Small business owners are walking towards the unclear path of today’s business environment. In a matter of weeks, uncertainty has become the only thing that is certain. We are in uncharted territory. But there are still opportunities out there that we can take to come out stronger.
Entrepreneurs know that in our darkest moments, new ideas and innovations will emerge and provide us with beacons of light. So what new companies, products, and movements will be born out of our new reality?
Businesses go through tough times and pivot so many times. But those businesses, who saw it as a chance to grow, survive and thrive in any business environment. Now is the time to experiment, create and innovate. I know it’s easier said than done. Pivoting your business in a time of uncertainty is hard. But it’s possible.
There are likely changes you wanted to make in your business but haven’t and now is a time to act. Evaluate your talent, review your contracts, decide what is truly necessary to run your business. Make sure you spend your cash wisely. Look closely at your finances to see how you reduce your losses. It’s time to streamline so you can move forward without the weight of unnecessary cost burden.
Once you’ve stabilised your business, you can now focus on the future. Here are four ways to pivot your small business to survive and thrive;
1. Transition to the digital way of doing your business
It’s time to find the digital version of your work process. Ask yourself, can you deliver your product or services electronically? And if not, how can you make it happen?
Food small business owners have transitioned into a food delivery service and it has done well for them in this pandemic. Other businesses have also transitioned into an online delivery and curbside to-go orders to abide by the social distancing protocols while selling.
If you own a boutique, now is a great time to launch an eCommerce store. If you’re a fitness instructor, you can hold your regular fitness training with Zoom. And if you’re a financial advisor or a mortgage broker, transition to an online consultation and create content with links to buy your products.
Ask yourself: what can you provide online?
2. Leverage your existing assets and resources
Leverage your current assets and resources and ensure that you align them with your customer’s current needs. Think about what you could change to fulfil those needs.
Businesses of all sizes from different industries are already making successful pivots in order to fill the needs of different customers and continue to operate. Cosmetics manufacturers have switched to making sanitiser. While clothing manufacturers are making masks, gowns and scrubs. They leverage their expertise and production capabilities to continue thriving in this tough time while doing their part in fighting COVID-19.
As a financial planner or a mortgage broker, your clients want to make sure they are making the wisest decisions in this time of uncertainties. And your job is to keep them on track but how can you do that when you’re busy with compliance? You want to hire new local staff but you don’t think that it’s not a cost-effective solution given the situation. Why not consider outsourcing?
3. Build stronger customer relationships
Free up your time to talk to your old clients, current clients, and potential clients so you can build a stronger relationship with them. You can do it through catch-ups via video conferences, newsletters, and social media. Once you turn your clients into loyal clients they can act as your brand ambassadors and market your small business.
Now is a great time to share relevant and engaging content related to your business with people spending more time online.
Figure out the best way to engage with your current customers and do so in creative ways.
Think of what you can do best to engage and communicate with your clients. Ask yourself, what can you do to encourage your clients to continue working with you?
4. Consider outsourcing your back office
During tough times, you should focus on positioning your business as best as you can. But you got caught up with low-value tasks like compliance, follow-up, and information gathering. At Koruna Assist, we help time-poor small business owners remove the bottlenecks in their business by optimizing their back-office workflows and offloading low-value tasks so they can spend more time doing what they do best.
We do this by identifying the most time-consuming tasks that are getting in the way and helping them outsource and commoditize this to our team of Koruna experts to give them more time to do what they love.