Learning how to pivot

SHAKING THE TREE ... #36

Photo by Nick Fewings on Unsplash

At the end of July, 2023, my wife and I spent a long overdue though admittedly short few days in my native UK.

Reading through ways in which the pandemic has impacted businesses across the United Kingdom, and seeing first hand just how many businesses had changed or closed in the main shopping centre of Hanley in Stok-on-Trent, it was obvious that business wasn’t booming.

At the height of the pandemic across the UK, dozens of businesses closed their doors or ceased trading for good.

Many of those businesses won’t ever come back, which is a shame as the ever-eroding tax base for local authorities puts even more pressure on the services those taxes fund.

When markets shift unexpectedly, anything a business owner can do to shift with those changes will impact the bottom line in some way. And being able and willing to change is a smart strategy.

Sometimes though, with rents rising and wholesale prices climbing as customers and clients evaporate, sometimes, staying afloat is easier said than done. That said, it’s better to be prepared and to have some sort of plan in place, even if it’s only a rough idea.

Although the worst of the pandemic has passed—in terms of lockdowns at least—and while many businesses are regaining ground, there are several things business owners can do to change directions. Here are a few ideas:

Research: Conduct thorough market research to identify emerging trends, changing customer needs, and new opportunities.

Diversify: Expand or diversify your product or service offerings to cater to a broader audience or adapt to changing market demands.

Visibility: Strengthen your online presence by enhancing your website, social media, and e-commerce capabilities to reach a wider audience.

Relocate: Embrace remote work and flexible work arrangements to adapt to changing work dynamics and reduce operational costs.

Partner: Seek strategic partnerships or collaborations with complementary businesses to access new markets or resources.

Invest in digital tools: Invest in digital tools and technologies to streamline operations, improve customer experiences, and increase efficiency.

Set up subscriptions: Consider subscription-based revenue models to create predictable income streams and build customer loyalty.

Seek feedback: Listen to customer feedback and adjust your offerings based on their suggestions and changing preferences.

Develop new skills: Invest in training and upskilling to acquire new skills or knowledge that align with emerging opportunities in your industry.

Optimize costs and spending: Continuously review and optimize your cost structure to ensure you're operating efficiently and can weather economic uncertainties.

Remember that while pivoting requires both careful planning and execution, it’s also a bit of a gamble because you never know what’s going to work until you try something new. That’s why is as essential to stay agile and to monitor your results as it is to be willing to keep on adapting as needed to succeed in a changing environment.

As always, thanks for reading.

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P.S. Next time on Shaking the Tree … Lessons from Steve Jobs