Pivot or Re-Calibrate: Why You Should Choose to Re-Calibrate
Pivot, Protect, Profit. I have been hearing these words used every time I turn around. I’ll admit at first I thought this was an accurate way to describe what business owners need to be doing during this crazy time we are currently living in.
But, I’ve had a change of heart. A friend of mine, Jackie Porter, posted a message on Facebook that really resonated with me. She said why would I pivot and forget all of the lessons she’s learned over the years and start over. Jackie chose to re-calibrate.
Recalibrate means to take something that has drifted off course and put it back on the right track.
Isn’t that exactly what every small business owner should be doing?
Prior to these crazy times product-based business it should have
Well managed inventory.
Staying in stock on top sellers
Quick lead times for your e-commerce customers
Smart new product development
Keeping costs under control
Understanding your cost of goods down to the penny
A diversified account base
Best in class product listings and images
Take the lessons you have learned. The good and the bad. Double down on the things that you do well. Just because we are in these crazy and unprecedented times doesn’t mean businesses should stop conducting business. The exact opposite is true.
It is even more important than ever to focus on having the right items in stock, developing new products that fill a gap in your current assortment, and understanding exactly what your expenses are.
Now, if you were not doing all of those things NOW is the time to re-calibrate and get your proverbial house in order.
Choose 3 things that you can focus on to put your business in a better position in 90 days.
For example, determine what products drive 80% of your business. Put an inventory management system in place to stay in stock on these items.
Are all of your eggs in one basket from an account perspective? Balance out the loss of brick and mortar retail sales by adding new e-commerce accounts.
Take a good look at your product listings and images. Do you have all of the current SEO terms? Do you have up to date product dimensions? Do you have multiple images? Do you have video?
If you focus on the next 90 days you will be much more prepared to weather whatever comes next. Because remember 6 months ago no one could have imagined the current state of the world. So, break your world down into 90 increments. If you are able to do that you will emerge ahead of your competitors.
Be the leader that your business needs.
Do you want to discuss how to plan your company’s next 90 days? CLICK HERE to schedule a consultation. Let us help you be the Leader your business needs.