Recall the time before the Covid-19 outbreak, when everything seemed so normal and ordinary. And then, in a matter of just weeks, everything changed. You may have, by now, learnt that if there’s one thing that’s certain in life and business, its uncertainty. Businesses have been greatly impacted, operations have been disrupted. CEOs, executives, employees and stake holders are facing unprecedented times. What lies ahead is unclear.
But, as much darkness as there seems to be present now, there is equal light (provided you know where to look). Let’s face it, not only will the economy come out of this storm stronger than ever, but also more advanced. So, what new organizations, ethos, and services will be born out of this new reality? As an entrepreneur myself, I am aware of the devastation the current scenario is capable of bringing. But as I said, there are also unprecedented opportunities.
During my tenure as an entrepreneur, I’ve had to personally pivot my business several times. Though it did not always turn our well, I realized the miss was from my side. First, when my business faltered, I was way too young and inexperienced. Second, the way I pivoted was more impulsive than strategic. From what I have so far understood, while pivoting could be scary, it could be the start-mark for all the growth.
Statutory warning – before you begin pivoting, I advise you to stabilize your business and its operations to the best of your ability. And while doing so, do not forget to do cost-analysis, and work out how long can you survive with bare-minimum in hand.
1. Go Digital
If you have so far been operating from a store, it’s about time you showed a digital presence. Before you do so, contemplate whether or not you can deliver services electronically. So, if you are a business dealing in IT related service, it is quite likely you are fully operating online. IT services have been seen to have soared newer heights during the pandemic but restaurants and logistics were among those worst hit.
While many restaurants have transitioned to online delivery, overall orders have seen a decline. As long as you are able to meet operating cost, you should continue running with as little orders as you can.
2. Leverage What You Have
It is imperative to leverage what you have at hand and utilize the same to its max potential. Remember, pivoting isn’t as much about cash-surplus as it is about how you utilize what you have. Businesses of all sizes are making gradual but intermediary transition to meet customer’s needs. Manufacturers of beauty and cosmetics have started making hand sanitizers because they already had the expertise and operational capabilities. Similarly, clothing manufacturers have been making masks and scrubs. Companies that once sold PVC products are now making PPE kits.
Amid the steep decline in people flying, the airliners made some changes to their fleet, converting passenger jets to cargo carriers, airlifting tons of cargo ever day.
3. Collaborate With Minds Alike
The intent of collaboration is to create new ideas, combine resources into one, and arrange for mutual benefits of the employees. Partnerships also help build new clientele. Collaboration is an essential part of growth. It brings the required expertise with no added cost.
To collaborate effectively, businesses should analyze what’s lacking in them – it could be anything from workforce, technology, assets to ideas. Partnerships can steer a number of changes in the organization. First, it helps you unlock new customers who were previously inaccessible. But you should not randomly jump into partnering with just any business. A number of factors are to be analyzed before you sign any partnership deed. First and foremost, the benefits must be mutual. Both the organizations must benefit from the deed equally (more or less). Second, the businesses must adhere to the terms and conditions of the deed.
That being said, I must agree that now is not the best time to venture into new business all by yourself but successful collaborations could be win-win for both partners.
4. Be Prepared to Operate Remotely
Let’s be honest, you did not expect lockdown to be imposed with such little notice. The lockdown that followed the outbreak took us all with surprise. Recall how the lack of resource to allow employees to work remotely was on the verge of sending you off the edge. My point is, one should always have the technology required to facilitate remote working. Moreover, I would advise companies to draft contingency plan and prepare in advance against certain risk.
Going online is not enough. What good is a website that cannot be maintained outside your office IP? You should not just create a website but also host your data on the cloud. A secure cloud storage would make files accessible to all. With the files available, your employees would no longer need to plan work in advance.
5. Explore New Ideas
Now may not be the time to start new business but who said you cannot incorporate new ideas into the one existing? Never in the history of our economy will you get a better time to try new things, even if you fail. So quickly launch ideas you had long planned to incorporate. If it works, yours could be the next big thing. If it fails, which it most certainly will, you will have a lesson to learn and other ideas to look forward to.
However, the idea should not carry you so much that it ends up costing you a fortune. Remember, pivoting business is what really concerns you now. So, only make little investments. That way you can recover what you have lost without inflicting too much damage on your cash surplus.
Takeaway
The times are tough, no doubt, but steel can only be forged in fire. I will close this with the below quote from Haruki Murakami -
“And once the storm is over, you won't remember how you made it through, how you managed to survive. You won't even be sure, whether the storm is really over. But one thing is certain. When you come out of the storm, you won't be the same person who walked in…”
