Pivoting During Tough Times

Thanks a lot for tuning in to the pilot episode of Super Entrepreneurs. 

 

It’s no secret that the entire world was caught completely offside and unprepared by the current global pandemic, Covid-19. This resulted in us witnessing a complete flip in the way we conduct our social and economic activities. Governments worldwide in a bid to curb the spread of the virus have put cities in lockdown and ordered the closure of several businesses. 

Safe to say that even with the pandemic handled in the near future, the world will really never be the same again. 

 

I’ve also been personally hit with the virus. 

 

But even with everything going south for so many entrepreneurs. There’s hope. 

Hope in the form of pivoting. 

 

A lot of business owners, even without the resources they’re normally accustomed to, have found a way to creatively stay active and serve their customers. 

 

In the past, many businesses and startups such as Slack that were sailing towards failure have been able to turn the tables and make billions in profits through pivoting. 

Currently two well-established startups, Hexagon and ArtNight have found a way to turn the current odds caused by the pandemic into their advantage. 

Hexigone, a  company that manufactures corrosion inhibitors for buildings, has pivoted into manufacturing and distributing sanitizers full time. 

ArtNight on the other hand has pivoted into providing online workshops for its clients. A switch from its old model where offline workshops were their major focus.

 

The key is to not panic, and instead, slowly plan and execute a pivot for your business. And although all our businesses are of a dynamic nature, the principles of pivoting are pretty much the same worldwide. 

Some of the tips you can take into advice while planning your pivot include;

• Act as soon as possible. No one knows for sure how long the pandemic will last, thus, to ensure continuity, you should find a way to make the pivot work for your business as soon as possible.
• Take a step back and reassess your goal. Make sure they’re in line with the diverse and uncertain times we’re in.
• Customer feedback. Ensure to make your customers a part of your process, get their views and opinions on your pivoting ideas, this makes them feel valued and a part of your business.
• Pivot towards growth. Research all the possible paths you have to your advantage, and pick the best alternative to help you through the pivot.

It’s important to note that pivoting could take a huge amount of time depending on your environment amongst several other variables. Setbacks are a part of the process, but what matters is that you don’t give up no matter the challenges and obstacles you’ll encounter in the process.

 

Timestamps

2:32 Pivot your way back into businesses!

4:12 The pivoting of Slack

5:50 Startups that successfully pivoted in the current pandemic

7:39 Tips to help you with pivoting