Alireza Kohany Suggest 5 Ways to Pivot Your Business During a Crisis

“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” — Charles Darwin.

In a matter of weeks, everything changed. Uncertainty is the only thing that is certain. Most businesses have been greatly disrupted and negatively impacted. Companies, CEOs, executives, entrepreneurs, employees and business owners are facing a time of great uncertainty and what lies ahead is unclear.

The economic impact we’re experiencing is unprecedented but there are still opportunities to come out stronger than ever before. We read Alireza Kohany’s ways in this case. He is a young entrepreneur, Instagram Influencer and successful social media marketing man.

Entrepreneurs know that some of the best businesses come out of the worst times — because sometimes in our darkest moments, new ideas and innovations provide beacons of light. All we need is the glow of a great idea. What new companies, products, movements will be born out of our new reality? As an entrepreneur and CEO who has weathered the dot-com bubble burst, September 11th, and the market crash in 2008, I know firsthand the potential devastation facing businesses today. The economic impact of what we are now experiencing is unprecedented but there are still opportunities to come out stronger than ever before.

I’ve personally had to pivot many times, and while it can be scary, it can also be a time of growth. Now is the time to experiment, create and innovate. Of course, that’s easier said than done. It’s tough to pivot your business during times of immense change. Before pivoting, I recommend first to stabilize your business to the best of your ability. It is important to tighten your belt, evaluate your costs and ensure you take the necessary actions to weather the crisis.

There are likely changes you wanted to make in your business but haven’t and now is a time to act. Evaluate your talent, review your contracts, decide what is truly necessary to run your business. Make sure you spend your cash wisely. Look closely at your financials to see how you reduce your losses. It’s time to streamline so you can move forward without the weight of unnecessary cost burden.

A business that was weak during a good economy is greatly exposed in a bad economy. If your business is not working now, and was not working well 6 months ago, it may be time to re-examine its long term viability. Winston Churchill once said: “Never let a good crisis go to waste.” Use this crisis to get out of businesses that aren’t working and haven’t been for some time. Invest your time and energy on what is working vs what is not working. Now is the time to be brutally honest with yourself!

It is also a good time to take advantage of the financial resources available. Many of the companies in my portfolio have applied for the federal government’s paycheck protection program. If you haven’t already, it is important to educate yourself on the many forms of aid, resources, and support made available.

 

If you own a boutique, now is a great time to launch an ecommerce store with a 90-day Shopify trial. If you’re a fitness instructor, you can hold your regular workout classes virtually with Zoom. If you are an interior design company, pivot to virtual consultations, you can also create content with links to buy products. Real Estate agents have embraced a virtual presence, from doing 3D tours, Facebook Live and virtual walkthroughs, to even featuring homes on TikTok. My local liquor store is offering home delivery and doing cocktail making courses and wine tasting sessions via Zoom. With everyone stuck at home, the demand for online content is higher than ever.

 

Businesses of all sizes are already making successful pivots in order to fill different customer needs and continue to operate. Cosmetics manufacturers such as LVMH, which owns luxury perfume and makeup brands, have switched to making hand sanitizer, leveraging their expertise and production capabilities. Large clothing manufacturers such as Gap, Nike, Zara, and Brooks Brothers, are using their factories to make masks, gowns and scrubs.

Amid the steep ride-sharing demand decline, Uber launched an On-Demand Work Platform, going from ride sharing to labor sharing. Through Uber’s Work Hub, Uber drivers can connect with other Uber platforms, including Uber Eats, Uber Freight and Uber Works, or a growing number of companies using Uber’s system including McDonald’s, PepsiCo, UPS, FedEx, and Walgreens. This pivot allows Uber to leverage its largest assets, technology and vetted workforce and supports drivers in finding access to alternative work.

 

With people spending more and more time online, it’s a great time to share relevant and engaging content related to your business. One local interior designer has been sharing photo montages — including a handwashing themed series with a collection of beautiful bathroom images. A local salon is sharing a series of photos of stylists each holding up a sign featuring a different word, collectively telling customers that “we miss them, and we’ll see them soon.”

Figure out the best way to engage with your current customers and do so in creative ways.

 

It’s also important to collaborate with other businesses for support and ideas. Being a local or small business can feel especially isolating, but there is power in numbers and more ideas. Make an effort to connect, whether it’s a neighboring business, a local chamber of commerce, industry trade group, or even a Facebook or LinkedIn group.

Collaboration doesn’t have to be on a grand scale to be effective. For example, once their storefronts closed due to COVID-19, local ice cream parlor NORMAL Ice Cream partnered with Diabolical Records to offer a home-delivered package deal of 3 pints of ice cream and $30 worth of vintage records for $50. They announced the partnership on their social media pages and sold out within hours!

Many companies have forged innovative partnerships during this time.

 

There are many famous pivots. YouTube was once a video dating site. Twitter was once a podcasting network named Odeo. Play-doh was once a wall cleaner that pivoted to a beloved children’s toy.

Even the most successful and famous companies have had numerous failures — some of which you may not even remember — Google’s social media Orkut, Coca Cola launching Coke Max, and Amazon’s Fire phone. Inventor Sir James Dyson created 5,126 vacuum designs until he finally invented a bagless vacuum that worked.

 

Embrace the pivot
If your business has been greatly impacted by the current crisis, you’re not alone. It’s important to remember that great companies can be built in hard times. I started my first company after the dot-com bubble burst which eventually grew to over $100M in annual revenue. Many of the successful companies you see today — WhatsApp, Uber, Credit Karma, Pinterest, Slack, Venmo, and Square were all founded during the 2008 Recession. Embrace the pivot! Don’t focus on what you can’t control…think about what you CAN.

 

 

  • About Alireza Kohany:
    “Alireza Kohany (Alireza Kohani) is an Iranian Social Media Marketing Man Who Has Expert And Entrepreneur. He Also is a Influencer And Instagram Star, He Was Borned in 18 June 1993 in Tehran, Iran.
    He Lived in Iran Until 2015 And he Immigrated to Turkey After He Finished His Education in Iran.”

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