To ensure survival, your business might need to pivot according to the situations needed. The real example has been the global pandemic, covid-19. It has driven so many businesses to make major changes in order to survive the unexpected waves. However, it is not always easy to make changes or pivot because there are things to consider beforehand. There are many parties affected when you decide to pivot such as your employees, customers, and the overall bottom line.
Assessing important elements before pivoting
If pivoting is the only thing your business can do to survive, you need to make sure that the important elements are included into considerations. The changes will only affected positively to every important aspects in your business. And here are the important elements you need to take into consideration for successful business pivot:
Consider a pre-mortem analysis
Planning on pivoting, you may need to consider a pre-mortem analysis. It is important in order to optimize the chances of success that you aim. You will have to imagine the new plan being failed then working backward to determine all possible causes of failures. Then, determine strategies to avoid or minimize the points of those failures. This is like a visual imagining so that you can actually be prepared with all possible scenarios, especially the worst ones.
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Build excitement and anticipation
Many big companies treat their changes as confidential things. Hence, it is not something to be disclosed too easily to the public eye. However, you can try the opposite. You can make it confidential but give a sneak peak to build the excitement and anticipation especially for those who participate in the changes. It may help them perceive changes in more positive lights so they can manage changes more easily upon reveal.
Build stronger team
One of the most important keys for successful pivot of your business is a strong team. Regardless of the changes that need to be made, it won’t affect badly if your team are always in a ready mode. It means, they are ready to navigate their way through the changes being made. If you already have a solid team, strengthen them so they stay inspired and dedicated throughout the journey of your business reaching success.
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Establish effective communication
Communication is essential when your business needs to pivot. There are goals, plans, strategies, and expectations set when it comes to pivoting. By establishing effective communication, every aspects are clear and easy to understand by everyone. Effective communication also means addressing your team members and allowing them to grow with the ideas of changes. Make changes something that are exciting rather than intimidating.
Effective communication also comes with transparency. Making changes in your organization, your team and overall employees may have various questions. Instead of shutting them off, be transparent with the information you provide for them. Keep them involved in every plan you make for the changes while also listening to their ideas. They are part of your business so they should be part of every process as well.