As we approach the ten-month mark of the global pandemic within the U.S., Main Street businesses are still adapting to the ever-changing realities of operating a business during a public health crisis. Adjusting to reopening guidelines that change on a regular basis as conditions unfold, coupled with lingering safety concerns among many consumers and an economy hampered by millions of unemployed, has resulted in a highly volatile and cloudy situation for small businesses to navigate as they try to pivot to new consumer norms.
In a normal business life cycle, as many as 20 percent of businesses undergo a pivot at some point in the lifetime of the company, according to research by the American software entrepreneur Mitch Kapor. While the coronavirus crisis has required nearly every business to adjust their business model, the research suggests that making a pivot is a normal practice and one that can result in great success. And in fact, the ability to pivot is a valuable business skillset that can provide additional long-term resiliency.
Obvious but will Remain Relevant
Like most things in business, a little bit of strategy can go a long way. Rather than taking a try and see if it works approach, we would suggest that while many of these scenarios can work across a variety of business segments, it’s always good to evaluate your own situation with an understanding as to your current position, product mix, expertise, and certainly the ability financially to execute. Also, seek out guidance and further assistance as you examine your pivot options. Free counseling and guidance are available through Main Street partners like Small Business Development Centers, Women and Minority Business Centers, Veteran’s Business Outreach Centers and SCORE Chapters.
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Our Chamber has approximately 530 members that invest their resources, employee volunteerism and confidence in the Owatonna Area Chamber of Commerce & Tourism and the business community.
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Address
Owatonna Area Chamber of Commerce & Tourism
120 South Oak AVE
Owatonna, MN 55060
Email
oacct@owatonna.org
Phone
507-451-7970