Pivot or Perish: The Art of the P.I.V.O.T.
Are you tired of this word yet?
You’ve probably heard you need to pivot more times in 2020 than you have heard in your entire life. But, what does it really mean to pivot your business?
I am writing this in the season of the COVID-19 pandemic - a season when businesses face the challenging reality: pivot or perish.
Here is the big thought behind a pivot.
In business, you are moving in a certain direction. You have a plan of action and a direction you are going--thenan obstacle gets in the way. This forces you to change direction, to get around, over or through that obstacle. You pivot into a new direction.
Startups pivot all the time. And PIVOTing a business is nothing new--it’s a necessity that has always been around. In the life cycle of any successful business, you will pivot dozens--if not hundreds--of times in big and small ways.
When we come upon obstacles we pivot around them. Here is a short list of things you might pivot during the COVID-19 crisis:
- Your business model
- Your cash flow strategies
- How you generate revenue right now
- How you might generate revenue in the future
- What product you sell
- How you price your products
- How you communicate with your team
- How you communicate with your customers
- Your marketing message to be on tone and to communicate what it looks like to do business with you now
- The way you think! Nothing should be off the table.
Most of you are pivoting right now in the way you work, as your team pivots towards working remotely and then pivots back to re-opening and returning to the office or your place of business.
I’ve broken down a few thoughts on the art of the PIVOT.
The Art of the P.I.V.O.T.
P is for perspective.
It's super important for us to have the right perspective. We need to be able to step back, take a look, get the facts. The facts are our friends.
I is for innovation.
This is a time to innovate. It's very important for us to think big. Uncover every opportunity, flip over every rock. No idea is off the table.
V is for vision.
You need to know where you're trying to go, have a clear picture of what success looks like and what you're trying to accomplish, what problem you're trying to solve. You also need to clearly communicate that vision to your team.
O is for opportunity.
There are lots of opportunities right now. We're overcoming obstacles and there are opportunities within and behind those obstacles.
T is for teamwork.
You need to have the right people. You need the right team around you to be able to implement your vision. You need a team that is agile and willing to take quick action in order to overcome the obstacles in front of you.