MyCity4HER

Empowering and Inspiring Women in Business and Women Business Owners

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  1. MBE/DBE/ACDBE Application Assistance Workshop

    October 6 @ 10:00 am - 12:00 pm

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Upcoming Events

  1. MBE/DBE/ACDBE Application Assistance Workshop

    October 6 @ 10:00 am - 12:00 pm

More for HER

2020 A Time to Pivot
BUSINESS HER Story

A time to pivot

If you haven’t felt the urge to pivot due to the pandemic, there’s no time like the present to shift. With unemployment at a high, and businesses, particularly small businesses struggling to survive the pivot is becoming the move of choice for those who want to stay relevant. Here’s a place to start and some resources for women in business to pivot productively during this challenging time.

Four ways to know you need to pivot are:

  1. Your sales are down, way down and you’re not meeting your monthly objectives.
  2. You feel like your company or business is playing catch up and you can’t seem to get a groove going to gain momentum.
  3. Your dialog with customers is limited and new leads are scarce.
  4. Your perspective has changed.

Has the bridge disappeared? If so, now’s the time to pivot…but where do you start?

It may seem like you’ve lost your way, but don’t worry, like the image to your left, it’s just a big foggy right now.

How do you begin to Pivot productively?

  1. Assess the damage…Where are you at, really?

It’s time to get serious about your reality and embrace the fact that change has been forced upon you. Shift your focus to a productive one of imagining what you can rebuild, better, and be encouraged. View this as a time that’s optimum to make your business more relevant and serve your target market better.

2. Stop the financial bleeding where you can

Now is the time to get rid of expensive extras costing your business dollars you don’t have. I’m not talking about critical business expenses or important marketing costs, I’m talking about the fluff if there is any. How can you get lean? Lean is more agile to change and will allow you to pivot more productively. When you streamline your costs you will breathe easier and have more flexibility to change things productively.

3. Focus on your customers

Talk to them, ask what they need? Now more than ever, you need your ear to the ground. It’s time to pay attention to your audience/customer and see what problems THEY are having and how you can solve them. Think about increasing email communication with tips and relevant info to help them with their challenges and consider doing a survey of what might be most beneficial to them.

4. Innovate and Market

Come up with a new offering or way to do business that works to meet the needs of your ideal customer in the challenging landscape. Then, set about creating a plan to market effectively with minimum expenditure and maximum impact. It’s possible, you just have to get creative and do some research. Doing business as usual in a time where the business is anything but usual won’t get you anywhere, in fact, it may keep you further behind.

Additional Pivoting Resources

Google Small Business Resources during Covid

US Securities and Exchanges Resources for small business

Ladies who launch Covid 19 Resources for women in business

monyka
Author: monyka

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