The thumbnail version:
- “Pivot” is the current buzzword in business
- You need to consider the concept in these times of COVID
The full version:
“Pivot”—the new COVID-19-inspired buzzword.
In the context of business it’s come to mean turning to doing something else when what you’re doing isn’t cutting it anymore (a synonym for “pivot” used this way could be “diversify”).
For instance, a lot of businesses in a variety of industries pivoted to make hand sanitizer in the early days of the pandemic. Then there were the textile screen shops that pivoted to print masks, and the sign shops that pivoted to produce floor graphics.
It has recently been reported that more than 70 percent of small businesses in the U.K. began offering new products and services as a result of the pandemic. We don’t have figures for Canada but it would be surprising if it were much different here.
All this pivoting demonstrated short reaction times, creativity, and innovation—experience that could stand businesses in good stead in the future.
Did your shop pivot or diversify in 2020?
The concept might be worth exploring particularly now when you should be rethinking your business model and adapting it to the expected circumstances of 2021.