Small Businesses Get Creative to Survive During the Pandemic
Innovations adopted during the coronavirus crisis drive revenue and generate new opportunities. By Kathy Gurchiek
Full article from SHRM here.
square on Main Street in Crown Point, Ind., was forced to shutter its retail store in March when the coronavirus pandemic prompted a city mandate requiring all nonessential businesses to close.
"But when we closed our doors, we had to come up with different strategies to keep business going and engage with our customers," says Jeff Moriarty, marketing manager and oldest son of co-owners Steve and Nancy Moriarty. "We did know we would open up again sometime, but we didn't want to just wait, which is why we did everything we could to continue to bring in sales."
Millions of small-business owners across the country faced a similar challenge as the coronavirus shut down much of the U.S. economy and consumers stayed home to slow the spread of the virus. To stay afloat, owners adapted on the fly and found creative ways to change their operating models.
Still, many small businesses have failed. Others have survived and plan to use innovations adopted during the pandemic to drive revenue and generate new opportunities as the economy recovers, but the impact on millions of employees nationally is uncertain.
At Moriarty's Gem Art, innovation meant creating a livestreamed gem show. It had been on the to-do list for 2019, but the staff of seven, which includes Moriarty family members, did not have time to produce a show while running the retail outlet, founded in 1975.
COVID-19 changed that.
"About two weeks into the crisis, we started doing livestreams through YouTube using YouTube Studio software," Jeff Moriarty says.
The company advertised the livestreams through its website, by e-mail and via social media. More than 1,000 people now watch the two-hour show that airs every other Wednesday. In addition to selling gems online, during the show, the Moriartys highlight a variety of stones from the company's inventory, like an Ethiopian opal similar to the one featured in the acclaimed 2019 movie "Uncut Gems," starring Adam Sandler.