Here’s how some of the UK’s top entrepreneurs and small businesses have adapted their products and services to survive during the Covid-19 pandemic.
Checkout this video:
Why did you need to pivot your business?
businesses were forced to confront the possibility of long-term closures and revenue loss. For many, this meant making the decision to pivot their business in order to stay afloat. But what does it mean to pivot a business, and how can you do it successfully?
A business pivot is defined as a shift in strategy used by a company in order to remain relevant or profitable. This can involve anything from changing your product offering to altering your target market. In the case of the COVID-19 pandemic, many businesses have had to pivot in order to adapt to the new reality of lockdown and social distancing measures.
There are a few things to keep in mind if you’re thinking of pivoting your business. First, it’s important to have a clear understanding of why you need to pivot. What are the specific challenges that your business is facing as a result of the pandemic? Once you know this, you can start brainstorming potential solutions. It’s also important to think about your customers and what they need during this time. What kind of product or service could you offer that would meet their needs?
Finally, make sure you have a solid plan in place before making any major changes. A successful pivot requires careful planning and execution in order to be successful. If you’re not sure where to start, there are plenty of resources available online that can help you get started.
What were the biggest challenges you faced when pivoting your business?
The outbreak of COVID-19 has forced businesses across the globe to rapidly adapt in order to survive. For many, this has meant pivot their entire business model overnight.
Pivoting your business is no easy feat, and comes with a whole host of challenges. We spoke to entrepreneurs who have been through the process to find out what the biggest challenges were for them.
One of the biggest challenges when pivoting your business is ensuring that you are still providing value to your customers. It can be tempting to make drastic changes that may not be in line with what your customers actually want or need.
It’s important to take the time to really understand your customer base and what they are looking for from you. This will help you make sure that any changes you make are in line with their needs and wants, and that you are still providing them with value.
Another big challenge when pivoting your business is making sure that all of your team members are on board with the changes. It can be difficult to get everyone on the same page, especially if they are resistant to change. It’s important to take the time to explain why the pivot is necessary, and how it will benefit both the business and its employees. Once everyone is on board, it will be much easier to make a successful transition.
Finally, it’s important to ensure that you have the right resources in place before you make any big changes. This includes things like having enough financial resources available, as well as ensuring that you have the right team members in place who can help support the change. Making sure that you have everything in place before you start will help reduce stress and allow you to focus on making a successful transition.
How did you overcome these challenges?
There’s no doubt that the past year has been a tough one for businesses. With lockdown restrictions in place, many companies have had to change the way they operate in order to stay afloat.
So, how did you pivot your business during lockdown? We spoke to three entrepreneurs to find out how they overcame the challenges of the past year and what advice they would give to other businesses who are facing similar challenges.
Amy Roberts, founder of online fashion retailer The Pajama Store, said that the key for her business was to move as quickly as possible to an online-only model.
“We already had an e-commerce website but we quickly realized that we needed to do more to promote it and make it easier for our customers to use,” she said. “We made a lot of changes to our website, including adding a live chat function so that customers could get help from us if they needed it.”
Another entrepreneur who had to make some quick changes was Ben White, founder of online fitness platform Sweat360. He said that when lockdown hit, he knew he had to act fast in order to keep his business going.
“The first thing we did was switch all of our classes from in-person to online,” he explained. “We also started offering more free content on our website and social media channels so that people could still workout even if they couldn’t afford our membership.”
Finally, we spoke to Sarah Jones, founder of childcare provider Little Sunshine’s Nursery. She explained that her business was one of the lucky ones as they were able to continue operating throughout lockdown as they provide a vital service for families.
“We did haveto make some changes though,” she said. “We increased our cleaning routines and made sure that all staff members were wearing PPE when working with children.”
If you’re facing challenges with your business at the moment, remember that you’re not alone. Reach out to your networks and see how others are dealing with similar issues. And most importantly, don’t give up!
What are the key lessons you learnt from pivoting your business?
When the lockdown started, many businesses were forced to pivot in order to stay afloat. Some businesses had to completely change their offering, whilst others had to find new ways to reach their customers.
There are many key lessons that can be learnt from pivoting your business, and these can be applied to any business, in any industry. The first lesson is that you need to be adaptable and flexible in order to survive. This means being willing to change your offering, your target market, or the way you reach your customers.
Another key lesson is that you need to be proactive, not reactive. Many businesses who were successful in pivoting during the lockdown were those who were proactive and planned ahead. They didn’t wait for the lockdown to happen before they made changes – they made the changes beforehand so that they were prepared.
The last key lesson is that you need to be able to think outside the box. Pivoting during a time of crisis requires creativity and innovation. You need to be able to come up with new ideas and solutions that will help your business survive and thrive during difficult times.
What worked well for you when pivoting your business?
In order to survive the COVID-19 pandemic, many businesses have had to pivot their operations in order to stay afloat. Some businesses have switched to online models, while others have had to adapt their products and services to meet the needs of a changed market.
