How to pivot your start-up in uncertain times

During these challenging times, many start-ups are in a vulnerable state — leading many founders to question the validity of their business models in the new world.But, when everything’s in shift, how can founders be sure of the best moves to make? Here we go-

1. Don’t panic

It’s easy to fall off track during this chaotic time, but keeping level headed is the best approach. Leaders emphasises that remaining calm and staying focused will set your business on the right track

2. It’s the same mission, but a different approach

Sometimes, pivoting isn’t necessarily about changing your business’s focus; a slight change of course might be all that is needed.

3. Ask away

When a crisis hits, it’s time to talk to your customers, stakeholders and the wider ecosystem. What you find out will be invaluable.

4. Plan different scenarios

Mapping out strategies and having an inquisitive eye can help clarify the best direction to take.Keep your investors in the loop with these alternate plans too.

5. Be crystal clear with your team

While these rocky times create friction for start-ups, transparency with the team will make that pivot leap a lot easier, and more successful.

6. Alongside clarity, keep up the team spirit

In order to ensure your team remains productive during a pivot keep them engaged with each other.

7. Pay extra attention to your existing customers too

Stick by your current clientele so that they’re still here post-Covid.The start-up has kept up with this by allocating more of the team to customer support.

8. Preserve, adapt, reconquer

The holy trinity of advice that should be adhered by companies changing course is to preserve, adapt and reconquer.

9. Be careful with your pitch decks

For investors, there are some essential dos and don’ts when pivoting while fundraising.

“Every company has to demonstrate that they’re adapting to Covid-19, otherwise they’re living in a dream land.”

10. Ace your pivot narrative

It’s important to get the messaging to your company, team, investors and customers right as things shift.

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