Christian Business Concepts
Christian Business Concepts
Pivoting Your Business with Biblical Principles: Faith-Driven Strategies for Success
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Unlock the secrets to transformative success by learning how to pivot your business strategy through biblical principles. Ever wondered how ancient stories of figures like Zacchaeus and Moses can inspire modern business decisions? This episode promises to guide Christian business leaders through the art of pivoting with real-world examples, including the remarkable turnaround of Nintendo. Together, we explore the spiritual insights from Isaiah 43:19 and learn how to recognize when a pivot is necessary, using practical tools like market research and performance analysis.
Join us on this faith-centered journey as we uncover the signs that indicate a business needs to change direction and the steps involved in executing a successful pivot. We emphasize the importance of clear communication with stakeholders and how aligning your strategy with core Christian values can lead to ethical and sustainable business practices. Navigate these transitions with faith, humility, and integrity, drawing on verses like Matthew 6:31-33 and Philippians 2:3-4. By the end, you'll have the spiritual and practical wisdom to embrace change with grace and confidence, backed by our closing prayer for guidance and strength in your professional life.
Welcome to the Christian Business Concepts with your host, harold Milby. Christian Business Concepts is dedicated to guiding companies and business owners in becoming effective, efficient and successful through God's Word and godly principles. Now, here's your host, harold Milby.
Speaker 2:Well, thanks for that introduction, Kelly, and let me say welcome to all of you who have decided to download today's Christian Business Concepts podcast. I'm your host, harold Milby. I'll be sharing biblical business principles today that can help your business or organization. It's such an honor to come to you every week and share these biblical concepts that I believe will truly help you find true godly success. And please be sure to share this podcast with maybe four or five other people and be sure to post it on your Facebook and on your LinkedIn pages and really help us to grow Christian business concepts. I just want to give a big, warm welcome this week to the country of New Zealand for being such a big part in downloading so many episodes in your country. You know, thank you. Thank you for helping us spread the word, and really thanks to all of you all over the world that have been a part of the CBC family, and we are so blessed and our listenership continues to grow. Be sure to email us or even text us and let us know how this ministry is helping you and what we can do to make it better, because we want to get better at what we're doing every day, of course. So let's get into today's topic.
Speaker 2:Today I'd like to talk to you a little bit about pivoting. You know, pivoting is a critical decision that many businesses, many organizations, may need to make at some point in their journey. Right, whether it's due to changes in the market, shifts in consumer preferences or unexpected challenges, knowing when to pivot can be the key to survival and success. And so this is true of organizations, it's true of churches, it's true of parachurch ministries. Zacchaeus, in Luke, chapter 19, was a tax collector and he made a living by collecting taxes. Now, at times he was a little bit dishonest, but after encountering Jesus and repenting of his dishonesty, he pledged to give half of his possessions to the ministry, half to the poor, and to pay back anybody that he had cheated. And then Lydia, in Acts, chapter 16, she was a seller of purple cloth in the city of Thyatira and after hearing the gospel by the Apostle Paul, she and her household became believers and opened her home as a place of worship. And this pivot led to a whole new direction in her business and in her spiritual life.
Speaker 2:You know, when you look at Moses' life, you know Moses had to pivot more than once. You know he was the son of a Pharaoh, even though he was found and floating in the river, but he was still, you know, part of royalty. And then Moses' life he pivoted, and so then he wound up in the wilderness for 40 years tending sheep. And then once again, his life pivoted again ears, tending sheep. And then once again, his life pivoted again and he became the deliverer of the people of Israel who were in bondage in Egypt. And then you have Jonah. Jonah had to pivot in his life. Gideon, who was, you know, he said out of his own mouth that he was in the smallest family and the smallest tribe and he was the least of his family. But he had to pivot. And he pivoted and he became a mighty man of valor is what the Bible says Abraham, he also had to pivot.
Speaker 2:And there's all kinds of people in the Bible that you can learn from and learn the importance of pivoting at certain times and circumstances, and I just think that's important. You know Isaiah 43, 19,. It says Behold, I am doing a new thing. Now it springs forth, do you not perceive it? I will make a way in the wilderness and rivers, in the desert. And this really is a good example, or a good passage that really kind of talks about pivoting because God's doing a new thing.
