Does this sound like a familiar story? Your business was booming in the first two months of the year, however, you have just analysed your last three weeks of results and they seem to have fallen off a cliff. Not sure what to do (or even if you can do anything)?

This is certainly something that is very worrying for business owners and with the likelihood of the Government announcing another three weeks (at least) of lockdown, this is a time which can really test your mettle.

Well, the world has certainly changed dramatically over the past three weeks. It is however, the nimble and smart businesses who will seize the opportunity to strengthen their position.

Remember, your customers have different needs. The opportunities exist, but they are different and if you have not done so already, you need to understand their needs in order to tackle them.

These needs may not be immediate! For example, think of a barber, who is unable to operate due to social distancing. There will undoubtedly be a boom in the coming month or two as we all have caveman-style hair. 

If this is a similar situation to you, now is the time to plan. Thinking like the barber, you may be considering how you can capitalise on this future opportunity. Do you discount, plan for extra capacity, push out additional marketing, use your customer data etc.

Your customers have different needs however and, if you can pivot your offering to tackle them now, then you should be doing that!

 Here are some examples to consider:  

1. Brewdog has adapted to making ‘Punk Hand Sanitiser’ to help tackle the shortage (and undoubtedly capitalise on the opportunity).
2. Restaurant chain Leon has turned stores into mini supermarkets to allow customers to book a delivery slot in advance.
3. Top Cuvée, normally a neighbourhood restaurant and a bottle shop with a great bar has become Shop Cuvée delivering food, drink and toiletries to their customers.
4. Estate agents have implemented the use of virtual property tours for rentals & sales whilst Rightmove have even snuck on the option to make your property stand out!

If this is food for thought, then it’s time to head off into that spare room with a pad, pen and only resurface when you have a plan to pivot now or plan like the barber.

Pivot NOW or plan to come back stronger than all your competitors!