Pivoting has been hotly discussed during Covid-19. If you Google: “Should I pivot because of Covid-19?” you’ll get over 84 million results.
But not every change counts as a pivot.
A pivot is a proactive strategy shift based on planning, preparation and market research with the focus on achieving business sustainability and growth. Done well, the benefits of a pivot can be long-lasting and transformational. But the decision to pivot should not be taken lightly – they can be difficult to pull-off.
Pivoting indicates a change in direction, not an add-on or tweak. It’s not something that was already planned down the track and brought forward (that’s acceleration) or a short-term band-aid to sustain your business through a difficult period (that’s disaster recovery or business continuity).
To be successful you have to have something to aim for, and that is why it's important you have to identify the problem you need to solve. If you don't have your problem clear then transformation is a wobbly path.
If you are transforming but haven't figured out the problem you're trying to solve you have no market. and if you have no market, you can't scale
So what do you do if your company is working well and solving a traditional problem, but enough pain points exist to solve new problems?
That's when a pivot might be practical.
My Guest today is Raechel Ford, co-founder of ilume, a New Zealand born leadership development company expanding into leadership development software.
We talk about the journey her business has been on, the people that have helped her, and just how technology is enabling the business