Over the past two years, millions of small business owners across the U.S. found themselves in the exact same situation, an unprecedented moment. They were all facing the coronavirus pandemic and a similar set of challenges as social distancing restrictions as lockdowns swept the nation. The biggest challenge for them all was saving the long-term health of their business – survival.
To stay afloat, business owners adapted on the fly. As each new development changed things yet again, they found creative ways to change their operating models, from remote work to curbside pickup. Even so, many small businesses were sadly forced to close their doors. For those who have survived, they’ve stepped into growth and opportunities.
How did they do it? Here are some of the ways small businesses pivoted in order to survive the pandemic.
As social distancing and other restrictions went into effect, many businesses opted to take their services online. Virtual coaching and classes reached an all-time high. This provided a valuable opportunity to see what customers really liked about a business service, helping owners to identify what to stay true to. It also highlighted consumers’ shifting needs, helping businesses appropriately adapt and excel in their offerings.
Other companies grasped the opportunity to pivot products and services they were already offering to meet the needs the pandemic has created. Guru Nada, for example, an essential oils and accessory company, began manufacturing oil-based hand sanitizer and masks to keep its doors open and its team working, all while serving others. Adopting new revenue streams helped many businesses meet the needs of consumers and stay strong.
Adopting remote work
The advantages of working remotely have been explored in the past. It has always been a far-off possibility that business owners kept tucked away in their back pocket for a rainy day. Then came the pandemic. In some cases, remote work became the only solution as businesses dealt with lockdowns and employees struggled to manage shifts in their personal lives. Employers asked employees to learn new skills, new technology was adopted and the workplace forever transformed.
Maintaining brand consistency
Other businesses were making moves to expand when the pandemic rocked the globe. Testing products on the market, expanding to a new location, adding to their team… these plans came to a halt. Rather than continuing to pour money and resources into research, development or expansion plans, many businesses made adjustments and focused on what they already knew worked well with their loyal customer base.
The determination and creativity of small businesses over the past couple of years should be applauded. Many of these businesses will come out of this pandemic thriving due to their wise and thoughtful decisions.Michael Hollis is a Detroit native who has helped hundreds of business owners with their cash advance solutions. He’s experimented with various occupations: computer programming, dog-training, accounting… But his favorite is the one he’s now doing — providing business funding for hard-working business owners across the country.