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.
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.
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:
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.
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.
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.
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