Business owners have certainly learned how to pivot to succeed: Pandemics, interest rate volatility, inflation, tariffs, labour shortages and more. There has been no such thing as ‘business as usual’. Companies have had to revisit so much, such as:
- The business model
- The products and services offered
- Delivery methods
- Markets
- Suppliers
- Staffing
- HR policies
- Processes and procedures
Are these Insurmountable Problems or Fantastic Opportunities?
For those who see it as insurmountable, the types of challenges listed above have been discouraging, aggravating and in many cases a stab in the heart. They are dead in the water. Whatever their business was worth a year and a half ago, if they couldn’t pivot it may now be a liability. If they haven’t just closed the business and walked away, they may be hanging on, losing money daily and hoping things will get back to normal when the pandemic is over. But it’s unlikely that tomorrow’s normal will be anything like the past.
Others are seizing upon these opportunities. Whether it’s new suppliers, new products, and/or investing in their people like never before, many leaders see change as opportunity. Many Canadian businesses are focused on new markets, and addressing labour shortages in a variety of creative ways. Some realized they could find qualified workers in other countries to do work at a reduced cost.
We all have heard the advice, “Don’t just sit there, do something!” As a business owner, perhaps you have to force yourself to say, “Don’t just do something, sit there – and think!” So, stopping to think may generate ideas to keep your business alive and allow it to thrive.
How to Pivot
Ask yourself:
- What is my company currently doing that still generates income and we should continue? What activities am I doing that help pay the bills?
- What should we stop doing? Be prepared to let go of anything that isn’t helping your bottom line, at least until you are stable. Even pet projects that you love.
- What are we not doing, but should? What new products, services, customer profiles and suppliers could help us out right now? What should I be focusing my time and energies on that I’m not doing now?
- What might we do that was impossible to do in the past, but if we could do it, would fundamentally change our business model and challenge the status quo?
Have all these changes been good or bad for business? The answer depends upon the owner’s ability to pivot to succeed.