The Formula for a Successful Business Pivot
For many of us, revenues are down and the future is uncertain. If you are experiencing disruption and are having a challenge making ends meet, a Pivot may be a good move…and doing so sooner than later will leave you with more options.
Whether you need to pivot on a business strategy—less dramatic, or on your business model—more dramatic, both require a carefully thought out and structured approach.
Marketing Solutions’ proprietary Strategic Pivot Formula™ is a hybrid developed from the best practices of both the New Product Development (NPD) and Scenario Planning processes.
Our founder’s intention in developing this unique and scalable framework was driven by the pandemic and its impact, especially on small businesses. This seven-stage process has proven effective and profitable for public, private and nonprofit organizations.
The Strategic Pivot Formula™ framework process flow is below.
Note: The PEST Analysis, in the second stage above, is an acronym that refers to: Political, Economy, Social and Technology. This is also refereed to as an Environmental Scan.
While the Formula is straightforward, implementing and coordinating the seven-stages is fairly complex and requires applied knowledge and practice of both NPD and Scenario Planning. To effectively execute the Strategic Pivot Formula™ a seasoned facilitator is suggested.
Our founder (President and Chief Growth Strategist), Andrew Ballard is a recognized expert in in both NPD and Scenario Planning. In addition to facilitating over 500 planning sessions, his book (Your Opinion Doesn’t Matter) details these processes and demonstrates positive outcomes. Andrew currently teaches and shares his insights as an Adjunct Faculty member at the University of Washington School of Business.
To schedule a free consult with Andrew, call 425-337-1100 or Click Here.
