Many of our clients own small businesses, and many have been walloped by the great recession. Angus Loten in the WSJ profiles several small businesses which innovated their business model to adapt to the changing business climate.
For nearly a century, Olympia Candy made mostly boxed chocolates and other bite-size treats. But last spring, the company’s owner converted part of his Strongsville, Ohio, factory into a diner serving burgers, grilled cheese sandwiches, onion rings and milkshakes.
“We saw the way the economy was going and needed to do something,” says owner Bob McGrath, who had already cut staff to 18 from 24 employees while trimming expenses wherever possible. “It’s like a whole new business.”
Are the products or services you sell still needed? If so, could you deliver them in a new way that makes it easier for your customer to do business with you?
Here is a great example. William Jessup University President John Jackson has a new way to raise support for the university’s students. Eric Hogue, the university’s Director of Advancement, says their GIVE 24 program is asking for $24 donations within 24-hours for student scholarships and academics at WJU. Today is the day! This is a very innovative approach which makes it fun and easy to help the local university while making social media history.