How Businesses Are Pivoting Amid the Current Crisis
20th May 2020
The COVID-19 pandemic came rapidly, leaving CEOs, entrepreneurs and business owners facing great uncertainty. Companies from all industries have had little time to prepare for the nationwide shutdown and every line of work has been disrupted. Plus, customer needs are evolving as the crisis unfolds and daily behaviors change. Many companies have risen to the occasion, making adjustments to their business models to better serve consumers – and to stay afloat. These businesses have had to scramble and pivot quickly. Here are the top articles on how companies are transforming during this global health crisis.
3 Big Ways Companies Are Pivoting
Every business has had to think quickly about their future in the wake of the global health crisis. Some of the trends we’ve foreseen, like the shift from brick and mortar to e-commerce, are coming to fruition sooner than expected. But businesses have also had to become more resourceful and use whatever is at their disposal to be of service when their communities need it most. Here are three big ways that companies are pivoting during the current crisis.
Pivot to Making Plexiglass ‘Sneeze Guards’ for Retailers Saves a Small Business in Michigan
i.M. Branded, which designs wall art and signage for new car dealerships, was deemed nonessential under Michigan’s executive order, forcing the company to cease operations in March. The CEO, who had to furlough 130 employees and feared the company wouldn’t reopen, figured out a way to be considered essential, adding the capability to cut and design plexiglass “sneeze guards” and social distancing signage.
Via CNBC Make It
How a Montana Microdistillery Pivoted to Make Hand Sanitizer for NYC
WildRye Distilling, a distillery in Bozeman, Montana, had to close its doors in mid-March because of the COVID-19 pandemic. One of the WildRye partners, who has a PhD in organic chemistry, examined the World Health Organization’s recommended formula for hand sanitizer and realized it was 80 percent ethyl alcohol, which is a core element the distillery produces. He made a small batch with intentions of giving it to employees and customers in need but the requests got bigger and then the City of New York called asking for thousands of gallons of hand sanitizer. Now the company is producing hand sanitizer for companies including AT&T, BNSF, USPS and the National Guard.
How This Education Research Publisher Transformed Itself In The Wake of the Pandemic
The Learning Counsel, a research institute and news media hub focused on providing context for the shift in education to digital curriculum, hosted live events to educate more than 200,000 superintendents, curriculum directors, technology directors, and principals with digital transition. But after the pandemic hit, the company had to shift gears and switch its platform to a virtual business model and has launched webinar and podcast series as attendance continues to increase.
Here’s How 3 Women Pivoted Their Small Businesses During the Coronavirus Pandemic
Almost a third of small-business owners have had to close their in-person business operations because of government regulations put in place as a response to the pandemic. Here’s how three women pivoted their small businesses to survive.
Via NBC News