According to a survey carried out by Willbur Labs on 150 business owners, 55% decided to pivot to prevent failure. Do you know that trying to adjust or change some aspects as time goes on is a normal phenomenon in a business? Yeah, that’s because you want to ensure that customers get great satisfaction or that sales funnels are well-optimized.
There are reasons why companies decide to pivot, such as:
- Financial challenges
- Outdated products
- Failing demand
- Maximizing a new opportunity
- Falling behind in the competition
These reasons mentioned above are responsible for why some companies change their policies and activities.
Interestingly, there are ways through which companies decide to pivot.
Some of them include the following:
1. Hiring the Right People
In a situation where you need to generate more revenue and increase the stature of your business, you’ll need to hire the correct folks to help achieve such an aim. Some business owners are now beginning to look for a fractional executive to get things kicking excellently. Well, an integrator can be hired as a fractional executive. It’s essential to understand what integrators are to businesses.
What Is an Integrator in Business?
The term “integrator” was coined by Gino Wickman in his best-selling business books Traction and Rocketfuel. You typically learn about integrators when implementing the Entrepreneurial Operating System (EOS) as a management practice for your company.
“An Integrator is a person who is the tie-breaker for the leadership team, is the glue for the organization, holds everything together, beats the drum (provides cadence), is accountable for the P&L results, executes the business plan, holds the Leadership Team accountable, and is the steady force in the organization.” (EOS Worldwide). Integrators come into a business and immediately hit the ground running competently.
Besides bringing in the right people into your business when pivoting, you also need to ensure they get the best training to accomplish the available tasks. Upskilling is very important for your business because most workers always need to progress in their careers. Before upskilling your employees, you need to have a subject matter expert.
Subject matter experts (SMEs) are skilled and knowledgeable in a particular field. They are people with excellent experiences and can easily ensure your employees understand what they need.
The benefits of having a subject matter expert are as follows:
- Can provide efficient content
- Saves cost
- Improve workflow for a business
- Encourage career growth of employees
3. Finding a Flexible Working Model
Nobody wants to keep working where they are always choked with lots of jobs without having to get a work-life balance. In fact, according to a study by Zenefits, 73% of employees have been able to attribute flexible working models as the prime factor responsible for their work satisfaction. Since you are deciding to improve the level of productivity in your business, it’s necessary to introduce flexibility into the work system.
For instance, Americans deciding to work in New Zealand or elsewhere will always find flexible working models attractive. There are various types of flexible working models that you can introduce into your business to boost efficiency.
Some of them include the following:
- Remote working
- Hybrid working
- Compressed workweeks
- Shift work
4. Managing Shipping and Deliveries
Since you intend to ensure that your business experiences a change that results in higher performance, it’s necessary to use the available opportunities. For example, some companies are now switching from archaic operations to using technology to balance their activities. You’ll definitely need to make deliveries and shipping if you’re in a logistics business.
While managing shipping and delivery procedures may be difficult, technology can make the work easier. In fact, implementing delivery management software will help ease the logistics procedure from beginning to end.
Other perks of implementing delivery management software include the following:
- High rate of retaining customers
- Better management of orders
- Provision of accurate data that can help improve your business
- Improved route management
5. Supporting the Customer Experience
Ultimately, any business aims to ensure that it can attract as many customers as possible and retain them for a more extended period. However, customers who feel they need to be more appreciated and have a bad experience with a company can cause several issues. To ensure that your company pivots well, relying on speech analytics for a better customer experience is vital.
Speech analytics is a procedure whereby valuable details are extracted from calls to improve operations. Customers who a company attends to very well will come back to patronize and refer folks to such a venture.
Some other benefits of implementing speech analytics are as follows:
- Better operational efficiency
- Improved rate of revenue generation
- Provision of excellent customer experience
- Having a better understanding of the products offered
Leaders need to understand that deciding to pivot their business means they’re looking to thrive and record more progress. Although there have always been concerns about how pivots don’t go well, correctly doing it will guarantee their success. Some ways companies decide to carry out pivoting strategies that can benefit you successfully include hiring the right people, finding a flexible working model, and upskilling.