The nearly immediate economic recession, which was triggered by the COVID-19 global shutdown, has wrought havoc on businesses large and small around the world. The reality of how companies of all sizes are coping with the crisis and preparing for the recovery tells the story of pivoting to alternative business models aimed at short-term survival, but hopeful for long-term resilience and potential growth. A global pandemic can really put a damper on a growing business. Whether you’re in your first or 10th year of business, the current state of the world has compounded stress for entrepreneurs alike. But, not everyone is running for cover and battening the hatches.
Pivoting to service this “Covid Economy” will provide a path forward, or even open the door for new businesses. One of the Tsuts’weye Women’s Innovation Network’s newest members, What The Woof Pet Supplies in Sicamous, has taken the bull by the horns and pivoted her business in a constructive and economically-sound way, allowing her shop to flourish during the downturn. Opening on July 1, 2020, right in the midst of the global pandemic, owner Sheena Graham had the odds stacked against her dream of opening a new business, except for the knowledge that there was a gap in the market and that pets still need to eat regardless of what else maybe occurring in the world. With the majority of people limiting their travel and looking to support local businesses more than ever before, the community welcomed Sheena and her business with open arms and she has since been thriving in her new space located at 117 Finlayson Street in Sicamous.
All good pivots start with great questions. There are three business model factors that should be explored when deciding on potential pivots:
- Value proposition: What value do you deliver with your product or service?
- Value networks: How do you deliver and monetize your product or service?
- Target customers: Who receives and benefits from what you provide?
What The Woof Pet Supplies hits on every one of these marks, making them an incredible example of a successful COVID-19 pivot! If you have another great story about a local business that has thrived in this difficult economic climate, please email us at firstname.lastname@example.org.