Speaker 2:And so in business to pivot means to really make a significant change in your strategy, in direction or your focus, in response maybe to changing conditions and customer feedback or other external factors. You know, pivoting really is a strategic decision that involves shifting really your core aspects of your business or your ministry organization, such as its products, maybe your target market or your business model. And you do these things in order to adapt maybe to some new opportunities or to overcome challenges. Pivoting is often necessary. It pivoting is often necessary, you know, can realign their strategy, you know, to better meet the needs of their customers and really to kind of capitalize on maybe some new trends or capitalize on some competitive threats you know that they need to deal with. And as Christian business leaders, it's important to approach pivoting in business with a strong foundation, really a strong foundation of faith, a foundation of ethics and values. You know pivoting can be very challenging and it can be a very disruptive process at times, you know. But with guidance of these biblical principles that we talk about and a commitment to your integrity, I believe that Christian leaders can really navigate, if I can say it that way change effectively and lead their organizations with a lot of wisdom and a lot of grace.
Speaker 2:Now there's a difference. Now I want to tell you there is a difference between making changes in a business or organization and actually pivoting. You know, when you talk about incremental adjustments or maybe improvements made to like processes or maybe products, you know you're talking about changes. But pivoting involves a more significant and fundamental shift in the direction, maybe the focus or strategy of a business or organization as a whole. You know, let me give you some examples.
Speaker 2:You know Nintendo. You know they were a renowned video game company. They at one time faced some real financial challenges. Their sales were really declining. This goes back into the early 2000s. There was a lot of competition that came out, there was a lot of changing market dynamics, and so what did they do? Well, they pivoted. And so they pivoted their focus to innovate and introduce new gaming experiences. Not new games, but gaming experiences like the Wii console, the handheld devices like the Nintendo DS, and these strategic pivots. It really revitalized Nintendo's business. It reinvigorated its market presence and it really saved the company from actually going Nintendo's business. It reinvigorated its market presence and it really saved the company from actually going out of business, so they pivoted. Now Instagram is one that you probably don't know about, but Instagram was initially a check-in app called Burbin B-U-R-B-I-N and it really struggled when it started to gain traction in the market. However, they recognized the popularity of its photo sharing feature, and so the company pivoted to focus solely on sharing this photo experience, and that strategic pivot revitalized this app and it became what it is today.
Speaker 2:Twitter is another one. Twitter was originally founded as a podcasting platform called Odeo, and when Apple launched iTunes, podcasting the company. Really they couldn't deal with that kind of competition. Apple was so big and, as a result, they pivoted. They shifted their focus to develop this micro-blogging platform. That became Twitter. Now it's called X. This pivot really proved to be a game changer. It probably saved the life of the business.
Speaker 2:Netflix another that's one of my favorite stories. You know Netflix originally started out as a DVD rental service. You mailed DVDs, or they mailed DVDs to you, and then you mailed them back and got new ones. It was like a club, but technology really started changing and evolving and streaming services became really popular, and so Netflix pivoted to become this leading online streaming platform, and they offered all these movies and TV shows streaming platform and they offered all these movies and TV shows. So the pivot allowed Netflix to adapt to changing to these consumer preferences, we'll say, and it put them as a major player, created a major player in the entertainment industry and they are a force to be reckoned with today. It's because they pivoted.
Speaker 2:So there's different types of pivots. Let me go through those real quick. But first there's the product pivot, and that's just changing or completely refining the features, the pricing, the positioning of a product or service in response to market demand or customer feedback. There's a customer pivot, sometimes shifting the target market or a customer segment that the business serves. It's better and it meets the needs of a more specific group of customers. When you do that, sometimes there's a platform pivot, and that's just changing the underlying technology, maybe, or the infrastructure of a business in order to support new features and new functionalities or business models.
Speaker 2:And then there's the business model pivot, which is making fundamental changes to the way a business generates revenue, such as moving from maybe like a subscription-based model to a different you know what they call a freemium model or maybe from a business-to-business model to a business-to-ret retail model and focus. And then there's the market pivot, and that's just where you target a market or geographic region that the business serves and maybe you expand it, maybe you change it in order to really kind of capitalize on maybe some new opportunities. Or maybe, you know, maybe you've got to address some changing market conditions. But this is also true in other types of organizations and even churches. And in this podcast today we're going to outline the signs that indicate that you need to pivot, as well as provide some guidance on how to effectively do that. And then, lastly, there's the political pivot, and there are times, whether it's politics on a state, local or federal level, or even the politics within an industry, and so sometimes there's a political pivot where things change. You know, we see that in this country over the many, many years, how that our country pivots, how that our country pivots, depending upon the vision of whoever's leading that city or leading the state, or even on the federal level. So there's political pivots as well.
