How do leaders effectively manage a business pivot? originally appeared on Quora, the place to gain and share knowledge, empowering people to learn from others and better understand the world.
One thing is certain about business, it will always change. This statement has become even more valid in recent years. In fact, the word ‘pivot’ has become one of the most commonly used words in an executive’s vocabulary. Industries change. Employees and staffing change. Supply chains change. Products and services change. Customers’ wants and needs change and most importantly, markets change. As such, companies are often left to regroup and move forward in the most favorable way possible on the heels of those changes.
So, how do leaders effectively manage all of these business pivots? Here are some methods that they can employ to effectively do so:
* Increase and enhance communication around the change (before, during, and after).
* Properly research how the change will impact all affected stakeholders (before execution).
* Come up with contigency plans in the event that there is any negative fallout from the pivot(s).
* Gather feedback and input from multiple stakeholders and groups before developing and implementing the plan.
* Identify a strong team to plan and execute the pivot.
* Scan the horizon continuously to ensure that there is not a delayed reaction.
* Gather frequent updates and status reports regarding the progress the pivot.
* Pivot again quickly if needed.
* Tweak often and as necessary.
* Revisit the success of the pivot at regular intervals.
In our world of constant movement, the ability to successfully identify and execute change is vital for the longevity of all organizations.
This question originally appeared on Quora.
Photo Credit: Nick Fewings/Unsplash