The #YQGStandsStrong Video Series is a profile on local businesses – and how they pivoted their operations during the height of the pandemic to stay successful.
Check out the video below profiling Wolfhead Distillery, as well as a take away moment that you may be able to adapt to your business operations moving forward.
Pivoting During A Pandemic
Even in the best of times, business leaders know that they will have to adapt their companies. Executives and entrepreneurs who want their businesses to survive and thrive in the future can benefit from looking at some key examples of how other companies are adapting well through the virus crisis.
3 conditions for a successful pivot
- Align the firm with at least one trend that the pandemic created or intensified (e.g., remote work)
- Laterally extend the company’s existing capabilities in a way that cements its original strategic intent
- Offer a sustainable path to profitability that preserves/enhances brand value in the minds of consumers
Competitively achieving these points requires business leaders to be exceptionally aware of current short-term conditions and resources. But it also requires considering broader opportunities that can have a long-term influence on the brand’s perception and operation.
Some addition tips:
- One strategy can address multiple points
- Learning from tough shifts now can make future pivots easier
Source (and full article): entrepreneur.com