The Art Of Pivoting

Life is not linear, especially in the business world. Things change, life happens, and plans fail. These curveballs force us to take different paths, they force us to pivot. While pivoting may seem like a negative, it can be an invaluable skill. Being able to see the changing environment and take steps to pivot is what has made many business leaders successful.

Now pivoting, as with many things in life, is easy to speak about but challenging to implement. That doesn’t mean we shouldn’t try!

Step One: Be Aware

The first step to the art of pivoting is being aware of what is happening in your world and that of the world around you. You need to know what happenings are affecting your business so you can adequately act in due time. While this is not always possible, often times those who act first get a head start. So rather than playing catchup, be aware so you can plan ahead.

Step Two: Run Simulations

When you identify a new gap or potential risk arising in the market, the next step would be to run simulations and prototypes. Identify what could happen and what the effects on your business could be. Run different scenarios from best case to worst case so that you know what could happen.

Use these simulations to develop risk assessments. It a pivot could help you make R1000 while only risking R100, it could be worth it. But if not acting could risk you losing R1000, while acting could make you R500, it makes sense to act.

Leading and making decisions with data is always the best decision. However, it is not always possible to have all the data, so go on with what you have.

Step Three: Implement

Now that you know the risks, the rewards, and what is happening, it is time to implement. Unfortunately, the only way you’ll know for sure if something will work is to try it. Pivoting is a risk, but if you do it in a calculated way it is a minimal risk. And as you know, you need to take calculated risks to succeed!

The world is changing and you need to change with it too! Pivot and find new avenues to explore!

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