Speaker 2:Now here are some signs that a business or organization needs to pivot. So let's go through these. First of all, declining revenue. That's the first. So one of the most obvious signs that a business may need to pivot is a steady. Now listen, I'm not talking about having a bad month. I'm not even talking about having a bad six or eight months, or maybe even a year, but I'm talking about year after year, month after month, having a steady decline in revenue. If sales are just continually declining, then I think you've got to take a hard look at some things and you may need to pivot.
Speaker 2:A second one is changing market conditions, and markets do change. They're constantly evolving and sometimes you have to adapt to these changes in order to stay relevant. And if the competitive landscape shifts, or maybe new technologies emerge or consumer preferences change, it may be necessary to pivot in order to be competitive. There can also be a lack of product market fit, so sometimes a business's products or services may not resonate with the market like it used to. Let's go back to Netflix. So people were getting away from the DVDs and getting more into live streaming. So if customers are not responding positively to what you're offering, it may be time to pivot.
Speaker 2:Limited growth potential If a business or an organization has reached a plateau in terms of growth, you just don't seem to be able to grow anymore, it may be a sign that your current business model is no longer sustainable. You may have to pivot to a whole different direction. Or you got to explore new markets. It may be necessary, maybe, to create some new products to do that, so that you can begin to break that ceiling, so that you can continue to grow. And then, lastly, external factors. You know there's external factors such as economic downturns, changes in regulations that can happen, unexpected things there can be, you know, like we just experienced a few years ago global pandemic. So those are the kinds of things that can really necessitate that you have a pivot and businesses and organizations and churches and parachurch ministries. You need to be able to adapt to a lot of these external factors in order to survive, and not just survive but to thrive. So let's talk really kind of about some principles and some ways to effectively pivot.
Speaker 2:So, first of all, what you have to do number one is you have to assess the need for this pivot. So you can't even initiate a pivot until you begin to assess what the needs are. You know, and that may. You may have to do some market research. You may have to analyze a lot of key performance indicators or KPIs. You may have to identify areas where business is underperforming and facing obstacles, but by understanding the reasons of the pivot you can really develop a better strategy for moving forward. Number two I've already mentioned it, but you may have to conduct market research. Number two I've already mentioned it, but you may have to conduct market research. Before making any decisions to pivot, it's important to conduct thorough market research to understand the current landscape, identify what these opportunities may be, and then you need to look at the potential risk as well. So this will help inform you and give you a pivot strategy right.
Speaker 2:So number three you've got to define clear goals. You know when you have to make a pivot, it is a huge undertaking you can't really afford to misstep, and so it's important that you have very well thought out and clear goals in mind Now, whether that goal is to reach a new target market, to launch a new product line, or improve your efficiency, maybe in your operations, or having a clear vision that's going to help you guide this pivot process. It'll also, when you have these goals, it'll help you measure your success, measure whether or not that's being effective. And so number four kind of glows with this. The next two, actually, but number four is define your clear objectives. So you've got your goals. But what are your objectives? You've got to define those clear objectives and whether that objective is competing with your goals, then you've got to figure that out. But you have to have clear goals, clear objectives and then, number five, you have to develop a strategic plan.
Speaker 2:Now, once the need for pivot and objectives have been identified, you've got to develop this strategy, a strategic plan for executing this whole pivot. Now, this plan should outline the steps that you're going to have to take, the timelines, the resources that you're going to need. Take the timelines, the resources that you're going to need, who the key stakeholders are that are going to be involved in this process. But by creating a real detailed roadmap, I believe that that'll assure that the pivot is done effectively, it's implemented effectively, it's implemented efficiently. You know, the Bible says in Proverbs 21.5,. It says the plans of the diligent lead surely to abundance. But everyone who is hasty comes only to poverty. That's why you have to take your time. You can't be hasty when you're going to make a pivot. It takes time, it takes months. The bigger the business, the longer it takes. We've always heard that adage that the larger the ship, the longer it takes to turn. And that is true when you're talking about pivoting. So the bigger your business is, the longer it will take to really develop an effective strategic plan and do it with all efficiency. So develop a strategic plan and do it with all efficiency. So develop a strategic plan.
