3 Tips On How To Pivot Your Business in Times Of Need
#1 - Consider Your Existing Skill Set(s)
What capabilities do you and your team already have that could potentially lend themselves to something that's suitable for the current environment?
On making the shift from stages to desks, Jeremy explains, “Our guys know timber. The material is the same; it’s just a different purpose for now”.
#2 - Take Stock Of Your Finances
In times of uncertainty, it pays to have a thorough understanding of where your business stands. Your accountant will be a key source of advice of your specific circumstances.
"The first thing we did was look at our numbers and take stock of what we needed to do to successfully shift our output."
#3 - Go Digital
With the current restrictions on brick-and mortar trading, now is the time to adapt and make the transition to digital. With the COVID-19 having transformed Stagekings' entire industry, pivoting to become an online retailer is enabling them to make it through to the other side - and thrive in the process.
Just a few short weeks ago, Stagekings’ Managing Director Jeremy Fleming was at a complete loss as to how to save his business.
With all public gatherings banned under social distancing rules, he’d watched as the ramifications of COVID-19 decimated Australia’s live entertainment industry. As the owner of a company centred on building large-scale festival stages, an immediate and complete shutdown seemed like his only viable option.
In an experience shared by countless businesses around the world, Stagekings’ shift in circumstances was near instant. One day, the team was prepping for the creation of a 37-metre-tall globe for Miley Cyrus and Robbie Williams’ Formula 1 Australian Grand Prix performance. The next day, the event was cancelled and everyone was sent home. Within the space of 48 hours their entire income for the rest of 2020 was gone.