At the start of this pandemic our operational shifts were something that we envisioned needed to be completed for the short term. Then time dragged on and some business are asking themselves if they should consider these pivots to be permanent. Throughout 2020 we have made adjustments to our business practices and some business owners are evaluating pivots and looking at what works and what doesn't.
First, online payments and ordering are a pivot that works for everyone no matter what your business model may be. Clients can buy and pay for both services and products in this manner. Fintech (financial technology) has been racing forward to meet the demand for this option and to ensure our clients data privacy. It is a good alternative for those clients or customers who aren't coming into your brick and mortar establishment, so this is one pivot that it makes sense to keep.
Second, flexible or virtual workspaces (when feasible) are another pivot to keep. You can reduce your overhead expenses by shrinking your office space to allow for employees to come into the office on a rotating basis. Keep the conference room for in person meetings, but as everyone becomes accustomed to Zoom meetings and online collaboration/teams it is a good way to help your business adjust during these changing times. Some companies have even gone 100% virtual but it is probably good to keep some sort of office space to give your company an established brick and mortar presence.
Third, digital marketing is the final pivot that is a keeper. More and more people are shopping and ordering online so the dollars spent on digital advertising are dollars well spent. The new wave of digital marketing resonates well with younger demographic so if that is your niche it is a great way to engage your target market. Focused advertising also reaches those who are new to digital market engagement.
ABOUT THE AUTHOR: Carolyn Dragseth is an attorney with over 25 years of experience in Contracts, Business and IP law. She is a member of the National Business Association Leadership Council. She currently resides in Louisiana and is an active member of the Entreprenurial community. She enjoys writing, horseback riding and hiking. She can be reached at email@example.com or at 225-888-0015.