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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:
Understanding your current financial position
Liquidity
Reserves
Run Rate
Downside Risk
Certainty Tools Mentioned: The revenue Multiplier Workbook can be found in the Certainty Tools free resources center.
Understand your position in the market.
Current market share
How do you compete?
Where do your offers fall on the diffusion scale?
Understand the potential future of the market
Market cycle
Product life cycles
Competitors
Compile your existing assets
Existing and obvious
Hidden
Partnerships
Understand your current audience
Geography
True fans
Diffusion curve
Champions list (can be found in the workbook linked above)
Certainty Tools mentioned: Audience Audit
Identify the offramps and onramps
Determine the appropriate micro steps
Bucket strategies
Flowchart of the trigger points
Split your aces
Diffusion curve
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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