What Is Your Pivot Strategy?
The pandemic environment created opportunities for businesses to meet new customers needs by offering different products and services and new ways of delivery. Distilleries now make hand sanitizers, restaurants offer curbside pickup of pantry staples, and clothing manufacturers design face masks.
What these examples of successful pivots have in common is that these businesses shifted or expanded to areas adjacent to their current operations. They leveraged tools, materials, equipment, suppliers and knowledge they already had in place to grow in a new direction. It was easier to shift or expand, and they could do so quickly, because they had some relevant experience in the new area. Distilleries already process alcohol; restaurant already purchase bulk food; and fashion companies already use fabrics.
Pivot is about changing direction, but it doesn’t necessarily mean completely reinventing yourself. When exploring opportunities to expand your product or service offerings, look for ways to extend what you already do or know in a new direction. Think about how fast you can pivot, get feedback and determine if you want to continue in this new direction.
Homework: If you haven’t already, analyze every area of your business and evaluate your opportunities to pivot.
If you would like to learn more about how this might apply to your business, let’s talk:
