Manage episode 260248124 series 1128893
Many businesses are hurting right now, so this is an excellent opportunity to look at ways you can pivot and adjust your business model as we embrace a new daily normal. Today’s guest had his business close overnight, but through some careful thinking has reopened his doors and has kept his staff employed.
Kevin Hundal is the CEO of Atrend, a provider of high-end mobile electronic accessories for events that need acoustical solutions. As no one is currently hosting events right now, Kevin and his team had to pivot quickly to stay in business.
At Kevin’s peak, he had 34 employees working for him and 25 contractors who all depended on Kevin’s business. His business started becoming affected in December when China was experiencing the impact of the virus because he was relying on imports from there.
When the virus hit, it impacted revenue by about 15-20%. Then when the stay-at-home order happened on March 15, Kevin saw a 60 to 80% drop in revenue. Kevin put a challenge to his leadership team on how they could pivot and get their business back on track. Unfortunately, Kevin had to lay off 25% of their workforce.
Kevin and his leadership looked around in their warehouse to see what they could make that would be useful today. Turns out, they can make face shields for grocery stores and companies who deal directly with customers and provide a safe barrier from them.
Through a SWOT (Strengths, Weakness, Opportunities, Threats) Analysis, Kevin and his team are actually creating new products that are relevant to the crisis right now and are helping frontline staff like medical staff, nursing homes, and UPS drivers get access to their products.
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