Small business owners have been heavily impacted by COVID-19. As the country slowly begins to get back to normal, you may need tips on how to successfully pivot. Business’ that are able to adapt and survive through tough times will be the first to thrive when the economy returns to normal. Take a look at eight effective tips on how to pivot successfully.
The silver lining
There is a silver lining to the chaos that COVID-19 is wreaking on the economy and Australian small businesses in particular. Tough times force innovative products and services. Many business’ have transitioned most of their operations online.
What is your silver lining? Do you have a hidden service or parallel that you can use?
Pivot
Pivoting means changing the direction or offerings of your business. The small size of your business is an advantage. Move quickly and nimbly to execute necessary changes. These changes might impact your fixed costs like rent, utilities or insurance. Ensure you have the right balance of cost to cover by using a platform like BizCover to compare multiple insurance quotes online to get competitive costing for your new business model.
The Execution Zone has moved all of their workshops to virtual events. One of their clients was able to develop and release a boutique hand sanitizer within 48 hours.
To successfully pivot and execute you will need to focus.
Focus
In fact, focus on the wildly important is one of the Four Disciplines of Execution by Franklin Covey. His methodology is grounded in extensive research from hundreds of thousands of organizations.
For optimum focus, you need to select only two to three goals. You need to emphasize accountability and have regular check-ins with your team as they work to achieve goals.
So how do you determine what your most important goals are?
The first step
Many small business owners procrastinate or push off starting their next project as they search for elusive perfectionism. Do it the Tony Robbins way and just take the first step today and the rest will fall into place. The great Tony Robbins says, “Never leave the site of a goal without first taking some form of positive action towards its attainment.”
There are a few steps you can take to realize this.
Lead
In these challenging times, everyone is searching for a leader. Community members, extended families, employees and even teams within companies are all looking for a strong leader. Do some research on how you can improve your skills?
Jim Collins from Good to Great did some research that showed that many companies thriving in times of hardship and they were led by exceptional leaders.
Dream team
Identify your dream team and draw on them constantly, even if you can’t see them in person. Friends, family, and mentors can all be important members of your dream team. These people will boost you on your hardest days. Steer clear of energy vampires who will take your time, energy and mojo.
You can even use your dream team to engage in unique creative collaborations to best cater to your customers during this difficult time.
Community fosters connection in this frightening time.
Exercise
Nothing beats a workout! Just 10 minutes exercise a day can significantly boost your mood. Exercise stimulates the brain, allowing you to think critically and effectively under pressure when you need to.
Why not try walking meetings, where you take conference calls while walking. You can use the extended lockout to get fit. If that’s not your thing, check out the countless home workout apps and YouTube videos that are available.
Momentum
Momentum is key to success. Hone daily routines of proactive activity to maintain momentum. This might be just 15 minutes of proactive sales and marketing activities a day. Keep your business moving forward and actively seek change!
Follow the above tips to thrive and survive during these challenging times and seize any opportunities that arise.
Remember, some of the world’s most successful people and companies have emerged from the hard times.
Hone in on your silver lining and use it to your advantage!
