Over the past few months, you’ve probably asked yourself: ‘Is my business going to be okay?’ It’s quite a different business world right now, and while filled with unknowns, it’s also rich with opportunities.
Pivoting has become the new buzzword, but for Cassie Day from Carer’s Place, it’s really just a another word for value adding. When thinking about ‘pivoting’, the best place to start is with your clients and discovering what problems they’re having.
There’s no doubt that your business will look different right now, but this doesn’t need to be negative. If you’re feeling overwhelmed by the notion of pivoting, rephrase that and ask yourself: how can I adapt to add VALUE to my clients and customers? Is there a new model of support that I can provide?
Don’t be afraid to have conversations with customers to discover how you might do things differently. Whether it’s a new spin on what you already do or a product/service that’s a natural extension of what you do, you’ll be better positioned by speaking directly with your customers.
Return to your core capabilities
Mark Potter from Meeting Place McLaren Vale transitioned focus from his café and coworking business to a supplying meal packages to NDIS-based businesses. Offering takeaway didn’t feel like a lucrative alternative during lockdown, so he pivoted to meal packages with a pre-existing network he had. The need was there to deliver food to people in need of support and he played to both the strength of his capabilities, as well as geographical location.
Mark plans to extend this service to the public and keep it as a revenue stream in the ‘new normal.’ He’s a great example of considering how you can reboot your business in this period, but also take yourself to a stronger, more resilient place.
Alex Tolson from Lateral Vision noticed a drop in one service but a sharp increase in virtual reality (VR) support, as clients began looking for safe ways to showcase things like display homes and host school tours.
The possibilities of what to do are endless and it comes down to how creative and insightful you can be. For Alex, he’s found much of the change has been client-led. Talk to people, be open, and share yourself.
Is there something that your clients have been putting off for a quieter time? Alex was able to use this time to make VR more of a priority for clients, as well as help normalise the technology.
Take the time to explore any barriers and see if there are other ways of doing the same service. This is a time to think outside the box, use your imagination, and consider zigging or zagging to serve people. Remember, it all comes down to the problem you’re solving. Focus on that getting some input from others and you’ll find a route.
Use this time to create a groundswell
Necessity is the mother of invention. No one knows how long this’ll last and a lot of good things come out of trying times. The ‘new normal’ won’t be what you left, so consider what you’d like to integrate into your business for the long-term.
Build a groundswell so your business is full of life when everything re-opens. Consider all the tasks you put on the backburner. Angle everything as marketing and generate assets that you can run with after this period ends. This won’t last forever but right now, it’s a rare time to prepare yourself for the future.
Where do you see your business going? Who do you want to serve? What do you like doing the most? What do your customers need right now? What’s their biggest problem? What are they telling you? What are they signalling to you?
Maybe, 2020 is the great business rebirth year. Cafes are doing online food deliveries. Carers are supporting people in need through giving aid to their families. Tech companies are leaning into VR services. Motorsport teams are using hibernated mechanical engineering skills to create ventilators for local hospitals.
This might be the most important year in your business to date. How will you adapt and reboot?
Do you want support pivoting your business? Book a free one-on-one coaching and mentoring session with the Australian Government funded Entrepreneurship Facilitator Service.