PIVOT - Change your direction...
How can I pivot?
One of the most common topics is “how can I pivot?”. I believe it’s based on three very important principles:
1.??????? Keeping yourself grounded while pivoting. Keeping the most important things important.
2.?????? The pivot mindset. Developing a culture that embraces the pivot.
3.?????? Implementing a pivot. How to navigate change with your clients and your team.
Keeping your pivot foot planted
What, exactly, is a pivot.? I love the definition from basketball.? (After all, I am in Kentucky, the centerstage of college hoops).? Consider this.
The pivot is “a movement in which the player holding the ball may move in any direction with one foot, while keeping the other (the pivot foot) in contact with the floor.”
There is a great parallel idea with the pivot in business.? We must know where our feet are planted.? What are the things in our business that we are “planted on”, and are not negotiable??
Non-negotiable are those aspects of your business that you are unwilling to move.? These may include:
·???????? Values –?These should always be carved in stone.? Don’t ever waiver from your values or you have nothing to be planted on.
·???????? Customer Segments/Industries –?You may be dedicated to serving a specific market segment.? Moving away from that may reduce your impact.
·???????? Strategic Vision?–?Perhaps a pivot away from your strategy may weaken your long-term position.? It may be worth a struggle today in order to hold true to where you want to be tomorrow.
The Pivot Mindset
Pivoting comes naturally for some people.? Pivoting, if you haven’t figured it out yet, is nothing more than the process of change. It is a mindset that comes naturally. And some people are good at it.? Others are not.? You probably know which members of your team are good at accepting and even leading change.?
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Implementing a Pivot
Finally, a pivot is nothing more than a change, a strategic change, that is.? And implementing a pivot is nothing more than the practice of change management.? It’s just that more things may come into play depending on the size of the pivot (change).
How to Pivot Effectively
Once you’ve decided to pivot your company, you must take into account the numerous factors that entail a successful pivot. Here are some tips to help ensure that you reduce the risks associated with pivoting and increase your chances of a lucrative outcome:
1. Do it as soon as you can
2. Pick new goals that align with your vision
3. Don’t scrap that work you’ve already done
4. Listen to your customers
5. Make sure your pivot presents opportunities for growth
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?I like to quote the above from Tamil ancient female Poet called as Avvaiyar. She has clearly stated to go for pivoting when the existing is not on foot. Don't compete if sure of defeat.
In today's business environment, large companies could stand to learn from startups' willingness to change direction. But how can it be implemented effectively?
Thanks.