How do you pivot your business? 2020 has presented a slew of challenges and knowing how to adapt quicklly has never been more important. Being a nimble business owner is important. So, how do you do it?
1. Rethink your consumers’ need
Who is your consumer? How do they use your product or service? If they can’t currently use your product or service, is there a similar need you can solve for in a new way? This is the first step in how to pivot your business. We need to think of the new needs that have come up for people and how we can help them.
2. Test new revenue streams and fail fast
If you don’t have a virtual revenue stream in your business, now is the time to add one. Whether or not there’s a pandemic, a virtual revenue stream is a great way to make money – especially if it’s passive income. When COVID first hit, I was kicking myself because passive income was on my list for years, but I never got around to thinking it through. So, I wasn’t ready, and just like that my income dried up overnight. I’ve started working on it since though.
However, if you can quickly pivot your business to meet your customer’s needs in a new way, you can recoup income quickly. I’ve designed several new revenue streams for my business this year. I plan to test them all and fail fast! Failure is often a word we shy away from, but lessons come from failure. If we can fail fast, we learn fast and improve.
3. Cut unnecessary expenses to test more ideas
One of the toughest parts of running a business is knowing where to invest. During an uncertain time like the pandemic, it’s a smart practice to review your expenses. Anything that can be delayed should be put on hold. This will free up some income to test new ideas. If you can carve out ‘test and learn’ dollars, you can truly test and learn without the pressure of ROI (return on investment).
What practices have you used to pivot your business?
Affectionately known to her friends as Millennial Martha for her love of DIY and decorating, Jen can’t help but pour her heart + soul into everything she touches. She’s loved to entertain since acquiring a table and chairs, and giving gifts is one of her favorite hobbies. Jen is the creator of Girl Meets Party. Her dream is to share her passions with the world in hopes to inspire others by making the seemingly unattainable attainable.