Businesses are Pivoting in Order to Survive
When the world came to a halt in March, so did businesses.
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Updated November 2026. This was first published on 9 July 2020. The idea is the same. Any number below is what the original piece said then. It is not a new count.
Key takeaways
- When the world came to a halt in March, so did businesses.
- Many large companies faced bankruptcy including Earth Fare, Pier 1 Imports, J.Crew, and many more.
- It became even worse for small business owners when government regulations were put in place causing 23% of small businesses to close.
When the world came to a halt in March, so did businesses. Many large companies faced bankruptcy including Earth Fare, Pier 1 Imports, J.Crew, and many more. It became even worse for small business owners when government regulations were put in place causing 23% of small businesses to close.
Companies went into fight or flight mode, laying off hundreds of workers at a time, or completely shutting down. But the impacts went farther than just losing employees, product demand decreased and supply levels decreased while supply costs only increased.
Companies began to pivot to business models that would allow for short term success and survival. Pivoting is when a business makes “a change in strategy but not a change in vision” (Eric Ries). Restaurant are a great example, while they closed their dining rooms they began to offer pre-cooked family-style meals. Firebirds offered a partially cooked Father’s Day meal that customers could take home and easily cook. It included paper instructions and an online video tutorial. This pivot allowed the business to continue to make a profit despite the government regulations. Another example of a successful pivot would be airline companies. At the beginning of the pandemic, airlines had canceled up to 90% of their flights, leaving planes sitting on the tarmac, costing millions a day. Airlines pivoted to flying various cargo, such as medical supplies and groceries. This pivot enabled airline companies to continue flying their planes and paying their employees. Many more companies changed their business models to account for the pandemic.
There is a broad range of factors to consider when pivoting your business. You want to reduce your risk while also making sure you have a successful outcome. Pivot as early as you can, this is especially true in the case of Covid-19. Businesses that quickly changed their business models saw great success. As stated earlier, pivoting involves changing your strategy, not your vision. Pick new goals and strategies that align with that vision. It should also be an extension of your companies existing what it can do. Meaning, look at what was successful and what can be salvaged. Pivoting doesn’t always require a large or revolutionary change. Listening to their feedback can give a good direction. This pandemic has caused businesses to drastically change their business models and find new ways to connect and sell to consumers.
What the original did not show #
The draft did not include a later count, a new quote, or a promise about today. Read the claims above as a record of the day it was written.
Questions and answers #
What is the main point? #
When the world came to a halt in March, so did businesses.
What else did the original piece say? #
Many large companies faced bankruptcy including Earth Fare, Pier 1 Imports, J.Crew, and many more.