7 Steps Before You Pivot

‘There are good reasons to take action. Relieving pressure is not one of them”
Dr. Jeff Spencer

“Pivot” has been a popular word for the last few years. Between the fallout of COVID-19 and the current market conditions, business owners have been feeling the pressure. The initial response to pressure is often an impulse to relieve as much pressure as fast as possible. A couple of years ago, Certainty U noticed a ton of entrepreneurs pivoting impulsively and putting themselves in a worse position long term. Dan Nicholson lined out 7 simple steps to take before you pivot as a bonus for Cash Flow Engineering buying. The replay and notes are below. Note: we are fans of this video mostly because of the thumbnail YouTube chose.

7 Steps To Take Before You Pivot

There is no consensus on the definition of “pivot”, making it especially difficult to answer the question “Should I pivot?” Things to consider:

1. Understanding your current financial position

   1. Liquidity

   2. Reserves

   3. Run Rate

   4. Downside Risk

   Certainty Tools Mentioned: The revenue Multiplier Workbook can be found in the Certainty Tools free resources center.

2. Understand your position in the market.

   1. Current market share

   2. How do you compete?

   3. Where do your offers fall on the diffusion scale?

3. Understand the potential future of the market

   1. Market cycle

   2. Product life cycles

   3. Competitors

4. Compile your existing assets

   1. Existing and obvious

   2. Hidden

   3. Partnerships

5. Understand your current audience

   1. Geography

   2. True fans

   3. Diffusion curve

   4. Champions list (can be found in the workbook linked above)

   Certainty Tools mentioned: Audience Audit

6. Identify the offramps and onramps

   1. Determine the appropriate micro steps

      1. Bucket strategies

   2. Flowchart of the trigger points

7. Split your aces

   1. Diffusion curve

   2. Investment reserve position

Remember, all or nothing this is one of the major cognitive distortions, it is often wise to run two races until the new one is validated. As our dear friend Dr. Jeff Spencer says; there are many good reasons to make a move or take an action, to relieve the pressure is not one of them.

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