Pivot. Pivoting. I don’t know about you, but I am bone tired of hearing and reading these two words. Everyone says they are doing it. But what the hell does it mean?
Professor Google’s explanation of pivoting is “to turn or rotate, like a hinge.” No human being I know (except maybe a basketball player) can turn like a hinge!
In my world, PIVOT means “do business differently.” And since you have been impacted by the turmoil of the last two years AND these days, I know you are thinking about HOW you can do precisely that.
Here are three ideas to ponder upon
• Instead of thinking about the products or services you sell, think about your skill set that is pretty darn good. If you are not relevant or essential right now, your company or your people have vital skills that can be redeployed for critical services or high-demand areas.
• Can you put any portion of your business on a cash upfront basis? Is there anything about your company for which you could craft a brilliant customer membership/gold card program? As in paying $X now and then drawing down that amount with these services over the next year. (Starbucks was one of the first inventors of this kind of cash upfront arrangement)
• Can you develop different offerings for your current customer base? We both know that finding new customers takes a ton of work and money. But selling to our existing customers a different, smaller, or even an upgrade offer takes way less effort and resources. So can you craft an offering that rewards your existing customer base today?
The old ways of doing business are gone.
I believe they will NOT return any time soon. If ever. Now is the time to pivot and make new rules to survive in both the short term and the long term. Those who do will remain strong. Those who don’t will perish.
If you are struggling with how to do business differently (aka how to pivot), my best advice is:
Do NOT look back. Act smart and fast. Be part of the solution.