Think Pivoting Is Necessary? Prove It!

Michael’s description of this chapter:

In the previous chapter, I shared a few trends to consider while pivoting in your existing business or starting a side hustle to supplement your current income. But how do we know that this crucial pivot can work? The Harvard Business Review released a few examples of businesses that have been able to pivot successfully in the midst of 2020. I’ve shared some amazing stories of small businesses that have pivoted, but let’s check out a few large business examples. Seeing is believing, so let’s explore other successful pivots during this pandemic. 

The COVID-19 pandemic has essentially forced businesses to change or die. This pivot is often included in a business model that is necessary for short-term survival and long-term resilience and growth. From local restaurants to larger companies like Spotify or Amazon, no business has been left untouched. But just because we mentioned how crucial pivots have been, it’s important to note that not all pivots have resulted in profitable business performance.

• The Trend is your Friend
• The pivot must not undermine the intent of the company
• The pivot must be sustainable
• How I pivoted Filomena May, wealth advisor with Filo Financial Solutions of Raymond James Ltd.