“Pivot” is the one word we are all sick of hearing. All last year we heard that businesses had to pivot to stay alive. As 2021 progresses, you will have to pivot once more to fill market niches and grow your business, even as regulations change on a daily basis.
Though 2020 and 2021 have caused marked changes in our lives and our businesses, the idea of pivoting is not a new one. In fact, your business needs to have a primary strategy and backup plans to ensure that it can weather any storm. The idea of pivoting is one of building resilience so that your company can continue to provide services to customers, employ staff, and provide you with a livelihood for years to come.
With this in mind, we will take some time in this article to move beyond mere “pivoting” and provide more of a “how-to” for creating a resilient company – even when things get tough.
How to Build Resilience into Your Business Model
Establishing resilience in your company can help keep your business running – no matter what gets thrown your way. That is something many of our consulting clients found to be true in 2020 and continue to share with us today.
Here are five strategies for building a resilient business model that will allow you to pivot when needed.
1. Expand and improve your marketing
Marketing and PR are a vital part of any business – but they are often the first departments to go when things get tight. If you lost part of your marketing/PR department last year, now is the time to expand in this area.
Here are a few ways to regenerate your marketing and PR:
- Rehire marketing/PR specialists to help rejuvenate this department
- Create weekly social media posts so that clients can see that you are still in business.
- Have someone check over all of your online listings (on Google, Yelp, etc.) to ensure the information is accurate.
- Reach out to the press to showcase an upcoming release, acquisition, expansion, product launch, conference, or event.
- Get interviews with podcasters and other media professionals.
- Release a loss leader, like a free ebook, video, or educational series.
- Create a case study on your company’s pivot in 2020
Marketing and PR must include continuous outreach. So, when you get to step four below, be sure to include them in the stable foundation upon which you will reshape or grow your company.
2. Explore new markets
Most businesses that pivoted and flourished during this past year either expanded into new markets or had recently begun to reach out to new customers.
Finding new markets and clients is a great way to create resilience within your business model. The last thing you want your business to do is to rely on only one type of client or distributor.
Consider, what areas and markets have you considered in the past but weren’t sure about? Take some time to explore those areas and reach out to them. You may have the solution they have been seeking.
3. Consider supplying additional needs for current customers
As you reach out to new clients, don’t forget your existing customers. How can you better serve them? One way to find out is to survey customers and employees. You want to find out:
a. What are customers already asking for – what do they hope your product/service does? You might find that a small change or additional upgrade could net you a nice profit and provide you with long-term customers.
b. Are you serving your market in all of the places that they need your product? Do you provide online/at-home services as well as in your business? Would your customers like your products/services delivered in their workplace or an outdoor location? Find out!
Serving your existing clients not only provides your business with valuable word of mouth, but it will also help to create a base of people who will come back anytime you have a new product or service to offer.
4. Create a stable base from which to build
Many companies are built on a rocky foundation. The owner or CEO had a dream that he or she put into reality without establishing systems that allow the business to run independently. This forces the CEO to constantly work within the business instead of spending time pivoting or expanding.
Take the time to build out your company policies, processes, and procedures. Generating stability with these systems will help you expand or pivot your business as needed.
5. Make your future plans
Even when times are uncertain, you must make future plans and continue to evolve your business into its next iteration. Planning ahead may have felt like a risky proposition during precarious months or years. However, there is no way to constructively move your business forward if you have no plan. So, no matter how unpredictable things feel, continue to set goals and plan ahead.
At Business Success Consulting Group, we work with you to achieve your business goals. Our strategy is to create stability from which you can grow your company. If that sounds like something you would like to accomplish this year, contact us today!