I’m writing this the day before the presidential election. I won’t make further comments about the election because politics and policies, economics and trade, pandemics, and regulation are all challenges that we, as business leaders, own as responsibilities.
It matters less what challenges and changes are in front of us, so much as how we step up to meet them.
Business is the backbone of the U.S. We are the providers of products and services that people demand and desire. We are the employers that allow people to live their lives and pursue their “bucket lists.” We are the cultures and caretakers that enable people the freedom of choice and opportunity for growth. That is the real purpose of a business; to serve others. Financial rewards are a by-product. All too often these days, it feels like we get that backward.
As leaders, our ability to compensate, navigate, take advantage, or overcome the day’s policies is what makes the people in this country prosperous. We, not politicians, are the caretakers of the American Dream. They frame the challenge. It is up to us to meet it and win.
Just as the day you started your business, you need a clear vision of an opportunity, a strategy to meet that vision, and a plan to fulfill the need.
If you have that in hand with a clear growth plan, great job!
But if you don’t know it, change has already happened. You need to step up and meet it today. Many businesses already have.
Consider entertainment and media goliath Disney. They recently announced a pivot of their business strategy toward streaming. The reasons aren’t complicated. The pandemic and regulation have strangled their most massive income streams, theme parks, and movies. The only part of their business with current growth potential is their streaming services. Instead of waiting for things they can’t control, they moved their focus to the product where they can do something. Smart.
If your plan is to wait for the “tide to rise, it is now apparent that recovery is years, not months, away. It is also clear that purchasers will not be buying the same thing as before (e.g., Covid-19 features) when it returns. At a minimum, adaptation, if not innovation, is required.
If you find your current business method is not working and are not sure how to fix it, get help. Doing the same thing over and over will not get you a different result.
As Will Rogers said, “If you find yourself in a hole, stop digging.”
I help business owners re-envision their businesses and pivot to meet the challenges of today. Many of my clients have found ways not only to keep their doors open but find ways to grow. If you’d like to talk about doing the same in your business, contact me here.
Things HAVE changed. How is your PIVOT working?