For some businesses, the pivot has been a success story. Here, we ask five business owners how they adapted their businesses during lockdown, and what worked well for them.
1. switching to an online model
For many businesses, the switch to an online model was key to surviving lockdown. This was the case for fashion retailer PrettyLittleThing, which saw a surge in demand for its online offerings during the pandemic.
2. adapting products and services to meet changed needs
Another successful strategy for pivoting during lockdown has been to adapt products and services to meet changed needs. This was the case for wedding planning app Carats & Cake, which saw an increase in demand for its virtual wedding planning service during the pandemic.
3. diversifying offerings
Another successful strategy for pivoting during lockdown has been to diversify offerings. This was the case for fitness app Fitocracy, which launched a new line of health and wellness products in response to the increased demand for wellness during the pandemic.
4. focus on essential products and services
What didn’t work well for you when pivoting your business?
Pivoting your business is not an easy feat and many businesses have struggled during the pandemic. We asked some entrepreneurs how they pivoted their businesses and what didn’t work well for them.
1. “We had to let go of some staff.”
2. “We had to change our product mix.”
3. “We lost a lot of business.”
4. “We had to change our pricing.”
5. “We had to adapt our marketing strategy.”
How has pivoting your business affected your bottom line?
The coronavirus pandemic has forced businesses across the globe to pivot in order to stay afloat. For some businesses, this has meant shifting to a new business model or target market. Others have had to change their operations in order to comply with social distancing guidelines.
No matter what kind of changes your business has had to make, one thing is certain – the pandemic has had an impact on your bottom line. In this article, we take a look at how businesses have been affected by the pandemic and what impact pivoting has had on their bottom line.
The most common way that businesses have been affected by the pandemic is through a decrease in revenues. This is due to a number of factors, including the closure of brick-and-mortar stores, reduced consumer spending, and cancellations of events and gatherings. As a result of these decreased revenues, many businesses have had to lay off employees or reduce their hours.
Despite the challenges that businesses have faced during the pandemic, some have been able to adapt and even thrive. This is thanks to their ability to pivot their business quickly and effectively in response to the changing landscape. For example, businesses that were reliant on foot traffic from office workers or tourists have shifted their focus to online sales or delivery services. Others have adapted their operations to comply with social distancing guidelines, such as by providing contactless delivery or adding outdoor seating areas.
Pivoting your business can be a difficult but necessary decision in times of crisis. It’s important to weigh all of your options and consider how each change will impact your bottom line before making any decisions. But if you do decide to pivot, know that you’re not alone – many businesses are facing the same challenges and opportunities as you are.
What are the long term implications of pivoting your business?
The COVID-19 pandemic has forced many businesses to pivot in order to stay afloat. But what are the long-term implications of pivoting your business?
For some businesses, pivoting has meant moving completely online. This can be a great way to reach a wider audience and to continue operating during lockdowns and other restrictions. However, it can also be challenging to make the transition from brick-and-mortar to online, and it may not be possible for all businesses.
Another option for businesses during the pandemic has been to change their products or services in order to better meet the needs of consumers. This can be a great way to keep customers coming back, but it can also be difficult to adjust your business model on the fly.
Whatever way you choose to pivot your business during the pandemic, it’s important to think about the long-term implications. What will happen when restrictions are lifted? Will you be able to return to your old business model? Are there any downside risks associated with your new business model?
Pivoting your business during the pandemic can be a great way to stay afloat in the short-term, but it’s important to think about the long-term implications before making any decisions.
How has your team coped with the change?
Tell us how your team has reacted to the change in business climate.
What’s your advice for other businesses who are thinking of pivoting?
The past year has been full of challenges, and many businesses have had to pivot in order to stay afloat. We asked some of our favorite entrepreneurs how they did it, and here’s what they had to say.
1. Be adaptable: “The key to success during these times is being adaptable and willing to change direction quickly,” says James Dawson of The Black Sheep Agency. “We’ve had to pivot our business several times over the past year, and each time we’ve managed to come out stronger.”
2. Keep your customers top of mind: “When making any decisions about pivoting your business, always keep your customers top of mind,” says Natalie Eckert of Sass & Brass. “What do they need from you? What would make their lives easier? Addressing those needs is how you’ll find success.”
3. Get creative: “There’s no room for complacency when you’re trying to pivot your business,” says Chris Dyer of The People Progression Project. “You have to get creative and think outside the box if you want to succeed.”
4. Think long-term: “While it’s important to be adaptable in the short-term, you also need to think about the long-term implications of any decisions you make,” sayscyril gundry of Gundry & Associates. “You don’t want to make changes that will negatively impact your business down the road.”
5. Communicate with your team: “Any time you make a change in your business, it’s important to communicate with your team,” says Melissa Mazzeo of Little Miss Party Planner. “They need to be on board with the new direction in order for it to be successful.”