The only businesses that stay alive can adjust and shift when the market calls for it. Those companies also know how to stick to a plan in tough times when the long-term outcome merits it. See how to craft an agile business strategy.
Think of your business as a vehicle carrying you to a destination. While your GPS guides you, it recalculates for roadblocks and heavy traffic. Keep your overarching objectives in mind and remember that your measure of success is the goal. It’s not as important how you get there.
Learn how to conduct a SWOT analysis if you have not yet done so. SWOT stands for strengths, weaknesses, opportunities, and threats. You evaluate your organization internally for its strengths and weaknesses by figuring out how you are superior to your competition and in what ways they exceed you.
Consider the market and discern the nascent opportunities you can seize to gain wins. Also, determine the looming external threats to your business. This comprehensive analysis of your firm’s position in the market gives a map of where you should change and where you can dig in your heels.
Don’t hesitate to act once you see what you need to do. There may be a substantial cost to implementing a plan, but a delay can cost you more in the future. Any well-reasoned steps you take to pivot are a sound investment. Like interest that compounds over time, your quick adjustment can turn into a significant victory. Otherwise, you may be playing catch-up with your competitors.
As you analyze and take action, ensure the entire team is on board and understands the need to change. Most people are naturally resistant to change. Good leaders instill confidence by setting a clear vision for the future and explaining why adjustments must be made. Regular communication ensures that you get feedback on how pivots affect every department. Empathetic listening facilitates buy-in from team members at all levels.
The downfall of some companies is that after surviving a storm or two and adjusting well, an air of invincibility takes hold. Leaders may believe success is inevitable and become lazy, acting solely on intuition. The steps above need to be repeated continually to meet new challenges. Even amid a shift, you may need to pivot again and again to stay directed at your ultimate goal.
Maintaining a flexible business strategy leaves you prepared to pivot at the right times.