Today’s businesses are faced with unprecedented times. During these changes, businesses need to adapt and strategise in order to continue to grow and position themselves to take advantage of the new opportunities in the market.
During COVID-19, we have seen many businesses use the word "Pivot" as a business term that is mentioned quite often. What does it mean for a business?
What is the difference between Pivot and Repositioning?
Although, "Pivot" is used commonly amongst startups and entrepreneurs, it is particularly important through a crisis to ensure the relevancy of product to market changes. A pivot generally takes place when a company makes a fundamental shift to their business after determining (usually through market research) that their product needs are tailored to their targetted market.
Repositioning is a shift in how to position your brand in the market after a phase of market research. Brand repositioning is an important exercise that should take place after a crisis to ensure continued relevancy to the market place. Both Pivoting and Repositioning are critical for tapping into new opportunities in the market, e.g. moving from one product phase into another and trying to use current business infrastructure to create a product that the market wants.
Collaboration: How to Take Advantage of New Opportunities Emerging in Times of Crisis?
Are you making good use of these opportunities?
The question that faces many business owners today is how to best use the current resources that they have to create or generate revenue. And here, we believe that collaboration is going to be key in how businesses run in the future.
Collaboration is key in the post COVID19 world as this gives businesses the opportunity to tap into markets without a huge initial overlay of risk. Companies considering expansion and diversification through business analysis should first consider collaboration and a business risk mitigation strategy. The value that collaboration can deliver is allowing the company to still have a larger market share and enhancing their core competencies while partnering with other businesses to deliver a higher value offering - all whilst growing their individual niches.
So, now that we have discussed pivoting, repositioning and collaboration, let us turn to the million dollar question:
What is the post-Covid world going to look like?
During this COVID19 transformational phase, the world is still learning new adaption strategies however it is evident that business risk mitigation processes and plans should be factored into the operational sustainability planning. Another key learning is that the adaption of digital technology - for example, meetings have been redefined through new online platforms. This has also triggered a change in the thought processes in senior management level, reflecting the wiser use of the business capital and ensuring leanness in business operations.
We will be addressing these issues in detail at our webinar taking place on the 25th of June and look forward to seeing you there (registration).
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