PANDEMIC PIVOT STRATEGIES
Michael’s description of this chapter:
‘Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.”—Sun Tzu, The Art of War
Just as in boxing, there are a number of keys to surviving a gruelling battle. You must have grit and determination, an action plan, and the willingness to pivot should things change. In any business environment. and more so in this current pandemic, the survival of your business depends on your ability to pivot and be nimble. At the peak of the pandemic, the US Chamber of Commerce reported that one in five small businesses surveyed closed, either temporarily (19 per cent) or permanently (1 percent).
Where I live in Calgary, Alberta, Canada, the Canadian Federation of Independent Businesses states that approximately 22 percent of businesses had to close down, while 80 percent of businesses surveyed have made, are making, or are planning to make changes in response to the pandemic. Many have used this as a wake-up call to take precautionary measures, whether it’s for this pandemic or another crisis in the future. Whatever it is, businesses must be able to adapt in order to better function or remain at least partially open when this new reality fully opens up.
Six Simple Pivot Strategies
- Go digital and get online for e-commerce (or ease-commerce)
- Use your team as a source for ideas and solutions
- Identify current needs by listening to your customers
- Collaboration and partnership are key
- Diversify, adapt, and add business models
- Take advantage of this time to evolve.
- How I pivoted: Victor Lough, CFA CFP, Financial Advisor and President, Agile Wealth Management
- How I pivoted Jordan Guildford, Founder and CEO, Gems for Gems, a registered charity
Founder and CEO, Gems for Gems, a registered charity
My journey into building Gems for Gems started with a simple idea: to organize a jewelry drive and present these simple gifts to survivors of domestic abuse on Christmas morning as a small act of kindness and compassion.
The idea ignited, and soon, I found myself surrounded by an army of dedicated and passionate people who wanted to make a small difference in their community.
From there, Gems for Gems grew.
I knew that one of the best ways to create lasting change was to unify and empower the broad community, so I created the Gems for Gems Ambassador program.
Today, we have over 110 community ambassadors, including 3 celebrity ambassadors, who give what they can, when they can, and how they can.
I’ve seen first hand the power of community to amplify the impact that organizations work hard to have. I am passionate about turning my years of expertise in building ambassador programs to help organizations rally and unify the power of the community to build awareness, further reach, and amplify impact.
CFA CFP, Financial Advisor and President, Agile Wealth Management
Victor Lough has been in the financial industry for nearly 20 years. Amongst the numerous designations he has earned throughout his career are the Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP). Most recently he opened Agile Wealth Management where he utilizes his CFA as a Portfolio Manager and continues to advise his clients in their investment decisions. Lough is set apart from others in his field through his vast knowledge of behavioral finance and analytical, long-term approach to investing. Utilizing these skills and a value-based investment philosophy results in him holding companies when they are not necessarily in favor. His contrarian value-based approach coupled with his analytical skills reap great rewards for his clients.