It’s a new year, so that means it is time to completely change everything right? Let’s talk about the art of the pivot.
I’ve seen a lot of business owners come back from holiday breaks with huge ideas on how to revolutionize their businesses. Their ideas might not even be bad, but they almost always skip an important step.
What is Working
The first step when making any changes to your business is recognizing what is work and what isn’t. To do that, you need to take an in-depth look into the ROI of each thing you’re thinking of scraping. Simply put, ROI, or return on investment, is your measure of the profitability of given actions in your company. It is the golden rule of businesses. A business cannot succeed without a positive ROI.
What to Implement in the New Year
The best strategy to implement in the new year is the one that can be enacted with minimal disturbance to those things already working in your business. We call this a pivot. Small changes generally work better than large ones. However, if nothing is working in your business at all, maybe drastic changes are needed.
When pivoting, you also want to make changes that are trackable and measurable. If you make small changes, you should measure how well they’re working and then pivot again after a set period of time. if the change is working, you can pivot harder in that direction. However, if the pivot hurt your ROI, you can swing back the other way.
New Year Pivots Are Easier
In our personal lives and in business, smaller changes are easier to stick with. They need to be something we can incorporate into our processes. However, business changes aren’t like extreme dieting. At the end of the business day, you can still go eat whatever you’d like without business consequences. However, people like routines. If you change what your employees, customers, or other stakeholders expect, you’re creating tension.
No matter what, any changes should be reflected in your standard operating procedures. That’s how you make the changes engrained into your corporation policies.
Conclusion
In conclusion, it may be a new year, but that doesn’t mean you need to complete reinvent your business. Big flashy marketing plans might be in order, but any major company shifts should be a series of pivots.
What’s your plan for the new year? How are you going to measure it? Is it more of a pivot or a major company shift?
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