Ep 39 - 3 Secrets to Successful Business Pivots

This presentation was part of the Power Up Your Marriage and Business virtual retreat we hosted several Does it seem like the word of the year for business is “Pivot?” I haven’t heard this word used so much in my 27 years in business. But 2020 is definitely a year that has forced hundreds of thousands of businesses to do just that. So, what is the secret to navigating a successful pivot? Some do it well while others fall a little flat. Many businesses pivoted right when lockdown occurred while others, others were already prepared to prosper during the crisis, while some waited for things to get back to normal. Well, I’ll let you in on a little secret. Things never get back to normal. Whenever an economic crisis like this hits, things never fully get to normal after the crisis lifts. So, you don’t think of a pivot as a temporary issue but rather as a new normal. Also, the crisis never creates a change in the marketplace, it only accelerates the change that had already been occurring.  In this episode, we will highlight examples of past economic crises and the new normals it created. Plus discuss how you can successfully navigate this crisis and prepare for the next one. Yes, there is always a next one. Did you forget 2008-09?

Key takeaways:

• Crisis exposes weakness and accelerates change already happening

• Every business needs to be in tune with changing market dynamics constantly

• Reasons for economic crisis differ but it always creates change in the way business is done.

• Shifts happen

• Common thread - cash is King be debt free

• Continuous investing and innovation prepares business for crisis

• Latest trends: gig economy to virtual employees, online training vs physical training, online shopping, delivery service, digital training for do-it-yourself

• Crisis accelerates change in consumer habits 

• 3 keys to successful business pivots