How to turn a change into an opportunity
When business growth slows, leaders face a critical dilemma: stay the course and see if their current strategy just needs a little more time or recognize that a change in direction is necessary for the business’s survival. To know when to change your strategy is what leaders call “the art of the pivot.”
Preparing for the unknown requires careful consideration of everything that can and will go wrong in business. Even then, there’s no guarantee that things will work out as planned, but placing adaptability at the forefront can help an organization survive.
What should a business do to pivot?
💡Understand the customers needs. Ask for their feedback, and listen to the feedback you get.
💡Understand your business’s strengths and weaknesses. The more you know before you start the change the better the execution of your change plan will be.
💡Involve and listen to the feedback from you employees. Become a change agent,
develop your ability to think through change scenarios. By adopting a culture of problem-solving in your organizationcan you can drive the change quicker toward success.
💡 Evaluate the options, there is not one way to success but multiple ways so choose the one that best suits your company.
💡 Decide what the end goal is. Be realistic about why you’re making changes, then commit to them Whatever the goal is make sure all of new plans are leading in that direction.
💡 Map out what the redefinition looks like across process, profits, costs, brand, team structure, culture and more.
💡 Promote the idea to the employers. You can’t do it alone” Get everyone on board to share your goals. Don’t forget change works best when it’s a collaborative and interactive process.
💡Take your time and plan this change . As the old business saying goes ‘Fail to plan = plan to fail’, so do your research, understand the challenges and plan effectively to give your business the best possible chance of success.
💡 Stay agile. Plan early on to adapt to the sudden change , if you have the space for the unknown, then you are better equipped to handle that sudden change.
💡 Take it slowly, but surely. One thing you and your team will have to accept is that change takes time.
Conclusion
Don’t be afraid of changing directions. It might not be easy, but in the end, it can give you the opportunity to look at your business in a whole new light.
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