Adapt. Change. Adjust. Pivot. What it Means For Your Business

How many times have you heard the term “Pivot” lately? 

It seems like everyone’s businesses are pivoting based on what we see and hear in the news. SO many people have been asking me “what does it mean to pivot?”

First, let’s talk about what means.

Pivot, in business, is defined as when a company makes a fundamental change to their business after determining (usually through an external factor or market research) that their product or service isn’t meeting the needs of their intended market. In this case, businesses are making fundamental changes based on the impact the COVID-19 pandemic has had on them.

And, what it doesn’t mean.

• It doesn’t mean you should throw out your whole business model
• It doesn’t mean that you should change everything your company does
• It certainly doesn’t mean that you need to change your company’s purpose

I’ve Had to Pivot, Too!

My business model was 100% In-Person, in fact, one session ground rule is ‘No Electronics”, put your phone on airplane mode. COVID hit, and instantly, we couldn’t meet in person. We had to use electronics just to meet with each other. It could have stopped me dead in my tracks, but I found a way to pivot and find a new path towards my passion & purpose.

What did I do? I revamped my session experience, converted to virtual sessions, and even incorporated Yoga stretches and scavenger hunts during our many breaks to keep people engaged.

Breaking It Down in Business Terms for Today

I’ve been sharing these items below with many business leaders over the last few weeks as we discuss what pivoting looks like for them.

1. Don’t throw the baby out with the bathwater! You became an entrepreneur, business owner, or leader for a reason. That reason has not changed. In EOS we call this the Core Focus – the intersection between your purpose/cause/passion (Why) and your niche (What).
2. Keep an eye on your North Star or your 10-year plan. This is what your company is driving towards. While it may look a little differently now, it hasn’t disappeared.
3. You’ve likely been dealt tough blows or had to make unwanted changes before. While COVID seems more like a massive boulder dropped in front of all of us blocking the path, your North Star is still there, even if it is hard to see right now. Your path will change, err Pivot, many times as a leader, how you handle it is up to you.
4. It is critical to know your Core Focus. … As your core focus is defined, your goals become crystal clear. Then it’s time to figure out how to solve the challenge of getting around the boulder that’s dropped in front of you.

Ultimately this is a key time for you to simplify and re-prioritize in the short term for the long term greater good of your company. Lessons from the Entrepreneurial Operating System (EOS) can help you take control of your business now and be resilient for the future.

If you’re ready to get to some rock-solid fundamental disciplines to help you navigate both challenges and opportunities as they arise in this time of unknowns, then it’s time to consider EOS.