How to pivot your business strategy

A pivot is usually a fundamental change by the business in some key function of its operations – they can be done for a variety of reasons as explored below

CREDIT: This is an edited version of an article that originally appeared on Business News Daily

When a business pivots, it could mean that they are changing something about its core products and service, or it could mean that they are changing its branding strategy or their approach to recruiting and hiring.

If you are considering a strategy shift, here are nine tips to help you make the decision and smoothly execute your pivot:

Understand your business’s strengths and weaknesses

You should have no problem listing the things your company does well, the things your company does poorly and the things that keep you up at night. Without this level of awareness and introspection, you won’t get the chance to evolve.

Spark a wide internal dialogue

Innovation can come from any level. Encourage everyone in your company to look for external threats and opportunities by starting an internal and ongoing dialogue. Adopting a culture of problem-solving in your organisation early can drive the mentality of habitual change toward success.

Consider conducting employee surveys to gather feedback about what your workforce sees from their perspective and schedule company leadership meetings to plot a new course together.

Identify important threats and opportunities

Spend time in the depths of your user data, examine your conversion funnel, talk to customers in person, and track and analyse every move of your competitors. Try not to get distracted by the small stuff and figure out which threats or opportunities are worth action.

Evaluate pivot options

Once you’ve pinpointed a significant threat or opportunity that warrants a pivot, it’s time to start thinking about strategies. There’s likely more than one strategy to address the threat or opportunity you’ve identified, so list your options, and think through each scenario.

Map out implications

Don’t decide without mapping out the implications before committing to a pivot. A core pivot will touch every aspect of your business. Map out what the redefinition looks like across process, profits, costs, brand, team structure, culture and more.

A best practice when making company-wide changes is to talk to each department head personally and find out what he or she may want to know before putting your final vision into motion.

Sell the pivot to your team

Successful pivots don’t happen without the full support of your team and investors. If you work with an incubator or accelerator, make sure that they understand why you are making that decision.

Show data to help highlight that decision and how it will help them get a better return on their investment instead of staying par for the course. It’s important to explain the ‘why’s’ and not just the ‘what’s.’ Get everyone on board to share your vision.

Sell it to your customers

Telling a supportive community that you’re planning to drastically change something they love is hard. Be sensitive but remember that you’re building for the next million customers, and you simply can’t please everyone.

Be sure to openly communicate with them and provide feedback opportunities – such as customer surveys – for early adopters and power users, as they are the ones who use your products and services regularly. They might even have suggestions that you and your team haven’t thought of!

Have a plan and execute it

Have an extensive plan in place with tasks, stakeholders, deadlines, clear customer communication, and short- and long-term goals. Ensure that everyone is aware of how the pivot impacts them and their role in the transition.

Stay agile

Remember that the need to evaluate threats and opportunities is ongoing. You must be willing to constantly disrupt from within when external circumstances change. Stay aware of competitors and market conditions, and you’ll have no trouble redirecting again when the time comes.

Sometimes pivoting can be critical to keeping a business on track, and failing to do so when the time is right is a common mistake. Understanding timing and circumstance is critical. When considering a pivot, have a plan and execute it, and remember to get feedback from all stakeholders to track the success of your new plan as it proceeds.