Creative Ideas to Pivot Your Small Business
However your small business did business in February, odds are your approach has changed dramatically since then. The pandemic has forced many, if not most, businesses to pivot in ways big and small, and to do so at an incredible pace.
Because of the frantic nature of the early days of the pandemic, some businesses have been forced to pivot on the fly and make major decisions based on little more than gut instinct—which is typically not the best way to ensure long-term success. As we settle in to the new normal, it’s time to take a breath and get back to the basics by focusing on financial data.
Start with data
Your financial data from before and during the pandemic can be extremely helpful as you decide where to focus your time and energy moving forward.
Do you know, for instance, which products are selling best in different markets over different time periods? Do you know how much each of those products costs to make and market? Equally important, can you get answers to those questions in real time and at a glance? If you can’t access the data you need to pivot with confidence, consider bringing in an expert who can help.
Once you know what’s working for you, you can get creative with your business ideas. Some businesses have found success by building out an omnichannel approach to sales, so shoppers can buy what they want online from any device, as well as by phone and (when possible) in brick-and-mortar stores. Many businesses were heading toward the omni approach before the pandemic—now might be a smart time to make the shift complete.
Other businesses are pivoting to offer new products and services, or to deliver them in innovative ways. For instance:
- Many distilleries shifted to produce hand sanitizer.
- Restaurants started selling homemade sauces and other items, in addition to their regular fare.
- Many businesses have begun offering curbside pickup options to customers.
- Therapists of all types (PT, OT, mental health, etc.) are offering more online and video services.
- IT providers are shifting from implementing major ERP implementations to helping individuals set up and troubleshoot their remote offices.
Move forward with confidence
Insero & Co. is a public accounting firm with decades of experience working with businesses and nonprofits of all sizes. Our experienced experts are available to provide consulting and other remote services—whatever your business needs to get through these difficult times and build a successful future.