Pivoting: How Emerging Businesses “React” for Success Today

By Mark Sheffield, CPA, Principal
ASL Emerging Business Group 

Entrepreneurs of the past wrote a long business plan, developed a product over one or two years, and hoped they could sell it. Today, because change is so rapid, flexi-planning is the best practice. This is called pivoting, which is evaluating and changing strategies and tactics every three months as necessary. Iterative and incremental development is a best practice to insure continuous improvement especially in technology and software companies. It is common now to see original ideas transform into final applications that are irrelevant to the original vision. Companies that react to something that doesn’t work by leveraging the technology into something different often find a second or third life for their start-up.

The cousin to pivoting is promptly executing. Today’s speed of business and explosion of entrepreneurs means you can count on somebody else having already thought of your idea. To succeed today, it’s about pivoting, execution, speed, and iterative development. Be nimble and quick, pivot and iterate.