How to Pivot a Business Model During a Crisis
How to Pivot a Business Model During a Crisis
Small businesses are one of the first to be impacted by a crisis, especially if they do not know how to pivot their business model.
Another night lying in bed with your mind racing, but this time is different. Instead of not being able to sleep due to all the creative ideas you have for your client’s next project, you’re worried.
You’re worried about the future.
You’re worried about your family.
You’re worried about your business.
You’ve always enjoyed the freedom of owning your own business, but sometimes the uncertainty is enough to make you go back to the 9-5 grind.
Especially during a crisis.
It’s enough to throw you into the deep end of a long-forgotten, scarcity mindset. Checking your bank account daily, cutting expenses carefully and liquidating every account with more than fifty dollars in it. That scarcity mindset tends to have a mind of its own and before you know it, your anxiety is through the roof.
So what do you do? Well, you have two choices – cut back or create more.
Scarcity mindsets cut. Abundant mindsets create.
In a time of crisis, your genius, your gifts and your compassion are needed more than ever.
Here are 3 ways to pivot your business model during a crisis
Operate from faith
It’s easy to believe that everything is working out for you when it is, but the true test is when it appears that it isn’t. These are the times when you begin to think about ways to pivot your business model.
How you show up during difficult times will attract or repel the solution to see you through the turbulence. Remember, in crisis, this too shall pass and rest in the many, many times you’ve creatively triumphed in your business. If you need a tangible reminder, open up your journal and acknowledge yourself for the many hurdles you’ve jumped since the inception of your business and career.
You’re a conqueror, don’t forget it!
Step into your clients’ shoes
We all know the sage advice when starting a business – make sure your service solves a problem – but what do you do when your solution is considered non-essential? You step into your clients’ shoes to determine the new problem they are facing and pivot your business model offerings accordingly.
Ask yourself (and your clients) the following questions:
- What’s keeping my client up at night?
- How can I creativity help my client stay on track with her goals despite this crisis?
- What other skills do I have and my client needs that I haven’t monetized?
- How can I share the perceived risk with my client?
Create an empathetic marketing strategy
During a crisis, what the world needs most is love in all forms. While it may be difficult to generate revenue as easily as before, there’s still a huge opportunity to build your brand reputation for the future.
First, evaluate your scheduled social media posts and marketing campaign messages – don’t be tone-deaf. Adjust your content to consider that current environment.
Second, personally reach out to your former, current and prospective clients to check-in, preferably by phone or a direct email (this is not the time for a mass email broadcast). You can keep the call to 15 minutes, but be sure to lead with your concern for them first and listen for ways you can help. You may discover a problem you didn’t even consider that your business can solve.
Finally, do not capitalize on the crisis in order to pivot your business model. Stay in integrity with your company’s core values and it will pay off in the long run. Remember, Maya Angelou’s famous quote:
“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
– Dr. Maya Angelou
If you take only one thing away from this blog post let it be this… the world will never be the same- how will you contribute? Support and compassion for each other is the foundation of thriving through a crisis. Yes, times feel uncertain. Yes, anxiety is high. Yes, it is normal to feel sad, but this too shall pass. Be kind to one another and look for ways to help each out. Most of all, don’t be afraid to ask for help yourself.
You got this!
CEO & Founder
My clients hire me when they’re overwhelmed, burned out and exhausted from burning the midnight oil without the results to show for it. They realize that wearing busy as a badge of honor didn’t work for them in the corporate world and still doesn’t work as an entrepreneur. I coach my clients and their teams on how to develop their intuitive leadership to make quicker decisions, take bolder actions and shift into a leadership style of authenticity.