What you can learn from businesses that have successfully pivoted

Disruptions in business can happen at any time, for a variety of reasons. They may be expected, such as regular seasonal slow-downs, or unexpected, such as weather-related disasters or accidents.

The COVID-19 pandemic was an unexpected disruption that hit almost every aspect of American life and women-owned businesses are no exception. Research from Babson College shows that close to one in four women-owned businesses closed due to the pandemic, while 26% reduced employee hours, 40% deferred or reduced executive pay, and 36% delayed payment for all or part of vendor bills and loans.

Successful business leaders know that the ability to adapt and change is vital to their continued operations and success. Several women entrepreneurs — all winners of the Citizens Small Business Community Champions Award — recently shared how their businesses pivoted last year to address changing customer needs.

Use these ideas to help your business be ready for future challenges and opportunities.

Try new channels

If you only have a physical retail storefront, consider creating a website where customers can shop, check inventory, ask questions, and learn more about your business. If you are online only, consider offline ways you can connect with your audience, such as direct mail, or, when safe and appropriate, a presence at a local event to raise awareness and let people see your product in-person.

During the pandemic, finding creative, new ways to connect with customers who could no longer visit a business in person was critical. Up until last year, Jo’s Gallery 2 did not have a substantial online presence, notes owner Garnette Archer. The gallery, which specializes in African American art, revamped its website and brought on a full-time social media person, enabling it to not only sell to a wider audience but to expand the range of Black artists it works with beyond the local Detroit area. It also began offering framing services online, creating the opportunity to turn a $60 print sale into a $400 framed art sale.

“For us, aside from when we were closed during lockdown, the pandemic actually became a bit of a boom time,” says Archer.

Create new offerings

Look at what you currently provide and think about whether there are ancillary products or services to complement your lineup. This move can create additional sales opportunities with current customers, and may also help build awareness for your core offering.

Dr. Melissa-Sue John, founder of Lauren Simone Publishing House wanted her company’s line of inclusive children’s books to make a meaningful connection with kids. But in 2020, the pandemic made its plan for in-person events unfeasible. She collaborated with the Love of Literature Book Club to create a virtual summer program, offering workshops on how to write and publish stories.

The week-long sessions drew children of many different backgrounds and abilities from around the world, including the Bahamas, Canada, and Jamaica, and exposed the publisher to potential new readers. It can pay off to take a leap and experiment with something new in your business, Dr. John says. “You won’t regret trying, but you will regret never pursuing your dream.”

Utilize your talents in new ways

Take stock of both your own skills, and those of your team, to see if there are abilities and strengths you can implement in new ways to enhance your business offering. For example, you may have a graphic artist on staff who also has copywriting skills or a salesperson who is a social media maven.

Get Fokus’d Productions develops youth arts and education programs. Pre-pandemic, many of the Buffalo, NY-based company’s contracts were from school departments, so it was concerning when learning suddenly went remote. CEO and Creative Director Aitina Fareed-Cooke leaned on her own knowledge of video production and the online space to create a robust lineup of virtual programming.

“This opened a bunch of doors and allowed us to expand our programming to other cities,” she says. “Sometimes, things may look like a strike against you, but it can be a blessing in disguise.”

Start networking

Become involved with organizations both in your industry and your community to find opportunities that will make your business more resilient. National trade groups offer education and support and access to peers who may be dealing with similar issues. On a local level, get active with groups such as your chamber of commerce. The connections you build with other professionals can be valuable for getting advice and leads on new business opportunities.

Georgetta Rue, CEO, of DeLoJe, a Pittsburgh, PA-based marketing and multimedia consultancy for small businesses, notes that when the pandemic-related shutdowns happened, it was hard for her and her team to sit around doing nothing. This led her to think about what she could do for her community, and she started to offer technology assistance on a volunteer basis. The good karma paid off.

“Thinking about what we could do for others reminded me of our mission to help other businesses,” she says. “Soon we were in demand with some clients who were able to pay.”

Take advantage of resources

Women-owned businesses don’t have to go it alone. There are many resources available for small businesses looking for training opportunities or advice. On a national level, the Small Business Administration (SBA) offers information on business planning, financial management, training, and more. Through the SBA, businesses can become officially certified as a Woman-Owned Business to gain access to additional grant and federal contract opportunities. Those who qualify can also become certified as a minority-owned small business through the National Minority Supplier Development Council. Your business banking partner can provide guidance on financing and future planning.

“Make sure you’re aware of the resources available to help fill in the gaps in areas where you might not have experience or expertise,” says Jo’s Gallery’s Archer.

In her area, for example, Detroit Means Business — a collaboration between the mayor’s office and the Detroit Economic Growth Corporation — helps small businesses find resources for technology, safety protocols, and other needs. She also benefited from the Goldman Sachs^® education program 10,000 Small Businesses, which is focused on small business growth. “These types of organizations can help you get connected and start networking.”

Consider what steps will best prepare your business to seize opportunities that come your way or weather challenging times that may be ahead.