Pivoting In A Pandemic: Tactics I’m Trying To Keep My Business Alive
“Thanks a lot, COVID-19. With the economy in recession and people being forced to social distance, how am I supposed to network and grow a business?”
If you’re a small business owner like me, you’re probably freaking out about how to survive the Coronavirus pandemic. In my case, I’ve always relied on events to generate leads — so you can imagine how frustrated I feel that 2020 has forced me to throw my playbook out the window and start all over again.
While this totally sucks, I’ve tried to use this crisis as an opportunity to reflect on how I make a living — and more importantly, what I can do to make it more robust. Below, I share what strategies I’ve been tapping in to, in the hope Avion will come out even stronger on the other side.
I’ve re-evaluated my skills
“What have I got in stock, and how can I put it to different use?”
So, I’m a content strategist and copywriter. My team helps business owners, start-up founders and marketing teams develop clear, concise communication. But right now, organizations have different priorities — they’re in survive mode, not thrive mode. For many creatives, opportunities have dried up.
But I’ve taken inspiration from a couple of local Austin brands. For example:
- Tito’s Vodka is repurposing its alcohol to make hand sanitizer
- Couch Potatoes sofa factory is repurposing its materials and machinery to make face masks
- Easy Tiger Bakery is repurposing its ingredients and expertise to make people feel accomplished baking their own bread in lockdown at home.
So, rather than trying to sell more content, I’ve been deep in thought about how I can repurpose my skills in light of what people are struggling with today.
As a result, I’ve created a new service offering — senior account management for agencies. The skill I’m repurposing is my ability to run a successful project. The challenge I’m helping clients overcome is a lack of time while juggling home schooling responsibilities. Essentially, what I’ve identified is that agency owners are often the only ones that intimately understand profit and loss. My goal is to help clients manage and coordinate projects in the lens of effective business operations.
I’ve halved my day rate
“What’s the lowest rate I’d be willing to take without being insulted?”
In brainstorming with peers about how to grow in this difficult environment, I was asked this interesting question. I don’t normally publish my rates as projects vary; costs often come down to complexity, the amount of research and/or management involved, as well as what budget is available.
But determining the lowest rate I would work for — and openly telling people about it — was a really valid point. A new price point ($50 USD p/hr for those wondering) would open doors to new relationships at a time in which money is scarce, while still enabling me to pay the bills and feel recognised for what my skills are worth.
I’ve reframed my definition of sales
“How can I still feel progress without converting what’s in my pipeline?”
Over the last few months, projects have been put on hold, budgets have been taken away, or worse, contacts have lost their jobs and businesses have folded altogether. Watching my list of ‘proposals out’ freeze over has been downright demotivating, to say the least.
But my mentality towards business development recently shifted after listening to Jan Ryan, Founder of Women@Austin, in a webinar. What really stuck out for me was her advice that ‘sales’ should be about nurturing your pipeline, not focusing on short-term dollars.
Reframing ‘sales’ in this way has soothed the overwhelming sound of crickets from my bank account. If I can hold the fort financially for a little while longer, the relationships I’ve built during this time will pay back in the future.
I’ve analyzed ways to diversify my income stream
“How can I generate additional revenue from what I’ve already got?”
My business usually makes money from sharing expertise with clients one-on-one. Either we consult on a specific marketing problem or discuss content strategies ongoing as a business evolves. I’ve been thinking, surely there must be a way to take this expertise to a wider audience and continue to make money without being as heavily involved.
Plenty of professionals commoditize their knowledge by creating eBooks, webinars, courses, the list goes on. My question is: what can I create that’s a quick win but also genuinely helps people in the context of COVID-19 right now? This is something I’m still working on but watch this space: something accessible to small business owners from Avion is yet to come.
I’ve signed up to a mentoring program
“What can I do with my time to give back?”
In my journey from solopreneur to small business owner, I’ve benefitted from the guidance of other industry professionals. Their openness answering candid questions has greatly influenced who I am and how I work today.
