So, now what? Their stores closed. The offices vacant. Their income limited. Small business had to answer the question of what they can do right now. And, for the most part, they did.
About 92% of small business owners reinvented themselves
According to Small Biz Trends. Digital technology was the answer for many small businesses.
- 58% created new online delivery channels.
- 40% created a new virtual service.
- 36% made a new offline delivery channel.
- 31% created a new product.
- 19% worked for a new customer group.
Most businesses selling unique goods and services could have had a website presence and virtual business opportunities, but many owners were too busy to make it happen before the coronavirus crisis hit. When lockdowns happened, they had to set those up.
Virtual services are not just for schools
Trainers, coaches, chefs, accountants, and even suppliers all have tried to involve local customers in a more virtual setting. While they might find new customers, the same services also find they compete with existing businesses online quite well.
For some, new products have helped too
Some manufacturers began making the things most in demand: masks and sanitizers, for example. Breweries even started to make sanitizers as well. Pillow companies added masks and medical scrubs to their product lines. Quickly adapting to new trends that were easily added to production or service offerings has truly kept businesses rolling throughout 2020.
51% of businesses that did a pivot say they have increased business against forecasts
But small businesses are still facing issues with skills and staffing for the new skill sets, as well as a lack of money. While investing additional funds back into your business may be a struggle, it can be rewarding. New online delivery channels, virtual services, offline delivery channels, products and target audiences will help your business grow through these trying times.