4 min read
Opinions expressed by Entrepreneur contributors are their own.
While most business owners are used to adapting to different trends and new strategies within their industries, the global health crisis has officially changed the way we do business.
Until it’s safe to resume in-person activities, which could be quite a while, most entrepreneurs will need to look for a new way to generate sales while their customers are stuck at home.
The temporary halt of in-person activities and the immediate closings of some businesses such as salons, gyms, and some retail stores, 76% of small businesses have seen a negative impact in sales, and 23% have reported a negative effect in their supply chains.
Due to these unfavorable circumstances, entrepreneurs may need to rethink the core DNA of their business plans.
Some may look at a pivot strategy as an admission of failure, or a lack of confidence in plan A. But creating a second act for your business journey will help you prepare for the inevitable, while creating a stream of income your business desperately needs.
Entrepreneurs must fulfill the needs and emotions of their audience in different ways than before. Business owners need to be sensitive to the current situation in order to provide necessary value and an engaged response from customers.
Here are four suggestions for entrepreneurs to creating a pivot strategy during the current crisis: