The ability to adapt and pivot during adversity shows what you are made of. It is easy to throw your hands up and quit. The minute that you quit someone is there ready to jump on an opportunity. There are certain economic cycles. It is not easy to stay in the game, but it can be done. Here are three quick tips to help you adapt with your business.
1. Ask your current clients how you can best help them. Be their advisor and consultant. You might have a resource they need at the moment.
2. Be prepared to negotiate your current contracts and agreements. Your client might need to cut back on some of your services. They will remember later for doing it.
3. Target new markets (new business development). What other sectors can use your product and services? Anheuser Busch is now producing hand sanitizer.
They are seizing an opportunity that they would have never thought of due to a crisis.
Talk with your team or other peers to see what you need to do adapt your business to new market opportunities.
Sanford Ashley is the founder of VC Direct, a digital media outlet for venture capitalists, startups, and sports entities with a focus on public relations, media and business connecting. He is also an e-commerce sales trainer and has spent over ten years in media marketing, and two decades in sales and marketing.