Starting a New Business|Survival

New Businesses in COVID: 2 Views on the Changed World

If you opened your small business at the start of COVID, you might be worried about survival. Here are some tips to give you hope!

If you opened your small business at the start of COVID, you might be worried about survival. Here are some tips to give you hope!

Considering how many small businesses open their doors each week in the average year, it’s safe to say that new businesses in COVID likely faced a very different world. There have undoubtedly been massive shifts to the economy and the small business world in the past few months, and that might not be changing anytime soon. But there have been some success stories in all of this. COVID has affected new businesses, but it isn’t the end of the world. You might still be able to come out of COVID stronger than ever before.

digital marketplaces small business

This Is Why Pivoting Allowed Some New Businesses to Thrive During COVID

Pivoting is a skill and can be crucial to survival. Think of what happened to Borders or Blockbuster when they failed to pivot. Newer businesses will be less set in their way and will be able to change the operation of their business model. The ability to evolve is huge, as older businesses are often less able to adapt. They have spent time and money optimizing their model. Comfort keeps companies from pivoting, as sunk costs usually keep us anchored in the past.

At McKinsey, Kevin Sneader and Bob Sternfels have a great article called “From surviving to thriving: Reimagining the post-COVID return” about this concept. With all the changes to businesses caused by COVID, new businesses are likely going to have an easier time adjusting to the new normal. If you’ve managed to get PPP funding or some similar grant during this time, hopefully, money isn’t the biggest issue. If this is the case, you will be able to modify your company to fit the world.

5 Things New Small Businesses Have Done to Succeed in COVID

Deborah Tennen-Zapier from Fast Company has a great new article about “5 Creative Ways Small Businesses are Succeeding During the COVID Quarantine.” The five ideas that Tennen-Zapier offers are:

  1. Expand Your Market
  2. Consider New Ways to Deliver Your Product or Service
  3. Partner with Other Businesses
  4. Stay Connected with Your Customers
  5. Invest in Your Business’s Future

These are just some ideas, but every business has its own ways to succeed. If you are starting a new business during this time, COVID probably took you by surprise. That said, there are ways to help.  


2 Ways to Thrive in COVID

If you opened a new small business at the same time as COVID, you’re probably facing issues unlike anything you’ve seen. But there are two pieces of information to know.

  1. Pivoting is a skill: Be ready to adjust your business model. Learn to change with the situation, and you’ll be able to survive these tough times.
  2. Constantly evolve: Get creative with your concepts. Don’t be afraid to try something new. You can always test first. See what happens. If it works, do more. If not, try something else, but never stop creating.

Ignoring COVID won’t work. Wishing it will go away, won’t either. If you can master the skill of pivoting and creating a constantly evolving culture, you will do more than survive. You will succeed.

Founder Headshot

About the Author

Brian Cairns, CEO of Prostrategix Consulting. Over 25 years of business experience as a corporate executive, entrepreneur, and small business owner. For more information, please visit my LinkedIn profile

Join the 1000's who receive our weekly Small Business Tips
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Recent Blog Posts
Small Business Ratios: The Terms to Know
A sample of three of the major Small Business financial terms to know: cash flow, liquidity, and "quick or current ratios" that help in the short-term.
Small Business Banking in 2020: The 3 Things to Know
The look of banking in 2020 has changed. See how building a relationship with a banker or banking expert is even more important than ever considering a new normal.
Top 3 Small Business Financial Ratios COVID Made Critical
Financial ratios for small business is not a sexy topic. But, if there was a way to know if your business was on fire, would you want to know?
Get Where You Want to Be.
Today is the day to build the business of your dreams. Share your challenges with us — and we'll help you make them go away.
Start Now

ProStrategix Advisors Copyright 2020 © All rights Reserved.