How to pivot your business in these difficult times
With the current unprecedented Covid -19 Pandemic and prolonged lockdowns that have led to
the worst economic crisis in South Africa; small businesses are closing or struggling to stay
afloat with many stating they can’t wait for this storm to pass.
Now, more than ever before entrepreneurs are required to think on their feet for survival. Entrepreneurs can’t afford to wait for the storm to pass; they have to learn to work in the rain and find ways to pivot.
This is the time for adaptive thinking, creativity, perseverance and mental toughness. It’s time to re-think your business strategy and offering so that your business model is agile enough to adapt to the digital transformation and business landscape post Covid -19. This said, the digital divide is a reality that we can’t ignore in Africa; So, as an African entrepreneur you may be asking how are you supposed to pivot when confronted with such seemingly insurmountable challenges, Here are some points to consider during these tough times:
Pivoting requires a leap of faith to try a different idea that can help propel your business forward, without even knowing what the outcomes may be. While this can be daunting note, entrepreneurship is not for the fainthearted so, jump and the net will appear!
You can’t afford to spend too much time deliberating or simply not making decisions and following through with action. Remember, a wrong decision is often better than no decision at all. Moreover, trend setters chart the course, they don’t follow the crowd.
3. Study trends for insights
Gather as much information as possible about customer behaviors and their changing needs including what your competitors are doing. Observe what others don’t see – envision what doesn’t exist and use these insights in your new offerings
4. Leverage existing resources
Minimize your costs as much as possible and use resources you already have; If you have a car, identify opportunities to generate income through deliveries etc.
5. Leverage Technology
Use technology or some digital platform as an enabler for your processes or distribution. This could include changes as simple as processing of orders or cashless transactions.