Pivoting Your Small Business Model to Survive the COVID-19 Crisis
Source: Worth Newsletter | Repost QBScott 5/7/2020 –
There is opportunity in every crisis, and the COVID-19 pandemic has created a crisis for many small business owners that is unlike any other before. The coronavirus has forced governments into enacting what some are calling “the Great Lockdown.” The lockdown consists of closing all non-essential businesses, limiting and, in some cases, eradicating opportunities for many small business owners to generate revenue.
Entrepreneurs today are now faced with the challenge of identifying business opportunities that are valuable enough for customers to purchase despite facing a public health and economic crisis. In addition, entrepreneurs must be motivated enough to both act on the opportunity and to acquire the resources needed to fulfill it.
As an expert in entrepreneurship and innovation, I argue that business models must strategically pivot to meet new consumer needs, while remaining true to their core values. Customers are facing more hardships than ever before in recent history. During the Great Recession that occurred between 2007 and 2009, millions of people lost their jobs and homes. As a result, customers reduced spending on discretionary and luxury purchases. While the Great Recession was bad, it is essential to understand that the COVID-19 pandemic is a different kind of disaster.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale