Strategies for a successful business pivot
In the business world, adaptability is the key to longevity. Throughout your entrepreneurial journey, pivot to keep your business afloat and relevant, whether it’s to modernize your business to fit the current business environment or address other external factors impacting sales. There comes a time when it becomes important to do this. I witnessed it firsthand during the pandemic.
“We are helping businesses pivot during COVID-19 by helping clinics start seeing patients virtually by implementing telemedicine, which was unused at the time. We also helped a local tanning salon pivot their business by adding e-commerce to their website. This is how they stay in business while people can’t visit in person. I was able to. Both of these axes have helped shape the future of these businesses, and are still running these practices today,” said Scott, co-founder and COO of his services agency, Tinning Pros. said one Tabatha Roubassam.
For many established, traditional companies, millennials are at the forefront of change. According to Statista, an estimated 36% of Millennials are considered highly entrepreneurial, compared to 29% of Gen Z, 33% of Gen X, and 25% of Baby Boomers. This ethos can help drive change in new and established organizations, breathe new life into traditional models, and ensure business tradition and relevance for years to come.
Injecting a new generation of energy into established businesses is essential to modernize and remain competitive. The onus is on new generations to lead the transformation, adapting to changing market dynamics, technological innovations and evolving consumer preferences. It is essential to identify powerful strategies to reinvigorate established businesses through the perspective of visionary leaders who have successfully navigated their businesses through these waves of change.
Balancing legacy and future
A new generation of leaders must leverage the twin forces of respect for a company’s heritage and drive innovation to rejuvenate companies and steer them toward sustained success. They face the challenge of integrating modern technology and business models while maintaining the core values and traditions that underpin their business identity and success. Striking this delicate balance is critical to redefining business trajectory in a market that cannot afford to be complacent and is slow to adapt to change.
“We conducted thorough market research to gain insights into Gen Z’s design, pricing, and shopping habits. We leveraged storytelling, video content, and leveraged unique design and sustainable manufacturing practices. This emphasis effectively appealed to the values and interests of the Gen Z audience,” said Julie Zhu, Fractional CMO of New York City-based marketing consultancy Julie Zhu LLC. . Mr. Zhu successfully modernized the 121-year-old family-owned Diamond She business, which targeted the young Gen Z market and aimed to expand into the Asian market.
She also emphasizes the importance of seeking outside perspectives through consultants, focus groups, and other means. “It helps identify areas for improvement and guides the modernization process.”
“My entrepreneurial journey has been characterized by a willingness to embrace change and respond to new needs within the community,” says John, who has led his family’s law firm, Mingleforf Law, from criminal defense to human rights. explains Tommy Mindorf, a young lawyer who has successfully transitioned into the personal injury field. Under Mr. Miningdorf’s leadership, the firm has reinvented itself and taken 40 years of legal experience in new directions.
The need for technology
One of the most important strategies is implementing digital transformation. This includes upgrading hardware and software and adopting a digital-first mindset that permeates every aspect of business operations, from outreach to engagement to back-end processes. Digital transformation aims to create a seamless, efficient, and responsive infrastructure that meets the demands of a tech-savvy customer base and workforce.
“We will drive digital transformation by introducing new technologies, such as AI tools, that streamline operations, improve the customer experience, and increase efficiency,” Zhu added.
“Digital transformation” has become an abbreviation for businesses to describe technology updates such as moving to the cloud. But business model disruption is driving this change,” explains Adrian Cockroft, vice president of architecture strategy at AWS Cloud. Businesses of all types are leveraging digital technology to streamline operations, improve customer and client experiences, and unlock new revenue streams.
fostering a culture of caring
Modernization is not only about technology but also about people. Building a culture that prioritizes your company’s values and service will help your employees (especially her Gen Z and Millennial employees) take pride in their work. “Millennials say the ideal work environment is mission-driven and collaborative. One where the people you work with inspire you to do great things and those above you provide guidance.” , where the people you work with are more than just colleagues,” explains human resources expert Erin Engstrom.
Miningdorf found this to be true as he focused on the family business. “To lead the firm through this period of transition, we have a clear focus on maintaining the core values that have been the foundation of the firm for 40 years: integrity, client-centered service, and a commitment to justice. and treat every client like family.”
stay connected
Change can be difficult for employees and customers alike. Therefore, it is important for organizations to stay connected with their customers and communicate their updated mission and values.
Redirecting an established business requires a strategic approach that encompasses technology, people, processes, and culture. In addition to adopting the latest technology, you need to foster a mindset of shared values, customer centricity, and clear communication. Executing these strategies allows companies to remain relevant and competitive in a rapidly evolving environment.
