Change is the only constant in life; more so when faced with a global pandemic. While CXOs continue to closely look into their business to optimise efficiencies, there are some businesses that need to completely pivot to survive in this new world.
Maybe you are one of these CXOs who is considering a new business idea or evaluating a potential business pivot to survive, stay competitive and remain profitable. All forms of Change are hard to accept especially when vast amounts time, efforts and monies have already been invested. However accepting Change and Implementing Change are two very different challenges altogether.
“THE FIRST STEP TOWARDS GETTING SOMEWHERE IS TO DECIDE THAT YOU ARE NOT GOING TO STAY WHERE YOU ARE.”
Whether you're evaluating a business pivot or a new business idea, Critical Thinking can help you make informed decisions by evaluating several different sources of information objectively. Critical Thinking eliminates personal biases, emotional responses, ‘gut’-based reactions and other natural go-to methods to ensure your decisions are well-informed and well planned.
Pivoting any business causes massive impacts across the organisation and supporting networks. If the pivot idea isn't well thought out and planned or executed incorrectly it can lead to the business shutting down, loss of jobs, debt, unimaginable stress etc.
So how should you evaluate your Business Pivot to ensure it is not only logical but viable (from your business perspective AND from your customers new need state)
Here are a few questions to evaluate the new business pivot before you begin execution
Our Business
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What are the strengths/ weaknesses of this pivot?
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What is another perspective/ another alternatives/ counter-argument to this pivot?
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Where will this pivot idea take us?
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When will we know we’ve succeeded?
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Who gets harmed by this pivot?
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Who will be the key people to hire to deliver to this pivot?
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Where are the areas of improvement?
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Who benefits by this pivot?
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Who gets harmed by this pivot?
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What is the business problem our pivot would solve (that is relevant to our customers or clients)?
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Why is there a need for this pivot today?
Our Category
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Are there others who offer similar concepts?
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Where is there most need for this pivot?
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How does this pivot disrupt the category?
Our Partners
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Where can we go for help?
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When should we ask for help?
Additional Help & Inputs
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When would this pivot cause a problem?
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What would be considered acceptable and unacceptable in this pivot?
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What are the best and worst case scenarios with this pivot?
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How can we implement this pivot safely (what are the things that would get in our path of action)?
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Who is the best person we can consult with on this pivot?
The “New Normal” for businesses demands: creating, delivering and sustaining long-term value across all ecosystems. Business leaders need to Think Strategically, Plan Extensively, Execute Quickly to survive and stay profitable in this new business world.
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Trigger Worldwide is a Brand Marketing Agency, built specifically for businesses to create Sustainable Growth. Our proprietary tools and process methodologies harness Technology, Creativity & Innovation, leverage Economic Drivers and Consumer Beliefs to help businesses overcome marketing inefficiencies and achieve their Growth Agendas.
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