Introduction

Pivoting means changing the fundamental nature of what you do to meet new challenges or take advantage of new opportunities. In other words, pivoting is a change in a company’s fundamental strategy.

Is Pivoting a Sound Business Strategy?

Pivoting is a sound business strategy; it depends on the situation. Business demands can change fast, and you may find yourself in a situation where your goal is no longer the best long-term solution. In that case, you need to look for opportunities that are more aligned with your core strengths.

How To Execute A Successful Business Pivot

1. Evaluate all your options

Truly successful pivots are seldom about doing something new. They’re about doing something better. If a pivot involves starting from scratch, make sure there is a strong reason.

2. Pick the best option that allows you to leverage your strengths

Pick the option that is likely to be most likely to multiply your resources and achieve your goals more effectively than you could have done otherwise.

3. Look for opportunities to profit from the change

For example, if an opportunity arises for you to earn higher margins by offering a lower-cost product or service, opportunities are everywhere, even if they are not immediately apparent.

4. Avoid the mistakes that led up to your pivot decision

Mistakes are often a result of not addressing real issues or opportunities. If you’re going through a pivot, your organization is in trouble. Don’t make the mistake of sticking with what hasn’t been working.

5. Look for opportunities for a successful pivot

Pay attention to everything and everyone around you and be alert for the signs of an opportunity that could be just around the corner—it might already be there!

6. Execute quickly and decisively

You don’t want to spend much time thinking about and planning a pivot. You must quickly find the right path and act on it before peace is shattered by a major disruption or by competitors revealing their corporate goals.

7. Don’t be afraid to defend yourself from your competitors

Use your industry knowledge to reveal new opportunities for your company that will put you in an exciting position for the future.

Conclusion

Pivoting is a sound business strategy; it depends on the situation. Business demands can change fast, and you may find yourself in a situation where your goal is no longer the best long-term solution. In that case, you need to look for opportunities that are more aligned with your core strengths.