In today’s business vocabulary, the word pivot—as a verb or a noun—has become shorthand for any change or shift. The COVID-19 pandemic, however, forced many of us to initiate wholesale and all-encompassing pivots in order to stay afloat.
We talked with entrepreneurs and members of the Entrepreneurs’ Organization (EO) who recently overhauled their businesses in order to survive—and perhaps even thrive—in a post-pandemic landscape.
From their experiences, we learn three key steps to making a successful pivot.
1. Adjust your services to be relevant today
WooHah Productions is based near Melbourne, Australia, and provides audio-visual equipment. Before coronavirus, they primarily catered to in-person events and live entertainment activities. When those became scarce, the company found itself with few prospects.
Arosh Fernando, creative director of WooHah Productions, says, “When our core business was not permited to function due to the government restrictions, we realized we had to change everything.”
The team had to come up with a new way to make their products and services relevant in the current times. With that, Studio 45 by WooHah Productions was born.