As the coronavirus has wreaked havoc on the global economy, many businesses have been forced to pivot to survive. Designers make masks. Distilleries make hand sanitizers. Resy is launching takeout and dery, ClassPass has relaunched its classes, and GoPuff has focused on healthcare workers.
This is the kind of turnaround you want to happen at a time when life probably won’t return to “normal” for another year and a half, and when only a third of small businesses have the budget for a shutdown of more than 3 months. As Cardiff Garcia reported on NPR’s The Indicator: “The gains just disappeared, vanished. And many corporations are desperately looking to change direction. They do it to connect, set up delivery, check anything to keep some money.
The most effective coronavirus-related centers share several characteristics: the resources and skills a company already has, the creation of a product or service that is in demand, and the search for a way to serve populations that want it. Of course, companies also want to be fast and flexible if they want to keep up with the pandemic. For executives looking to find new revenue streams while also contributing to the cause, here are three companies that have taken smart measures against the coronavirus.
As I mentioned in a previous column, the restaurant industry has been one of the hardest hit during the pandemic. Many restaurants have developed creative solutions to help their employees and businesses stay afloat. New York’s bars serve cocktails to take away outdoors in their windows. , Michelin-starred restaurants will offer delivery and takeout, and Guerilla Tacos sells “emergency kits” that come with a roll of toilet paper and materials for 40 tacos.
Denny’s, the multinational restaurant chain, is no exception: sales in March fell by 19%. To curb losses, the company has taken a multifaceted approach: offering home deliveries, curbside takeout, and, soon, home-cooked meal kits with undeniable quality. ingredients and recipes. Most notable, however, is their new grocery option. At more than 30 locations in Oregon and California, consumers can now order a variety of groceries for less than $10 to-go. The company, NBC reported, hopes the service will reduce the strain on both citizens and grocery stores.
Although some of these concepts were already being explored at Denny’s, according to the Wall Street Journal, “business and real life get in the way, so they don’t happen as fast as you’d like,” John Dillon said. “Since Covid-19, the way this organization has combined to implement those systems on a very temporary basis has been desirable and comforting to see. . . We evolve as we move forward to take care of not only the here and now, but also be prepared for whatever is seen on the other side.
Last year, The SnapBar, a Seattle-based photo booth rental company, was nominated through Inc. as one of the fastest-growing companies in the country. Seven months later, with the arrival of the coronavirus, the company found itself in the “I’m about to waste three months of revenue in a single week. “The discoverers, brothers Sam and Joe Eitzen, learned that they needed to make quick decisions,” the company said in a March 19 statement. “Either they increase their expenses by cutting the duration of their equipment, or they try to pivot to anything new and the situation. They opted for the latter.
Within 4 days, they introduced a task called Keep Your City Smiling, which sells gift boxes “filled with high-quality products, sourced from small local businesses in each and every city where we operate. “The site encourages consumers to purchase the boxes for themselves, their loved ones or their employees. It also offers a healthcare gift box that Americans can send to frontline workers.
This solution is incredibly innovative and thoughtful, and satisfies the desires of multiple stakeholders, aggregating the communities TheSnapBar works in. It is exemplary as a pivot because it builds on existing assets while also contributing to a not unusual good. “We are very fortunate to have a regular team, with a varied base of experience and skills, adding shipping and logistics, visitor service, web development and design,” the company explained. “It’s a way to keep our team employed, help others who are struggling with business, and hone our ‘work’ skills in the process. ”
One of the best-known pivots has been General Motors, which last month began generating excitement at its plant in Kokomo, Indiana. On Tuesday, GM said it was ready to deliver its first batch of more than 600 ventilators, with plans to manufacture more than 30,000 by the end of August. The company also manufactures “FDA-approved Level 1 surgical masks” at its Warren, Michigan, facility. It plans to produce 50,000 masks per day in the near future, and could eventually double them. this capacity.
While the upgrade on production lines at two plants implies a company-wide upgrade in some ways, GM’s changes will make a significant difference in the number of enthusiasts and masks available. It will also allow the company to continue to generate profits ($489. 4 million). for respirators) and continue to employ workers. In Kokomo, for example, the 1,000 workers who have returned to the factory make up only about 3% of the city’s workforce.
Executives deserve to pay close attention to GM’s use of partnerships. The company has been working intensively with ventilator company Ventec Life Systems, with the New York Times reporting that “tasks that would normally take weeks or months have been completed in a matter of days. “”Speaking about the partnership, Mary Barra, president and CEO of GM, said, “We are proud to support other U. S. corporations and our professional painters to fulfill the wishes of this global pandemic. . . The groups paint in combination with enthusiasm and commitment. . Whether in times of crisis or calm, leaders deserve to never hesitate to collaborate with others to get the resources and wisdom they need.
From stalwarts like GM to startups like The SnapBar, the coronavirus has forced many business leaders to look for new methods to keep their doors open, feed their employees, and move their country forward. Regardless of the length or age of their businesses, leaders deserve to heed Steve Strauss of The Small Business Bible: “Now is the time to be ambitious and agile. Invest only in results. See what works and double your bet. “