Stop Pivoting! Lead with Purpose
It’s time to stop pivoting and to start leading your business with purpose. When the COVID-19 pandemic hit in the middle of March, it was like a hammer coming down on all of us. Suddenly, a lot of businesses became irrelevant to their customers and had to act in the moment. Just like a running back, who comes up to the line in football, and faces a linebacker, he must pivot with a moment’s notice and make quick decisions so that he can survive the play. Many business owners had to do the same thing.
A recent example of great pivoting is when a company in the Greater Vancouver area called, Novo Textiles, a manufacturer of dog beds and pillows, saw their sales drop overnight and retooled their plant to produce non-medical masks. They sold over 2 million units within 60 days of production. We all need to do what it takes to survive but it is important that you start to think a about where you want your business to be in a year from now and to be more strategic in your decisions.
The landscape has changed so revisit your strategic plan or develop one if you haven’t already done it. A great way to start is by doing a SWOT analysis. This is where you take stock of your company’s strengths and weaknesses, and the threats that may face you. The next step is to brainstorm and list all the opportunities that are available to you if you were to leverage your strengths or work on your weaknesses. Once you have listed all the possible opportunities, shortlist them down to three to five that you can focus on. Prioritize them based on their relationship between the amount of time and money that will be needed to pursue each and the positive impact that each option will produce.
Set your vision, lead your team with purpose, and position your business for long term success.