Is it time to pivot your business?
Really grateful to MYOB & the NZ Herald for allowing me to be part of their new series. The topic was how to pivot your business during the lockdown. I think I may have thrown a spanner in the discussion :)
I know that recessions & changes in circumstances can lead to disruption & new ways of thinking but not always.
For some, your business will return to normal, just a slightly different normal. And you don't need to do a massive pivot.
I do believe that this situation gives us a chance to rethink our businesses, however, I also think that we don't want to lose sight of our core purpose.
For me, it's not all about pivoting & disrupting - it's really about back to basics. And then thinking about how you can do things differently. This may include a pivot or a temporary pivot but not always.
Ask yourself, what is it that you do & why? What is your Vision & what do you do that makes you unique? What do your customers want & how do you best deliver that? Will your customers' behaviours change after the lockdown? Will they be expecting a different way of doing business?
Will your business survive the current lockdown & then return to normal or will there be a new way of doing things?
The example we talked about but that wasn't mentioned in the video was an electrician business. They can't do electrics right now but they will be back to doing that once the restrictions are removed. Houses & commercial properties will still need electrics (at least for the foreseeable future) so you don't have to reinvent your business. What you do need to ensure is that you can get through this & come out the other side. You need to make decisions that will get you through this & have enough capital/cash flow to start back up again. You need to look at the worst-case scenario - not to be a martyr, but to be prepared. Exploring all options means that you are prepared for all scenarios.
You also need to make sure that you stay top of mind with your customers. You may not be able to deliver what you normally do, but how else can you add value to their lives & help them? This way, when we come out of lockdown they haven't forgotten you.
In the electrician example, maybe it's helping them with online guides to simple, legal, electric tasks they can do themselves. I don't know - I don't have all the ideas - non-one knows your business & your customers as well as you do!
There's a lot of talk about e-commerce & taking everything online but that may not be right for you or your customers.
You have some time now - a 'pause' on business if you like - a time to work ON the business.
Do use the time to improve your business, ask yourself if you could be doing things better, is there something that your customers want & you could be providing?
Or the pivot might not be in the way you supply or deliver your business but in the way that you engage with your customers?
And maybe there is a real opportunity to disrupt & do things differently - that might be the real opportunity - don't dismiss the ideas & opportunities that might come out of this unusual situation. Explore them, do the homework & the maths & if it's feasible & there's a market for it then give it a go!
Whatever it is, definitely don't do it alone - Do it as a team, involve your customers & possibly your suppliers & ask for outside help if needed.
If you are struggling & need some help them please shout out - I'm here to help! Book a time with me here - https://www.businesstraction.co.nz/book-online
Debra Chantry-Taylor Professional EOS Implementer & Coach | Leadership through Scary Times | Business Survival & Support Volunteers Founder