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Statistics show that 40% of the companies that pivoted have increased sales from pre-lockdown levels.
How has your business changed as a result of the pandemic? What is your plan to bounce back from the period of uncertainty? Where are you currently seeing the most success within your business?
Adapting quickly has saved some businesses from going under and even caused some to thrive in a new, unexpected way.
Why A Business Pivot Is Important
Can you think of any business that is exactly the same as they were on the day that they first opened?
The likely answer is no. Businesses that stay exactly the same do not typically survive long because they are not building their future with any of the feedback that they receive from customers or employees.
The pandemic has made a business pivot necessary for some businesses to stay afloat. A great example of this is the various breweries that converted to manufacturing hand sanitizer for a period of time. They identified a need in the community and had the tools to deliver a highly desired product and changed their whole purpose for a period of time.
If your business decides to pivot, we have a variety of services that can help you communicate the message that you are delivering your product or service in a new way. Informing your current customers is important so that they know what changes they can expect in the future.
Change Is Likely
There is an unspoken guarantee that things will not stay the same. People adapt and evolve, along with technology, the environment, and a variety of other factors in our world today. Change is a constant part of our lives, yet businesses are sometimes slow to prepare and adapt to change.
Your business should be closely watching trends in the industry in order to know how you can prepare to maximize the potential opportunities that arise from the trends. Having meetings where your team can brainstorm new concepts based on what they are seeing in your industry and the world can help foster a culture that will be prepared and even embrace change.
In fact, an unlikely partnership emerged from the pandemic when United Airlines and Clorox teamed up to create United CleanPlus, an initiative that promotes safety and healthy practices on planes and throughout airport terminals.
And did you know that General Motors changed up their production lines at 2 factories and began making ventilators and surgical masks?
Don’t Be Afraid To Reinvent
While some areas of culture are cyclical, not everything is guaranteed to make a comeback. This means that the strategies and approaches that were used 5-10 years ago may not be relevant today.
Sometimes simply switching to a new strategy isn’t enough. Companies can reinvent an aspect of their business in order to stay relevant.
For instance, after Denny’s sales dropped 19% in March, the restaurant chain began offering free delivery, curbside takeout, and home meal kits with ingredients and simple recipes.
We would love to discuss new business strategies with you and ways that a business pivot could benefit your company. Reach out today to learn more about the services that we offer for your business and how we can help with any new efforts as you navigate a new approach to how you conduct business.