The word “Pivot” is well known to Startup companies but now established companies are being forced to make major changes in order to just survive.
Entrepreneurs and well-established organizations are looking for new types of customers and new market segments for their products and/or services. The most innovative companies are finding totally new ways to apply their core competencies and create value for the end-users. Other companies are changing their business models completely in order to meet the needs of today’s markets.
These types of changes require the leaders and their teams to challenge every assumption and belief they hold about their customers and what is important to them. Making dramatic changes like these is difficult for most people. On a 2020 study conducted by Deloitte in partnership with the Kellogg School of Management, 100 Chief Strategy Officers (CSO) executives were surveyed to provide important new insights into how the strategy function can evolve to meet new business challenges, and about the CSO’s own perspective on their role and career ambitions.
The 2020 CSO Survey revealed that “while 70 percent of CSO respondents rate disruptive growth as critical for their companies’ success, only 13 percent of CSOs believe their company is capable of delivering on this strategic priority. CSOs are ideally positioned to help their organizations meet the disruptive growth challenge by architecting a systemic competence, based on a fit-for-purpose model, that promotes a more entrepreneurial mindset, novel ways of sensing emerging trends and opportunities, higher rate of experimentation, greater risk tolerance, better-calibrated expectations, well-aligned funding and incentives, and creation of an expanded ecosystem of partners.”
It is a fact that our human tendency is to continue doing those things that made us successful in the past. Continuing to operate as if the world hasn’t changed all around us… BUT doing things the “old way”, It just doesn’t work anymore.
Keep your ego in check!
Some of the best ideas can come from the newest person in your company. There is a lot to be said for having a pair of “fresh eyes” to look at a problem or situation. Markets and customers naturally change over time, and entrepreneurs and their leaders must adapt or risk becoming irrelevant.
Does your company need to “pivot” and move in a new direction?
As the Co-Founder and Principal of The Angel Advisors, Alan Lowe has devoted his career to helping executives—from Fortune 500 companies to startups—successfully assimilate into new roles, create powerful teams and develop cultures that attract and retain the best talent.
Combining more than 30 years of experience as a partner-level management consultant and executive coach and having more than 32 clients at a point in time, Alan recognizes that no two individuals have the same goals for personal fulfillment or professional growth. He focuses on understanding each client’s goals, determining how his or her business fits into the bigger picture – and then gives them the tools they need to achieve their entrepreneurial purpose.
If you need to develop new strategies for the world we face today, please contact Alan here.