While I was never part of a structured program, I understand how much these interactions mean in the early phases of one’s career. So, when I saw an email from the Austin Young Chamber calling out for mentors, I registered straight away.
Being paired up with several members has given me the chance to reflect on some of my biggest learnings and appreciate how far I’ve come. It’s also a fantastic way to connect with the challenges our next generation is facing in the workforce.
I’m thrilled to have recently received this message from one my mentees:
“Hey Natalie. Just wanted to take a minute to say thanks for your time talking through building my confidence/resume out. I have an interview tomorrow for a role I never thought I would even be considered for.”
I’ve shortlisted non-profits for volunteer work
“What can I do to bring meaning back into my day?”
Speaking of making a positive impact, now is the perfect time to ask yourself whether your portfolio is a shining example of the work you want to do. If not, selectively working with non-profits pro bono while things are quiet could steer you in the right direction.
You could choose a charity that:
- is in an industry you’d like to get more experience in
- needs help with the types of projects you’d like more often
- you’d really like to build a relationship with, in case of future opportunities.
I’ve reached out to my team for their opinions
“Who can I trust to help me prioritize?”
My mind runs at a million miles per hour when I’m trying to problem solve. This can be incredibly disorienting as I often don’t know which way to go first.
What I’ve learned is that if you have a team of employees, it doesn’t need to be this way. You’re not alone. Ask your staff for feedback and new ideas. Don’t underestimate the fact that everyone has their own observations. They also know you, and they know your business. If you ask them, they’re usually willing to share their two cents.
I’ve started sharing my story
“How can I raise my profile in an authentic way?”
One of the key outcomes of my “I need help navigating COVID-19” team huddle was a focus on community building. This was the catalyst for creating my Medium blog.
We decided that just because you can’t attend events doesn’t mean you can’t connect with others. I’d only been in Austin for 3 weeks before lockdown began; writing about my experience seemed like a good way for people to get to know me.
I strongly believe that putting a human at the front and centre of every story builds empathy and belonging. Sharing my struggles would help me find a likeminded tribe of people I’d want to work with in the future.
I’ve kept in touch with my community
“How can I still feel engaged and part of something from home?”
This strategy is supposed to be pretty straightforward, but I’ve found it’s easy to get lost in your own world when social distancing is in force. To make sure I’m connected:
- I have regular contact with partners to see how their businesses are surviving
- I keep an eye on Facebook groups and contribute to discussions where I can
- I join in on virtual social events run by communities in my network.
I’ve told myself there will be a brighter tomorrow
“How can I keep my head up, slogging it out in this job?”
No matter whether my business survives, I acknowledge there will be change for the better. We still don’t know what the world will look will like once this crisis is over, but I believe the workforce of the future will:
- be better equipped to handle unexpected events
- have more structure in place for employees to do good work
- build more effective partnerships that empower people to collaborate
- appreciate creative solutions to complex problems
- accommodate a more forgiving work-life balance
- feature a generation of adaptable lateral thinkers
- possess gratitude that we’ve come into recovery.
Tomorrow’s businesses will thrive, and ultimately, young people will become inspiring new leaders. After all:
- they’re outraged by the time it took for politicians to do anything
- they’re frustrated by the sheer inadequacy of the healthcare system
- they’re humbled by frontline workers that do not get the support they deserve
- they’re saddened by the number of small businesses that have closed
- they’re upset by the fact they’ve been so hardworking but are now unemployed.
Most importantly:
- they’ve had time to reflect on how things could’ve been done differently.
And this is what I’m excited to be a part of on the other side.
About the author: Natalie Khoo built her business in Australia off the back of the 2008 recession. Having made all the mistakes since day one, she’s passionate about sharing her learnings with other business owners on a similar journey. Natalie’s career highlights include taking a 3-month scuba diving vacation in 2019 and not checking her emails once. She travels between Melbourne, Australia, and Austin, Texas, with her partner James.
To find out more: Visit the Avion website or follow Natalie on Instagram.
