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HOW TO PIVOT YOUR BUSINESS DUEING COVID

Business has changed and will never be the same. What will the new normal look like?   With all the unknowns, now is the time to be creative and  innovative. What have you learned during this pandemic and what changes can you make, what are your opportunities now.

We all know without Customers there is no business…How will you stay in touch and maintain your relationship with your customers? How can you create an exceptional customer experience? What do people need now? Always ask them and how you can help?  Can you offer promotions, discounts and continue to add value. What are the problems they are faced with now?

Let’s also talk about our employees: What are the options to restructure their pay if sales have gone down? Can they work on commission, can you give incentives for new business? Can they be paid for projects? Can employees do more or be cross trained for all positions?

Planning is essential No one knows your business better than you and how everything has been affected. Have you been able to get the Governments help with PPP and EIDL, Cares project funding, local business recovery resources, state and city grants, SBA community advantage loan? There is help available, SBA.gov, your bank, SCORE mentor for all the resources available.

Now lets talk about the businesses and some solutions:

All businesses have to adjust by cutting costs: For those businesses that have decreased sales,  Consider returning inventory to vendors you owe money to….I did when I was closing my retail store. negotiate your lease to pay less, negotiate less space if needed or more space needed with social distancing. Many of us are working from home and may not need space at all. Are we able to pivot into a virtual business? Can we expand our services?How can you increase your revenue? How can you Pivot? Is the industry your in a growing industry or declining. What are the options to save the business or should an exit strategy be considered.

If you have a Retail store: Do you need a storefront? Can you use less space? Can you share space? Can you work from home? Inventory is cash and must be sold.. Eliminate unprofitable products and services to cut costs. Add other products or services. Consider merging your business with another complimentary business. Sharing space, overhead, customers. Collaborate and co-brand if possible.

Reposition your business and sell as many ways as you can. sell online on various sites, private events, zoom events, offer delivery, curbside pick-up, utilize outdoor space for customers if feasible. Ship products to customers. Offer subscriptions. Consider national distribution.

Dance Studios, Gyms: offer online trainings, Zoom Classes, Facebook live events, educational videos,  outdoor classes in the park. Many are not charging and some asking to pay what you can. We have found that people will pay so understand your market and their needs.

Other Service Businesses: We come to you? communicating the safety of your services are Covid 19 Compliant. Cleaning services, travelling dog grooming, home health care, Hair dressers and many more services we need during this time.

Engagement marketing is how many businesses are surviving. Word of mouth marketing has always been effective as those referrals are priceless. We now have to connect virtually and create a great experience for our customers by staying in touch with them, engaging with them daily, continue the social engagement, interaction and visability which increases your exposure and new connections which we hope turn into customers.

We are all on Social media more now than ever 

Engage your followers and ask them what they need daily? 

Which platforms do they use? How can you get their attention? Start a conversation..Be visible in many ways on social media, Utilize influencers who can also be affiliate marketers. 

·  Communicate with video, Facebook live events, zoom events, webinars, podcasts and YouTube

Consider selling something new:

· Health and safety will be our new normal, providing sanitizers, masks, can you make them?

· Other essential processes may be needed as things re open dividers, touchless doors, new technology 

What are the opportunities? Create a new vision and direction to identify more customers and new markets. 

Always remember, Without customers there is no business.

All Businesses are the solutions to problems?  What are the opportunities now? 

Another consideration during this challenging time is Do you Keep the business or leave it. If you leave the business so many considerations to think about, What is your exit strategy? Can you sell your business, Can you merge your business with another business, Can you liquidate. Identify your financial needs, your business value, reputation, brand, uniqueness. How prepared are you if this pandemic lasts for another 6 months a year or 2 years. Is your industry declining or growing? How can you change and modify the products and services to maintain your customers and continue to grow your business..