When people hear the word pivot, they usually begin to think that there was an active effort towards something, and for one reason or another, it did not work which resulted in a change of direction.
For some, in business, in education, in sports the word pivot can strike fear by way of slow quarter earnings, failing on a final exam, or not making your sports team. For others, it can be the catalyst that ignites excitement and new opportunities.
The reality is, pivoting (like so much in life) is what you make it. For me, pivoting is a part of life, the part that means that maybe the original path, given the information at the time, may no longer be the best path. It means that I have to adapt to the current environment and seek the best next steps to achieve a certain desired outcome. The ability to successfully pivot, is the difference between being an active participant of your life story or being the victim of your circumstances.
Pivot does not mean panic
When most people hear pivot, it is often associated with some kind of crisis: “The market shifted and demanded a change of which we had no choice”. That isn’t the whole story, it doesn’t always mean that you are running from failure. Changing course, or pivoting can mean that you’re making a more educated decision and taking a more appropriate path to reach your goal.
Let’s use an example we all know; Netflix. Netflix started as a DVD by mail company that pivoted to streaming. They were able to keep the attention of the end user, for longer, and better than many of its competitors; Blockbuster being one of them. They focused on finding the best path to reach their goal.
Mastering the Pivot Mentality
You may now be thinking; okay sure, I get it, pivoting isn’t all bad but how do I do it- especially without feeling like I have failed. The answer is all in the mind. For a pivot to be a successful, you must be curious and have humility.
The requirements of a successful pivot:
- Humility: To admit what you started with might not be what you end with
- Analyze: To identify what did not work and why
- Curiosity: To explore alternate options and gather data
- Clarity: To define the pivots core components; defining what will change and how
When to Pivot
When is the best time to pivot, how do you really know that it’s time? In short, when your efforts outpace your outcome.
Signs it may be time to pivot
- You are being asked to produce something you currently cannot; Client demands, workload, even consider your best efforts in a relationship simply not being enough
- Your efforts are outpacing your results by a large margin. Regardless of how much harder you’re working, you can’t seem to gain and maintain upward momentum
- You aren’t hitting your goals and cling to the past as a framework for future success
Pivot with a Purpose
Just like no two snowflakes are created equal, no two pivots will yield the exact same results. To increase your chances of success when making a pivot consider this:
- Without judgment, listen to the data, regardless of how bad it may feel.
- Consider the risk to reward
- Develop a strategic plan; focus on clear, specific and measurable goals for the direction you want to go in. Leverage key performance indicators (KPIs) to track success.
- Maximize existing assets: Not all is lost, use the data, relationships, and other valuable capabilities that you have to increase your chances of success.
- Start small and build: Pilot or prototype your pivot and as the results come in, scale.
- Track, communicate, review, and adapt as needed
A great pivot is one that maintains the integrity of the vision while leaving room to adapt on the approach.
Let’s take a moment to be honest with ourselves, in our society today things move sooo fast. Between regulatory changes, technology advances “I mean come on AI” and honestly human expectations- things move fast. When you can pivot, to adapt, to make necessary adjustments, you aren’t unstable- you are resilient!
In fact, being able to master the pivot give you the competitive edge. You move with agility while others get stuck.
Let’s redefine what the word pivot means. Let’s remove the negative stigma that says it’s a failure. To allow yourself to pivot means you paid attention, you learned, and you adapted.
The next time you or someone you know is at a crossroads, see the pivot as a way to move forward, not start over. To be better, not to fail. To reach your goals, not quit along the journey.