Now is the time to pivot | The Garage Group

Now is the time to pivot

For years, we’ve all said that we’re in unprecedented times; times of tremendous, constant change. In fact, we founded The Garage Group over 10 years ago based on the foundations that organizations needed to embrace change, and that it was here to stay. We believed (and still believe) that adopting the mindsets, approaches, and tools of successful startups would be the way to ensure that their brands were able to create innovating and strategy that stayed relevant even with the constancy of change in the market.

Fast forward to 2020 and we find ourselves living in a world of forced change. Organizations who learned that art of the pivot were prepared, even if they didn’t realize they were. This moment in history is exactly what they’ve been training for. 

We see evidence of companies using their assets for the greater good: 

But, potentially even more challenging are the examples of companies shifting their business models to adapt as the market is adapting. Interestingly, in this group of examples, the companies are noticeably smaller; less F500 and more SMB:

What sets these teams apart?

Have you noticed a change in your business? An uptick or downturn in sales? These are leading indicators that the time is ripe for a pivot. Explore what’s working about your current model and pivot to do more of that. Pay attention to what’s not working or not selling, and pivot to new products, services, or business models. You might need to change what you are selling, you might need to change who you are selling to, or you might need to change the way you are interacting with your customers. As you can see in the examples shared above, companies are pivoting their business models, even more than offering new products. Here are a few specific examples of business model pivots you may want to consider:

You need to pivot. Whatever business you are in today, you need to pivot. If you are a large company, pivoting to have an impact on the greater good is imperative: you are needed. But, don’t forget that your own business model needs your attention as well. This pandemic has ushered in a new reality. One that will continue to shift and change.  

Let us know how The Garage Group can help. We work with teams like yours every day. From designing an innovation strategy and plan to generating new product or business model ideas, we’ll work with you to design the right approach to enable you to pivot now, and as a way of working going forward. 

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