“Change is inevitable. Growth is optional.” John Maxwell
When you built out your business model you likely created SWOT and PEST analyses on your business. I’ll venture to bet that unless you’ve watched Bill Gates’ now super famous Ted talk on pandemics you did not identify a mass plague putting us in full-scale quarantine for months and shuttering businesses left and right as a “threat” to your business. So, it’s not hard to see how this has got most of us reeling and trying to figure out the next steps.
By now we’ve all seen some inspirational BS on social media that Shakespeare wrote King Lear and Newton developed the theory of gravity? Well, it’s not really that inspirational, is it? This current situation is not only scary, but it’s also abysmal and devastating for so many businesses, so daily rah-rah isn’t going to cut it.
I personally have seen my anxiety at record levels and felt depression kicking in during this time — been doing my best to stay mentally strong and using meditation and exercise (so grateful for my Peloton family) to cope with the unknown aspects of this pandemic.
I watched many great speakers on Monday and Tuesday at a virtual conference supporting COVID relief and heard the phrase that really resonated with me:
TRIAGE, REPOSITION, PIVOT
Triage — You shouldn’t need someone to say it, but you probably do. It’s OK to take a minute to breathe. I repeat — it’s ok to breathe! Once you’ve caught your breath — assess the situation, financially, operationally, mentally. Take this time to determine what your priorities are going forward. This is a life-changing event for us all.
Reposition- Once you’ve triaged and determined your priorities, only then can you alter or adjust your position. This may be a complete change in your business model, or maybe a change to your image to target a new market, but undoubtedly you need to reposition yourself to what will be the new normal.
Pivot- Every time I think of pivot the first thing that pops in my head is Ross yelling PIVOOOT while he and Chandler trying to move a sofa up a multi-floor walk-up building in NYC (something that is really hard to truly grasp if you’ve never tried it). Then I start to think about what it really is like to pivot in business and life. I imagine playing basketball, how if your ‘’shot’’ is blocked or is difficult to make because of a defender (COVID19 or current economic obstacle), you pivot to change your look at the basket or pass to a teammate. During this unusual time, you must adjust your business model or team up with another company to develop a new concept to alleviate some business stressors.
We’re all in this together, experiencing this as one across the globe. Our true colors of who we are as people are being put to the test; we will see who our true leaders are as they find ways to triage, reposition and pivot.