Speaker 2:Then you've got to communicate with the stakeholders right. So, because pivoting can be such a disruptive process, it's really important to communicate with those stakeholders, and they could be employees, customers, investors, partners that you have throughout this process. It helps you to align your employees and customers and other people around those changes that are going to take place. And you need to communicate the reasons for the pivot. People need to know why you're pivoting, why are we changing. We need to know why we've got these new goals and objectives and what the expected impact is on the business. They need to know that. So transparency and open communication is so key when you communicate with the stakeholders, because it'll help you build trust and also it'll help you support get that support that you need during a pivot.
Speaker 2:You know, when I pastored, it was so important that whenever we were going to do something really, really different, you know we decided to eliminate a Sunday night church service and back in that time that was unheard of. You always had a Sunday morning and Sunday night service, but we decided we wanted to go to what we called care groups so they would meet in homes. Well, I didn't just get up one Sunday and say, hey, as of tonight, this will be our last service. Tonight we're going to go to home groups or cell groups or care groups, whatever you want to call them. That's what we're going to start doing starting next week. If I would have done that, I think I would have lost half the church. I couldn't do that. I had to communicate it and take my time and really have a developed plan and then share that plan, share why we're doing it, what the purpose was all of that. And I had to do that and it took about six months before we actually launched into that. But that's why it's so important.
Speaker 2:You know Jack Welch, who used to be the CEO of GE General Electric. He said trust happens when leaders are transparent, and I believe that's true and that has been my experience. All right, number seven you've got to test and iterate. What do I mean? Well, pivoting is not really a one-time event. It's kind of an ongoing process. Sometimes it involves experimentation. It's always going to involve learning. It's important to test new ideas, get the feedback and then iterate on the pivot strategy in order to really you got to refine it and you improve it over time. You know, 1 Thessalonians 5.21, it says but test everything, hold fast to that which is good. Now, he was talking spiritually, he was talking about the Word of God, but it's still an example of how that we need to test. And there are several things in the New Testament especially that talks about testing things, but not in this sense, but it still holds true, but not in this sense, but it still holds true.
Speaker 2:And then you need to empower and support your employees. When you are pivoting, your employees may experience some anxiety or maybe there's uncertainty about these changes. They may be worried about their job positions. And you've got to empower and support your employees and the way that you do that is you give them clear guidance, give them the training they need, give them the resources that they need to help them through this pivot and help them to do it successfully. And you have to foster a culture of collaboration and support and so that these leaders can ensure that your employees are engaged and they're motivated during this process. You know John Maxwell said one time he said leading well is not about enriching yourself, it's about empowering others. So you definitely want to empower and support your employees.
Speaker 2:Next, you want to monitor and then adapt. So once the pivot has been implemented, once you've started now it's important to monitor and there's certain things that you need to monitor. I don't know what they're going to be you have to decide that in your strategy plan but you have to know what you're going to measure and what those KPIs are, those key performance indicators or whatever that metric is, to assess whether or not you're being effective as you make this pivot. And if you're not getting those desired results that you want, then you may have to adapt and make further adjustments. You know 1 Corinthians 9.22, it says To the weak I became weak that I might win the weak I have become all things to all people that by all means I may save some. You know you have to be willing to adapt. We see that in the Word of God as we just read that passage. You have to be willing to adapt in the things that we do in life period, but in businesses and churches and organizations we definitely have to be willing to adapt.
Speaker 2:Now we've talked about a lot of these things, but let's look at it from the spiritual standpoint. When you need to pivot, well, first you've got to make sure that you seek God's guidance. That's got to be first Anytime you're going to make a decision to pivot. It's really important for Christian business leaders to seek God's guidance through prayer, through your meditation on the Word of God, through seeking counsel from maybe really good spiritual advisors, and then by aligning your decisions with God's will. When you do that, I believe that you can have confidence that then you're making the right choices for the business or the organization. So you've got to seek God's guidance and then you've got to trust in God's provision.
