is a compilation of thoughts ideas, and ah-ha moments all curated in one space for the girl boss! Read, have fun, and add a comment if you like!