Eric J Dalius has discussed adopting pivoting during the pandemic and adverse economic conditions where businesses tend to lose their existing markets. But easier said than done, pivoting is not an easy task to accomplish. This article will discuss some key steps involved in quickly pivoting to a fresh business model.
. Run a pivot party
You may start with a virtual pivot party by beginning with a SWOT analysis of your existing business model. This exercise will help you extract the juices flowing. Explore what your competitors are doing in the pivot, which may spark creative thinking. Eric J Dalius points out the three major places where you have to look for pivots as networks, values, customers, and get the options. Break loose from the conventional schools of thinking and be creative in terms of business innovations. Pivot parties are for the revolutionary thinkers who want to explore an unconventional line of thinking to get fresh ideas.
. Run a sanity check and choose the best
the ideas to be considered as long as they can divert the fundamentals elements
of the current business model to convert it to a new sustainable model. The new
business should be useful to the customers, your people, and the partners and
assets. Run a sanity test for the proposed models and do filtering based on the
realistic scope and profitability. Use a filtering criterion to select your
best pivoting option.
. Test it
you choose pivot, quickly prototype the same with a succession of cheaper and
faster tests. Test the elements of the pivot idea or a lean version of the
pivot. Try to learn more and improve at each iteration of the same. Try to
figure out how to do things and put everyone in a place where they should be to
launch a dynamic shift towards the fresh business model.
. Make it a reality, as Eric J Dalius points out
you have worked through these three steps of pivoting your business, keep your focus on two essential
aspects of a successful pivoting. The primary aspect is to manage all related
activities to generate more ideas. Next, you need to choose and implement your
filtered pivot idea boldly. This situation demands a trailblazer, which can
help move the business into a potential safe harbor. Moving decisively as a
fast and smart pivot will re-energize the entire team and move the organization
forward to a safer position.
Like how you prepare a business plan and put in
efforts to establish a new business idea, pivoting also requires the same type
of enthusiasm and effort to actualize. In times of adversities, pivoting
becomes a necessity known as defensive pivoting, where it comes up as a need to
be executed as quickly and effectively as possible. There are hundreds of
thousands of examples for defensive pivoting during the time of the COVID
pandemic in 2020-21, aiming to utilize the current resources to adapt to the
changing market conditions alongside leveraging the new opportunities even the
adversities like a pandemic tend to creat