The ability to pivot is important for your business to keep thriving even during the uncertain times like now with the global pandemic. Adapting or pivoting are essential if you want your business to survive the crisis. In the past year, many business have pivoted to survive and some of they are still standing strong until now. You might have started your pivoting from last year but do you know if it truly worked?
Measuring your business’s pivot
Undergoing a pivot in the past year, you need to know now whether or not it was a success. However, you won’t get any answer if you don’t know how to measure it in the first place. Knowing the result of your pivoting is important so you know if it will continue to work for your business in 2021 and the next years. You may be wondering as well how long you should measure key performance indicators before you can decide if you need the pivot to be permanent or back to the operations you used to do before the pandemic.
Before measuring the pivot’s success, it is important that you set realistic timeline. Keep in mind that while pivoting during the pandemic, you tried to not gain high profit but to survive from the crisis. You tried to navigate your business from economic downturn so the situation with your business might not as ideal as you thought it would be. Therefore, you can add additional nine to twelve months to measure the success of your pivot. 2012 is what you need to build into the plan. Use this time to find out what you missed from last year.
To measure the success of your business’ pivot, you need to conduct a research and test quickly. You can do it by looking at your current customers. You can gain more information from your customers through surveys for example. They will give you insightful feedback about the new line or pivot. Hence, you can also use what you find to improve your traffic, product or service, etc. You can adapt as needed based on what you find.
If you have measured your business’s pivot and find out it is not quite as successful as you thought it would be, it is time to take action. You still have 2021 to build and make your pivot more successful. You can do it by adding value to what you offer to your customers or business partners. Make sure that while pivoting markets or products you are providing value adds as well. Make sure that the added values are something your competitors are not providing.
The world is full of uncertain but one thing that certain is change. Your business will face various changes and shifts caused by various reasons. What you can do is adapt to the environment or the subject. You can start 2021 with better plan whether to make a pivot or add new revenue stream.