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Pivot

  • November 25, 2020
 

Remember when Ross on Friends yelled ‘PIVOT!’ to get a sofa up the stairs? Well ‘pivot’ has now become a 2020 buzzword.

Why? Coronavirus saw many businesses facing a massive and unexpected drop in revenue. Pivoting (meaning when a business takes a steep turn or change in direction), is how some companies avoided closure and found an alternative revenue stream.

Here are some examples of pivoting in response to the global pandemic:

Wholesale to retail.

Food suppliers moved from purely wholesale to allowing individual customers to access bulk supplies.

Restaurants to takeaways.

The Cauldron Restaurant in Bristol for example is now The Cauldron Dispensary selling takeout meals, fresh veg and provisions such as cleaning products.

Distillery to hand sanitiser.

A number of gin distilleries and even skincare companies took to making hand sanitiser to meet demand.

Gyms to online fitness.

The forced closure of gyms led many to offer virtual fitness classes to stop their membership numbers plummeting.

So yes, pivoting is another annoying buzzword, but it’s also a good example of creativity meeting grit and determination as people get to work rescuing their businesses.

Can you think of any more examples of a business pivot? Follow us on LinkedIn for more content like this! Or browse the other content we have here. Or you can follow us on Twitter for updates everything JMC. @jmclegal