Be Careful When You Pivot.
Businesses all over the country are “pivoting” to a new economy. That’s a buzz word for changing to remain relevant. If you pivot, be careful.
The key is to keep your DNA. Find ways to be consistent and true to who you are as a company while staying relevant. We’ve been saying that your “why” is critical for long term business success. How can you keep your why intact when you pivot, or even expand on it?
The danger of pivoting out of your DNA is that you risk erasing the equity you have built since before the pandemic. If a food vendor “pivots” to the roofing business, that may be out of their DNA. A better example may be Chef Jay Ducote in Baton Rouge. He shut down his restaurant, Gov’t Taco, but takes orders on social media for whole briskets he smokes in his backyard. He uses the proceeds to keep his Gov’t Taco team employed. Check him out at jayducote.com
Some of us may decide that a pivot isn’t possible and make a wholesale change of career. That’s perfectly fine. But if you pivot, be careful not to pivot beyond your skillset, knowledge base, or reputation. Don’t underestimate the equity you’ve built in your current brand. A tweak may be all you need.
Get creative. Talk it through. Make a plan.