You may have heard the terms ‘going lean’ and ‘pivoting’ floating around as business owners everywhere look for new ways to make it through the current state of affairs. What exactly do those terms mean, and how can you implement them successfully into your business model?
Going Lean – To change or remove poor business practices, unprofitable products and improve team productivity. By stripping away the unnecessary, you can focus on the improving your core business model. Improved operations =increased growth and higher quality work.
Pivot – When a company shifts its business strategy to accommodate changes. Pivoting occurs based on where a business can strip back and improve upon. For example: shifting all sales to online only.
How to go lean, trim the fat and pivot – Be ruthless. Remove emotion from your business and take an analytical look at what stays and what goes. Break down every inch of your business from the bottom to the top. Lastly, empower your employees to give feedback and change those processes that simply don’t work.
What can you do now to succeed during and after Covid-19?
The thing clients will remember most is how you helped or served them in the tough times.
- Take Action – Don’t wait for things to happen. The businesses that take action will be the ones who succeed during this situation. Don’t bury your head in the sand.
- Stay Present – Do not stop your regular Facebook posts or email campaigns. You may need to adjust them but do not stop. You need to stay top of mind.
- Bring Value – What can you do that will help people through these tough times?
- Educate – Make videos and posts giving people tips or teaching them new skills.
- Reach Out – Get in contact with previous and current clients to check in. Once stores open again you will be the business they think of.
- Shift Online – Brainstorm and implement an online service you can offer. What part of your business can you pivot and begin to offer as an online service (free or paid).
