5 Essential Dos & Don’ts when Pivoting Your Business
Pivoting a business is nothing new. It is a course of action taken when original products (or services) are not meeting the current demands of the market. It is not something to be undertaken lightly as re-imaging your existing business model, from new customers to new revenue forecasts, is a significant change for all concerned.
But companies have been forced to do exactly this – and at speed, as industries have all but closed down and markets are no longer there. Our own customers, such as those in the exhibition sector, have seen huge change. Companies that normally design and build marketing stands are now building barrier screens for supermarkets, hospitals, care facilities and other essential services.
Pivoting in the short-term during the coronavirus outbreak has allowed businesses to survive. For some, this will be a temporary thing, and longer term they will return to their pre-covid business model. For others, it may signal that it’s time to take the business in a new direction.
Before you do, here are five key Dos and Don’ts:
1. Do your homework. Research the new market you are moving into. Pivoting can be almost like starting again from scratch, so it’s important to do your homework in the same way as when first setting up your business.
Like many other UK companies, we became multifunctional in the last year. For over 10 years, Evonasa the company has been providing engineering solutions for Aerospace and Control Systems. However key members of the Evonasa family have decades of experience in the plastic industry, and with the arrival of a once in a life-time pandemic, we were uniquely placed to supply large quantities of highly engineered safety products, to keep up with world-wide demand. Hence we were able to cater for old and new customers and we’re proud to have been able to respond quickly to help our UK partners where needed.