“Failure” is a word nobody is comfortable with.
But inevitably, failure occurs to all people/companies in different ways. Failing is known to create new strategies that will require taking risks, pivoting, and being innovative. Because success is not possible without implementing these things.
Pivoting comes in gradual/small changes or in sudden/earth-shattering large forms.
When pivoting occurs one must look at:
How to attract and keep new or exsisitng customers?
What tools / resources pivoting will require.
How will pivoting bring monetary value?
The times where you should implement pivoting:
Consistent Negative Feedback
Price “wars” with competitors
Being hyperfocused on one revenue source
Aggressiveness from competitors
Lack of productivity
Toxic Workplace Culture
Steps to Pivoting successfully and smoothly:
Identify the problem
Create a plan of action
Identify what works & what needs to corrected
Remove all “tunnel vision”
Allow suggestions and feedback from others
Remain flexibile when it come to change
Monitor progression closely
Pivoting correctly and effeciently will increase your revenue, empower employees, create more opportunities and operating more strategically.
How have you been pivoting during challenging times?
“Success starts with you.”