We live in uncertain times. It’s difficult to predict what will happen tomorrow, let alone next year. That uncertainty can be downright scary for business owners who are trying to plan for the future, but it doesn’t have to be. Say’s Walter Morales, the art of pivoting is all about finding the right direction for your business in this uncertain time
What is a pivot?
A pivot is a strategic change in direction, not a change in vision. It’s not about changing the company’s leadership or its mission; it’s about making small adjustments that maximize your chances of success.
A pivot is different from an exit strategy, which refers to a plan for when you need to leave your business behind and move on with your life. A pivot can happen at any time–even if things are going well!
Make a Plan.
- Plan for the worst and hope for the best. You can’t predict what will happen in the next six months or even year, but you can prepare yourself for whatever comes your way. If you have a business plan, review it now to see if there are adjustments that need to be made based on current conditions or if there are opportunities that weren’t previously visible.
As a startup, it’s important to be prepared for the unexpected. While you can’t predict what will happen in the future, there are some things you can do to help ensure that your business thrives during uncertain times.
First and foremost: keep an eye on industry trends and competitor behavior. If something seems unusual or out of place, investigate further before making any decisions about how it could affect your company. For example, if one of your competitors suddenly stops advertising on social media platforms like Facebook or Instagram (or even disappears altogether), this could indicate that they’re experiencing financial issues–and may be looking for buyers soon!
Build a strong team.
The best way to build a strong team is by hiring people who are smarter than you, better at what they do than you, and more passionate about your mission.
If this sounds like a tall order, it’s because it is. But if there’s one thing we’ve learned from the recession, it’s that business owners need all hands on deck–and that means bringing in people with different skill sets and perspectives. A diverse workforce enables organizations to tackle challenges from multiple angles; when everyone comes from similar backgrounds (and has similar goals), there’s less room for creativity and experimentation.
Asking yourself these questions before bringing someone new onto your team will help ensure that he or she fits the bill:
- What does this person bring? What skills does he/she possess? What kind of experience do they have working with other companies like ours? How much time can we spend training them (or should we just hire someone already trained)?
Pivoting is an art, and it’s one that you can learn. The best way to do this is by practicing. Start with something simple like a side project or small business idea, then work your way up to bigger pivots as your experience grows. Remember that pivoting isn’t just about changing directions–it’s about finding the right direction for your business in this uncertain time!