4 Ways To Pivot In Your Business During A Crisis
Written by Donni Wiggins on April 21, 2020
By now, every business owner has started to feel the impacts of this global crisis on their business. While some businesses are booming and making more money than ever before, others are unable to maintain operations and are closing their doors for good. What’s certain is that CEO’s, entrepreneurs, employees and executives are all facing uncertain times. This global pandemic doesn’t have to be a death sentence to your business and it won’t be if you are willing to make a few adjustments. 

It is a fact that some of the businesses that sit at the top of the Forbes list were founded and established during some of our nation’s worst times. Crisis and hardship can either bring out the worrier or the innovator in you. You don’t have to choose to participate in the worrier’s state of mind. 

If I’m being totally honest, I can’t wait to see what new companies will form during what is “supposed to be” one of the most challenging times to operate a business. While it’s surely not “business as usual,” there are still plenty of opportunities to come out of this crisis like a champion. 

Business is a constant cycle of adjustments and revisions during “normal” business cycles, so there’s no surprise that business owners will have to adjust and pivot during this unexpected crisis. So, let’s figure this thing out...and by “this thing,” I mean the survival and growth of your business.

First thing’s first. Let’s take inventory of your current operations. It’s critical that you review where every penny of your money is going. Review your expense logs and make sure that everything you are currently paying for is absolutely essential to your business. Where can you streamline? Where can you negotiate terms? Where can you release unnecessary burdens? What can you pause? Additionally, research the financial resources that are available to assist small business owners and apply for everything that you qualify for...and I do mean EVERYTHING!

Once you have the state of your financial affairs and resources established, let’s get really creative at finding great ways to stay afloat. 

1. Let’s get digital! I can’t stress the importance of having a digital presence enough. I encourage all of my private coaching clients to create hands-off ways of earning money digitally, no matter what their current business model is. What part of your products and services can you offer online? What part of your business model can you teach to others online? I’ve seen many beauty industry professionals pivot from in-salon services to online consultations via Zoom and Google Hangout. I’ve seen product creators launch e-commerce sites on Shopify and Squarespace. We’ve all seen schools pivot from the classroom to a web conference room. 

2. Don’t be shy about asking for collaborations. Write out a list of businesses that you could partner with to put package deals in place. Recently, I saw a group of about 10 digital coaches get together for a collaboration. They each contributed their signature online course and offered it as a bundle deal at a heavily discounted price. This was a great idea because people are still buying, and what better way to organically get access to new potential clients than leveraging other people’s “active” networks and communities! They announced a 24 hour partnership and sold more than 1,000 of their bundle packages. As a result, each business owner generated immediate cash and gained several hundred new clients to add to their email lists. (Can we say FUTURE cash setup). 

3. Temporarily shift your existing offerings. Let’s face it...some things are just not going to sell during this time. That doesn’t mean that your company can’t sell SOMETHING! Example, many restaurants have had to close their doors. In effort to keep their employees staffed, some are offering grocery delivery as a temporary service. Others have even offered their waiters and bartenders the option to deliver takeout orders. I’ve seen custom clothiers shift from selling special occasion clothes to designing and selling safety masks. Skincare companies creating soap and hand sanitizer options. Are your creative pivot-wheels spinning yet?

4. Pre-sell! We all know that outside will open up again pretty soon. And if it’s already open in your area, we know that business will soon pick back up. Here’s an idea! Offer gift certificates for your product or service that offers a pretty awesome discount if they go ahead and purchase now to redeem later on this year. That way, you’ll have revenues coming in now and customers guaranteed to come in later. For example, if you’re an auto-repair shop, pre-sell gift certificates for a car wash. People’s cars have been parked and covered in pollen. A discounted car wash is an attractive offer. This can be used for just about any industry. 

Here’s a bonus: If your business is financially solid, you can opt to use this time to perfect your customer experience in preparation for re-opening. You can also remind your customers how much you care about them by offering some freebies for them to enjoy. Maybe you’re a designer and can host a free 60 minute sewing workshop. Or, an esthetician that can offer free 15 minute “night time routine” consultations. Or a therapist that can offer 45 minute mental check-ins. 

Give these ideas some thought. I can’t wait to hear all about what you come up with. If you need more help, don’t hesitate to schedule a FREE strategy call with me today!

Donni Wiggins

Donni Wiggins helps people start and grow successful coaching/consulting businesses. She is an expert at helping people develop their ideas, create systems and get sales by using methods that are simple to execute regardless of their experience level.

If you're interested in starting your own coaching/consulting business or scaling up and getting clients then be sure to request a FREE strategy session today.
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