Ask an Expert: Jaclyn Johnson on Pivoting to Digital, Managing Cashflow, and Being Transparent During COVID-19
We’ve been spending a lot of time at Create & Cultivate HQ discussing how we can best show up for and support our community during this uncertain time. Community is at our core, and connecting with others through one-of-a-kind experiences is what we love to do. While the world has changed, our mission has not. We’re committed to helping women create and cultivate the career of their dreams, which is why we’re proud to announce our new Ask an Expert series. We’re hosting live discussions with experts, mentors, and influencers daily at 9 am, 12 pm, and 3 pm PST on Instagram Live to cure your craving for community and bring you the expert advice you’ve come to know and love from C&C. Follow Create & Cultivate on Instagram, check out our Ask an Expert highlight reel for the latest schedule, and hit the countdown to get a reminder so you don’t miss out!
Photo: Create & Cultivate
Our very own Jaclyn Johnson, the founder and CEO of Create & Cultivate, went live on SoFi’s Instagram this morning to talk all things pivoting in the time of COVID-19. In conjunction with Create & Cultivate’s daily Ask an Expert series, she joined SoFi spokesperson and career expert Ashley Stahl to chat through everything quarantine has meant for her small businesses (aka Create & Cultivate) and her employees.
Jaclyn talks community, the upcoming digital Money Moves Summit, and ways you can set yourself up for success post-COVID. Whether you are a business owner, just got laid off, or have a business you want to launch, Jaclyn has guidance for you. Read on for all the highlights and some killer advice on how you can come out on the other side of quarantine as your best self (without learning how to bake bread).
On pivoting…
“I think we’ve officially adjusted to the new normal.”
“As an event focused company, we had to pivot quickly to the digital realm.”
On advice for business owners feeling unsure…
“Before doing anything drastic, give it a beat. We’re in the middle of a transitional period where we’ll know more in two or three months where the market is going, where the trends are going, and what will be happening.”
“Number one, take a look at your business: Are their ways to transition into a digital world? If there is, double down on that. Think about what’s working and put all your energy into that.”
“Think about how you can move quickly and nimbly in this environment to keep money coming in.”
On how to nurture community…
“When it comes to community, it’s challenging. You don’t want to come off as ‘buy, buy, buy,’ but the reality is we’re in an economic situation where we need to be supporting small business owners and we need to be a part of that conversation.”
“It’s important to be authentic and to be vulnerable. Now is not the time to be like, ‘We’ve got it all figured out, we know exactly what’s going on.’ It’s about finding a way to be there for your community in a way that’s impactful and informative, but also realistic because everyone is going through it.”
On employee relations…
“It’s really important to be transparent about what’s going on and be over communicative and let them know that you’re figuring this out as well but keeping that line of communication open.”
“We have to shift the way we think, we have to shift the way we’re doing business. So really allow your team to bring ideas to the table.”
On navigating furloughs and layoffs…
“You don’t want a lot of voices in the room when it comes to decisions like this. It can be even harder to navigate these conversations.”
“This is, hopefully for a lot of people, a temporary situation. So, if you are on the other side of this, don’t take this personally as a ‘career fail’ this is a pandemic that we’re dealing with.”
“It’s about having your employees understand how the government can support them as well.”
“We’ll be coming back from this and businesses will want to hire because they will be incentivized to hire.”
On transitioning to online…
“What we’ve found is that people are spending so much time online and they want to better themselves.”
“People are trying to improve themselves through online content.”
“Everyone should be asking for help during this time.”
On keeping money in your business...
“One, look at your accounts receivables and see where you’re at with that—and look at what your late fees are if people are overdue to maximize that money that’s coming in. Two, think about, ‘Where am I spending each month and where can I reduce this cost?’ For us, there were things we used for events like Spotify and Rent The Runway that got nixed. We put everything on hold in that space. Three, cash flow is really important right now. Think about how you can make incremental dollars without spending on talent or consultants or whatever it may be.”
“One thing we’ve really doubled down on is Instagram ads because usually when you spend money on those you can make money. Think about how you can maximize your ad spend.”
“It’s about being really conservative with your cash flow right now.”
On the Money Moves Summit…
“The Summit is all about pivoting in the new normal. So, it’s about entrepreneurs, business owners, freelancers, creatives, or someone who got furloughed or laid off. It’s really for anyone who is looking to thrive, not just survive, post COVID-19.”
“Our event is $29.99 and all the proceeds are going to a grant for a small business owner. That is something we wanted to do not only because of what’s happening in the world but we wanted to give back to our community in some way.”
On providing value while working from home…
“I think what is important is being proactive and bringing things to the table. If you feel like you’re not getting your message across, create a list of the things you’ve got done or that you think we should be doing. Be proactive about it.”
On reconnecting with your purpose…
“What has historically happened in times like this is innovation, which is an exciting good thing that we can look forward to.”
“Use this time to think about what are people going to need coming out of this? Where is there space in the market? Where is there white space to take advantage of and that you can build something for? Also, what excites you and makes you happy?”
On making big changes…
“Think about what you want and then make a 6-month road map.”
“I don’t think now is the time to make rash moves. I think being strategic makes a lot of sense. But it’s important to look at things that aren’t working.”
On setting the foundation for a brand…
“I always say, ‘Think of your full-time job as your investor in your company.’ Look at your paycheck and see what you can put toward your next venture, and then understand what you need for a three-to-six-month runway for your business.”
“Start planting seeds, see what’s out there, see if there is interest.”
“Don’t launch a replica of what someone else is doing. Think through how you can put a spin on it or make it uniquely yours. Or look at what someone is offering and look at what is missing.”
“You cannot go into anything thinking, ‘What if,’ you have to go in thinking, ‘What’s next.’”
On the best thing to do for your business right now…
“Take a deep dive into your customer. See what they like, what they’re reacting to. I think this is a great time to poll your audience. Learn about your audience and what they want.”
On partnership and sponsors…
“Sponsorship is tricky right now. The people I am reaching out to right now are people I have really good relationships with, people I have worked with a couple of times or known for years.”
On generating creativity…
“Set up fun activities for yourself like a wine and paint night or gardening. It’s about taking time to enjoy little moments.”
“I think it’s important to manifest the future.”