As we have continually been doing the hokey cokey for the last 18 months with lockdowns and restrictions, many of us business owners have not known whether we are coming or going. This process will help you identify ways to quickly change the services or products your business offers as we all emerge bleary eyed out the other side of this chapter in history. “Pivoting” your business, is not just appropriate for going into a global pandemic but also may ring true for coming out of one too.
Here is the 6-step process to pivot your business, identifying low or even free ways to find an additional or creative way to trade.
Step 1: Prepare your brain to get creative
When you are scared, stressed or anxious your brain is hyper focused on the threat. This means it struggles to be creative or think laterally. Here are some simple exercises to help get your brain in a good state to do this process:
- Go for a walk and if you can do get out into nature
- Spend 5 minutes (and do time it) writing out a list of everything which is positive, good or that you are grateful for right now
- Spend 5 – 15 minutes meditating and/or journaling. Some struggle with this (me included), but the idea is to clear your head so just do whatever works for you!
Step 2: Brainstorm a list of what is in demand right now
The best way to do a brainstorm is literally set a timer and write out every idea which pops into your mind. Give yourself a target of identifying over 100 things which individuals and businesses are needing right now, or likely to need. Do not evaluate the ideas, just get them down.
Step 3: Brainstorm all the skills or assets you or your business have
Same as step 2, but this time it’s about what you could do or give or have, or could easily do with a little help. Once again give yourself a target of identifying over 100 things. At this point don’t evaluate anything, just get them down.
Step 4: Evaluation
Look at your unedited list of what is in demand right now, and evaluate this list. Using your second list of the skills or assets you or your business have, rank your ideas between 1 to 10, where 1 = frankly impossible and 10 = really easy, on how easy it would be for you to provide a service or product to service this demand.
Step 5: Selecting the right services
For anything which you have ranked as 6 – 10 on your list of things that are in demand, now evaluate them on whether people would pay you for this service, vs your business cost to deliver. If there is a demand and a profit to be made, this is probably a good service or product to promote. Do you need to consider funding?
Step 6: Involve your network
This ‘creative’ or ‘pivoting’ process works really well if you work together with others. Zoom with your team or your accountant (hint, hint), not only are many brains better than one but it’s often easier for others to see skills that you don’t recognise in yourself. And as an added bonus, you can keep each other motivated and accountable for the actions you agree to take.
If you thinking of a change in your business and need a second opinion, then reach out and book a call here.
