Changing the direction of a company is no small feat. It requires careful planning and execution to be successful. There are four key steps that must be taken to pivot a company's strategy: 1) Define the problem that you are trying to solve. What is the new opportunity that you are trying to capitalize on? 2) Assess your resources and capabilities. Do you have the necessary skills and experience to pursue this new opportunity? 3) Develop a clear value proposition. What is it that you can offer that is unique and valuable? 4) Create a plan for how you will execute the pivot. What needs to be done to make this change? By taking these steps, you can increase the chances of success when changing the direction of your company.
In business, a pivot is a change in strategy made in response to new information or circumstances. A successful pivot can mean the difference between success and failure, and there are many examples of companies that have used pivots to great effect. One well-known example is Netflix, which started out as a DVD-by-mail service before pivoting to streaming video. This was a response to the growing popularity of broadband internet and the declining popularity of DVDs. Another example is Nokia, which was once the world's leading manufacturer of mobile phones. However, when smartphones became popular, Nokia was slow to respond, and as a result, it lost market share to competitors such as Apple and Samsung. Nokia eventually made a successful pivot to focus on selling smartphones running on the Android operating system. These are just two examples of successful pivots in strategy. As businesses increasingly operate in dynamic and ever-changing environments, the ability to pivot quickly and effectively will become increasingly important.
Pivoting is a challenge for leaders for several reasons. First, leaders are often reluctant to abandon their original vision for the company, even if it is no longer feasible. This can lead to resistance from other members of the team who may be more open to change. Additionally, leaders are often emotionally attached to their original plan and may have difficulty letting go of it to pursue a new direction. Finally, pivoting requires leaders to make difficult decisions quickly and with limited information. This can be a daunting task, especially when the stakes are high. For all these reasons, pivoting is a challenge for leaders but one that can ultimately lead to success if done correctly.
By Dean Miles
Keywords: Business Continuity, Mental Health, Startups