The Future of Business: Pivoting And Proofing Up.
It may not feel like it, but there is always change happening. Change in your company’s business model, customer needs, or even changes in the economy. To keep up with these changes, you may need to pivot your company’s business model.
Pivoting means making a significant change in strategy. For example, pivoting may involve shifting focus from one product line to another based on the market’s response to the first product, or changing processes within an organization due to technological advancements.
You may also need to “proof-up” by preparing for any possible outcome—pivoting or not–in order to maintain productivity and efficiency. “Proofing up” can include developing new skillsets or learning how to work more efficiently on the job if resources are tight. Either way, you’re prepared for any outcome!
What is “Pivoting”?
Pivoting is a term used to describe the process of making significant changes in strategy.
In business, pivoting is often used when there is a need to adapt to changing market conditions. For example, if your company’s product line was popular, but sales were down due to an economic downturn, you may need to pivot your company’s business model by shifting focus from one product line to another based on the market’s response to the first product. Similarly, if your company is developing new technology and you find yourself overwhelmed with a lot of information that you don’t know how to approach, you may want to “proof up” by preparing for any possible outcome–pivoting or not–in order to maintain productivity and efficiency.
Pivoting can also occur in individual departments within an organization. If resources are tight and pressure is high within that department, it may be necessary for that department head or key members of their team to learn how to work more efficiently on the job.
What Is “Proofing Up”?
“Proofing up” is the process of preparing for any possible outcome. While it’s not always the case, “proofing up” often includes developing new skillsets or learning how to work more efficiently on the job if resources are tight.
If you notice your company is facing a change in business model, customer needs, or even changes in the economy, you may need to “proof-up.” It’s important to know what this means and do your best to prepare for any outcome.
When Should You Pivot?
Pivoting is a risky move, so it’s important to ensure that the benefits outweigh the potential risks.
When should you pivot? There are a few factors to consider when deciding whether or not to pivot:
1. What is your company’s current strategy?
2. What have been the results of your company’s current strategy?
3. How often are you able to make changes to your strategy?
4. Are you able to pivot with minimal cost and risk of loss in revenue?
Everything will depend on what you’re trying to accomplish and what your company can handle at the moment.
When Should You Proof Up?
Here are some things to consider when it comes to proofing up.
If your company is experiencing significant changes, it may be a good idea to look into how you can prepare for the shift in strategy. For example, if you’re struggling and need to pivot, you should begin planning for that change now. It’s important to plan ahead so that new skill sets or processes can be implemented without any disruptions in productivity.
It’s important to always be aware of what is happening in your industry and what your competitors are doing. It’s also important to be aware of how you can improve on your current offerings.