How Pivoting during the Pandemic can be a life saver to businesses.
The definition of pivoting is: “To turn or twist, not just a change of direction but a sudden, rapid change of direction and focus”. So, why have I started this article with a dictionary definition and what relevance does the word have to the difficulties that businesses are facing, especially those in the corporate events sector, in the midst of the Covid-19 pandemic?
The answer is that in recent weeks I started to become a little irritated as everyone was telling me that the solution to the problem is to pivot. However, having given some thought to what that really means, I have not only come to agree with the sentiment but to realise it is, and always has been, fundamental to successful entrepreneurialism and often to survival. In this article, I look at a few of the pivotal events that have occurred during my career in event management and how the sector responded.
Some of the pivotal moments in the Event Management Industry’s recent history
- In 1986 I was running a small in-bound travel operator called Elegant Days. We had a good flow of US Incentives and “Off-sites” when Ronald Reagan bombed Libya. Within days an entire book of events for the rest of ’86 and ‘87 evaporated.
At that time the City of London was waking up to marketing, Big Bang was happening and we realised many of the events, tickets and experiences we had booked for the Americans would appeal to City businesses for Corporate Hospitality. As a result, Elegant Days “pivoted” over what felt like a a very long week. The hunch proved correct and the business survived to pivot several more times over the next 20 years.
- By 1991 we were in recession and with Corporate Hospitality and with events being very seasonal, we dreamt up the Themed Corporate Christmas Party with a fixed price and an open bar. In the same year Planit and Smart had similar ideas and a whole industry was born.
There have been many other pivotal moments that those of in the Events Industry have had to face and chart a path through, including the Millennium Bug, 9/11, The Financial Crash, The Bribery Act and now the biggest challenge of all, Covid-19.
What does pivoting mean in the Corporate Events industry?
Fortunately, by the very nature of the sector they work in, seasoned corporate event professionals tend to rank amongst the most experienced of pivoteers, if there is such a word, and for this reason great events businesses that successfully pivot will survive to bounce back and prosper.
The skill is to minimise costs, focus on converting fixed overhead to variable overhead and explore every financial opportunity open to the business’s skill set and assets.
Event Management Consultancy’s clients have been focussing on pivoting with some success
Here are a few examples that show how some of E+M+C’s clients have pivoted during the pandemic:
- In response to the massive challenges presented by Covid-19, Bright Vision Events, an early pioneer in corporate team-building, has developed Live Conference Streaming products, Hybrid Events and on-line Virtual Team Building events, and for the time-being the business is surviving as a producer of virtual and online events.
- Holkham Hall came up with the brilliant Feast in the Park which went a long way to replace lost events income.
- At Hedsor House we retained the sales team throughout. As well as selling weddings well into 2023, the team is having success selling the 13-bedroom property for long-term stays for overseas visitors and also to High Net Worth individuals escaping London.
- At GDC Event Design their design and exterior decorating skills have been turned to street furniture and Container Stages whilst The Great British Car Journey, benefitting from a bounce-back loan, will launch next year as Covid-safe exhibition from day one.
None these businesses planned for or anticipated the current business environment, but swift and skilful application of the pivot will ensure them a bright future post-Covid.