OUTFRNT offers insights on building a resilient business during a global pandemic
Joshua Callahan and Andy Dai launched their business development firm, OUTFRNT, in January. And then COVID-19 hit.
The two partnered with Yukon University to create the PIVOT program to help businesses respond to COVID-19.
We talked with Joshua and Andy and asked them about their business.
Tell us a bit about your business, where it began, how it’s evolved over the years etc.
OUTFRNT is a Yukon-based business development firm built through a virtual corporation model. It specializes in growth solutions for small business, entrepreneurial programs for institutions and governments, as well as the development of in-house projects and initiatives that demonstrate the core competencies of the team and their passion. OUTFRNT's extensive, professional, and global networks are utilized for out-of-house services, allowing for high impact, bespoke client solutions that are backed by internationally competitive expertise and knowledge.
Tell us what surprised you most as you look back at how you adapted to COVID since its onset in relation to your business?
We were surprised by how fast our virtual corporation business model was validated early into the pandemic. The work from home/work from anywhere model has allowed us significant flexibility and adaptability both operationally and financially. In addition, our extensive and strong network of professionals had allowed to collaborate on projects and demonstrate our core competencies; including an e-commerce retail project launching in November and we have built our own strategic partnerships such as our project with Cold Acre Food Systems in piloting a highly innovative and first in Canada mobile micropropagation lab focused on sustainable food security.
What are you most proud of having done, seen, worked on, etc. during the early stages of COVID?
Co-creation of Pivot, the amazing participation from women in business and community based business, being able to impact 16 businesses directly, and over 75 through the program indirectly. We were so pleased to see how the business service sector came together to support businesses in this program and how well it was received.
What’s one thing you would say to Yukon business owners/SMEs today as we look ahead to a still unpredictable future?
One thing we would say to Yukon business owners is to ensure revenue diversification is in place including selling outside the Yukon borders. This minimizes the risk of having a single income stream.
With many businesses experiencing a slow down in customer traffic, this is a great opportunity to reflect on internal systems and operations. We have worked with a number of businesses in modernizing how they approach their customers (such as e-commerce) and we encourage businesses to look at their data and the value that it can bring to their decision making during times of uncertainty.
What qualities do you believe SMEs need to have to run resilient businesses? What does resilience in business mean to you?
Know your numbers: ensure you understand how your expenses breakdown, which products and services are more profitable than others, where the demand is, watch your trends.
Be nimble and adaptable: Be alert and responsive to external change pressures. Respond accordingly and re-pivot if needed.
Know your market: Define your value proposition, truly understand what makes you different from your competition and be able to laser focus on the customer segments that are unique to your business.
Take the time: Know what support is out there to help your business weather this storm. Don’t be afraid to ask questions and apply for these supports. They exist for this sole reason. Some business owners may have doubts of eligibility and applications may be overwhelming, but going through the process, reaching out for help, it can be the difference between having to close your doors or making it through to the next year.
For more information, follow them on Linkedin, or visit their website: www.outfrnt.com.