Friday, April 3, 2020

How Your Business Can Thrive During Crisis - The Art of the Pivot - Corona Virus, COVID-19, and Ren Carlton

What do Starbucks, Twitter and Nintendo all have in common?

They all pivoted
-Starbucks started out selling espresso machines
-Twitter was a platform for finding podcasts
-Nintendo produced vacuum cleaners

Pivoting means changing your focus or strategy. There are a number of reasons to consider pivoting your business, including:

1. Introduction of new opportunities and restrictions: In today's Corona Virus environment, quarantine and stimulus money are two things that should be investigated. I

2. Pivoting can create opportunities to expand revenue.

Whether it’s exploring new markets, services or products, pivoting can help create opportunities to expand revenue. Research and analysis are key here.

3. It’s easier to stay relevant.

A services company may realize X service is no longer in demand, unlike Y service which is. Remember, business is about finding a need and filling it. Pivot toward the more relevant service.

4. Some of the best ideas come from testing different ideas.

I subscribe to the lean startup approach to building businesses. Entrepreneurs must investigate, experiment, test, and iterate as they develop. 

5. It can reinvigorate the business.

Pivoting is a great way to bring new life to the business. All businesses must evolve if they want to stay current with their audience and competitive within their industry. Being stagnant is boring and uninspired. 

One of the biggest competitive advantages for small businesses is the ability to pivot quickly. You need to be ready to do this early and often. The art of the pivot is knowing when to be persistent and when to pivot
- Persistent: Continue operating the current business model The art of the pivot is knowing when to be persistent and when to pivot
- Persistent: Continue operating the current business model 
- Pivot: Abandon or pause the current business model to pursue new opportunities that may be better

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Disclaimer: This does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service. We are not offering any legal, investment, tax, or medical advice. Please consult the appropriate professional before doing anything you learn from the content posted on any of our digital properties. All stories are based on true events, but are altered to protect the identity of the individuals involved.

1 comment:

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