Updated: Mar 22
If you are familiar with Friends, then you know exactly which scene we are talking about! For those of you who are not familiar with it, you can check out the picture. What do you see?
Well the answer should be you see two people stuck, trying to bring a couch up some stairs. The only way for them to get through is to …drum roll please...pivot! Now, the real reason why you are here is that we are going to talk about how you should be pivoting your business during these times.
The first thing you want to do is stop for a second and analyze what exactly is going on. See what exactly is going on around you. If you are stuck completely, then learn something new that can benefit you. If you see there is a way to solve the problem, then start coming up with a plan. As long as you start something, you are going down the right path.
The second thing you want to do is get everyone on the same page. Constant and clear communication is a neccesity. Any business, regardless whether you are the owner or not, relies on more than one person. Make sure you take the time to inform everyone and make sure there are no lingering questions.
From here, it is time to pivot! Everyone should be working together and enacting on the plan that was made. There is going to be some trial and error to get it right and that’s ok. If things don’t work out, start over and repeat the process until you find a solution.
Every business has different needs, and there is no perfect solution. Everyone knows when one problem comes up, another one will follow right after. We just hope this can somehow guide you towards the right direction as we noticed there are some people who are stuck.
Now for those of you who do not to “pivot,” let me explain the top 5 reasons why you should be.
Reason 1: COVID-19
Every area is different, but in Connecticut, the state is requiring certain businesses to be closed or have limitations. If you relied on foot traffic, it has been significantly reduced. Currently, there has been talks that COVID-19 might become a new yearly thing. Let’s hope that is not true, but you have to be ready just in case. It is better to get ready for whatever is coming in the future.
Reason 2: Your Competitors Are
If you want to know where you stand, check out what your competitors are doing. If they are doing well, then they figured out something you haven’t. You need to take the necessary steps to stay in the game. It can be anywhere between changing your policies, your business models, or making partnerships.
Reason 3: Historical Events
Everything that is currently going on is making history. The question is do you want to be a part of it? Mark Cuban has even mentioned that the way businesses are handling things now is how they are going to be identified for generations to come. If you can do your part, then by all means do it. Whatever you decide will make or break you. It’s safer to do something than do nothing.
Reason 4: Outdated Business Models
This reason is aimed towards older businesses that have been around. Maybe it is time to update some of the things you do. Especially now that there is more time to “catch a breath.” Businesses are taking this opportunity to change things since they have more time than ever before. We mentioned earlier, that something that can benefit your business is learn a new skill or trade.
Reason 5: Assets Have Changed
We can not stress how the whole system has changed. It also might sound repetitive,but some people need to hear it over and over to process it. For example, at this moment, most people are working from home. This requires certain technology, internet, tools, and many other things depending on your profession. Most people have converted a room to a makeshift office, just to be able to get work done. None of this was predicted, so many people are catching up, but it is worse to do nothing.
Please take this advice with a grain of salt. Every family has a different situation as does every business. Some actions will benefit you, while others are not worth the risk. We encourage you to do what is best for you and your family , and wish you safety and health.
Gabriel E. Perez
Executive Director, Accounts