Speaker 2:Pivoting in business can be a real time of uncertainty for a leader and there may even be some risk involved. But you know, christian leaders can find comfort in trusting that God will provide for their needs. You know, by placing your trust in God's provision and timing, I believe that you can approach a pivot process with faith and confidence. You know, matthew 6, 31 through 33 says Therefore, do not be anxious saying what shall we eat, what shall we drink, what shall we wear? For the Gentiles seek after all these things, and your heavenly Father knows that you have need of them all, but seek first the kingdom of God and His righteousness, and all these things will be added to you. You've first the kingdom of God and his righteousness, and all these things will be added to you. You've got to trust in God for your provision and God may ask you to do something that doesn't make any sense. But if you know God's voice and you know throughout the word of God, you know that's not an uncommon thing for God to ask somebody to do something that makes no sense to them. But you need to trust that God will provide. You need to trust in his provision.
Speaker 2:You need to embrace change with humility. You know when you pivot. It's going to require humility. It's going to require a willingness for you to actually admit that there's a change that's needed first of all. Admit that there's a change that's needed first of all. But then you need to approach it by recognizing that you don't have all the answers, that it's okay to seek help and guidance from other people. Philippians 2, 3, and 4 says do nothing from selfish ambition or conceit, but in humility count others more significant than yourselves. Let each of you look not only to his own interests, but also the interests of others. It's just, you know, recognizing that you may be the owner of the business, but that doesn't mean you know everything. It doesn't mean that all that your decisions are right and that nobody else has any positive input that they can offer. So you need to have a humility, especially during these times of pivots.
Speaker 2:And then you've got to align your decisions with biblical values. That's important. You can't pivot and make changes that are totally unscriptural. You can't operate your business that way as a born-again believer and expect God to bless you and you to be successful. So you just got to make sure that they align with biblical values things like honesty and integrity and fairness and compassion, those kinds of things. Right, and by upholding these values, I believe that you can maintain your integrity. And then you not only do that, but you really set a great example.
Speaker 2:And then, lastly, you got to lean on your faith. You know, pivoting in business or in an organization or church it can be stressful, very challenging, and as a Christian, you've got to lean on your faith for strength and guidance and you turn to God. In these times of uncertainty you seek his peace and his wisdom. And he's always said if you ask for it, you'll get it. And when you do that, I believe you can navigate this pivot process with a lot of resilience and a lot of grace. You know Mark 11, verses 22 through 24, it says and Jesus answered them and said have faith in God. Trust, or truly. I say to you whosoever says to this mountain, be taken up and thrown into the sea and does not doubt in his heart but believes that what he says will come to pass, it will be done for him. Therefore, I tell you, whatsoever you ask in prayer, believe that you receive it and it will be yours. So I believe you've got to use and operate in faith in the God that you serve.
Speaker 2:So knowing when to pivot, I believe, is a critical skill for businesses that they've got to navigate. I believe that recognizing the signs that indicate a pivot may be necessary and I believe that you have to follow a strategic approach to pivoting. But I believe if you do these things, I believe you can be successful and you can adapt to these challenges, adapt to these new opportunities. You know, pivoting in business can be transformative and it can be challenging. But as Christian leaders, I believe you have the opportunity to approach these things with faith and integrity and humility, and by seeking God's guidance and trusting in His provision and upholding your biblical values, I believe you can lead your businesses and organizations through a successful pivot and emerge stronger and more resilient on the other side, both as a business and organization, but personally, as a person too.
Speaker 2:And remember that with God's help, all things are possible, and I believe he'll guide you through every step of your journey, when and if you need to pivot. Lord, thank you today for your wisdom and understanding, not just in our spiritual lives, lord, but in every area, including our professional lives. Lord, help those who have listened to this podcast to be ready and to apply these principles if and when they need to make a pivot. And, lord, I ask that you strengthen them and give them great, great resolve and help them to find your success for their life, in Jesus' name, amen. Well, that's all the time we have for today and this week's podcast, and again, please be sure to share this podcast with others and help us really grow the CBC family. So until next time, remember that Jesus is Lord and he wants you blessed.
Speaker 1:Thank you for tuning into this week's Christian Business Concepts podcast. Go to ChristianBusinessConceptscom for more information and resources. Be sure to check out other podcasts that will help you take your business and your personal life to a whole new level of success.