b'EXPERT CORNERPivoting to Success:How Small Businesses Adapt & ChangeWalt MooreUGA SBDC at Valdosta State UniversityThe importance of maintaining accurateDuring the planning phase, the restaurant bookkeeping was evident to the smallowners created several innovative ideas to business owners as they started to applygenerate revenue, including a new takeout for disaster assistance through the Smallmodel called Local To-Go. The owners Business Administration (SBA) this summer. partnered with another local business to Money was available for working capital anddevelop Quarantini Kits, and opened a payroll to help small businesses survive untilfarmers market to support their producers. the economy leveled out. However, someNot only were they using innovative new The year 2020 will be remembered as thebusiness owners found that their payroll orideas, but they also used social media year of chaos. A global pandemic paralyzedfinancial statements were not up to date,and found a new market for natural dog the normal life we were all accustomed towhich caused a delay in getting the moneytreats, which generated another temporary and are still trying to rebound. For smallthey desperately needed. To keep revenuerevenue stream.coming in, some businesses had to modify business owners, it has been challenging toIts important for a small business owner navigate the pandemic world of changesthe product or service they provided. This necessary pivot in their business took themto reevaluate their strategic plan and look while still trying to meet their customersfor new markets that they can tap into until needs. To stay above water, business ownersin a temporary and new direction.the pandemic is behind us. Regardless of had to leverage around uncertainty andAn excellent example of pivoting is Thecreating a new service or product, strategic pivot their businesses as circumstancesLankford, a popular farm-to-table restaurantplanning is crucial for a business owner changed. Being proactive and adaptivein Tifton. The owners reached out to Robright now. Examining current market trends has been one of the most beneficial stepsMartin, area director of the University ofand customer behavior will help guide a a small business owner could achieve.Georgia Small Business Developmentbusiness to a more profitable outcome. Unfortunately for some, waiting out theCenter in Albany. pandemic before reopening their businessThe UGA Small Business Development as it was before may have been a badThe restaurant owners remember March 13,Center can help small business owners decision. 2020, as the last normal night of service.with their next steps. Along with strategic At this time, the coronavirus pandemic hadplanning, our consultants may help with a Two main areas most small business ownersbegun impacting people and businessesvariety of other business-related topics. Our found important during the pandemicaround Georgia. The business ownersconfidential, no-cost consulting will help were an online presence and accuratepivoted their business model to providebusiness owners make the right decisions bookkeeping. Businesses that had an onlinetakeout but soon realized their business didmoving forward during the uncharted presence were able to capitalize on thisnot easily adjust to the switch. They builtwaters we are faced with. approach, even if their physical location wastheir business and brand on the experience, temporarily closed. Selling products onlinepresentation, and atmosphere, which waswmoore@georgiasbdc.organd informing customers about changes indifficult to convey in a takeout model. The business hours and other options on theirowners had to make the tough decision tovaldosta.edu/sbdc website and social media helped customersclose temporarily, and then they took time make informed decisions. to assess damages and develop a game plan.58 SG MAGAZINE | FALL 2020 BUSINESS + CULTURE 59'