By Kathy Henderson, Director of Economic Development, CCEDC
To Pivot: When used as a verb it means “to turn on a point” but when used in business it has a much broader definition; “A pivot usually occurs when a company makes a fundamental change to their business after determining (usually through market research) that their product isn’t meeting the needs of their intended market.”
The term pivot these days is being used more and more due to the COVID 19 pandemic. Businesses are seeing there are opportunities out there for them to create a new revenue stream doing something that they would normally not do.
I saw a news report this morning about a company in Lackawanna County that saw a need for plexiglass shields for businesses to protect their employees and customers from transmitting the COVID virus to each other. The gentleman recognized that many businesses had less than professional looking safeguards in place and thought that it would offer a new opportunity for pivoting his fencing business that was experiencing a slow down. Hence a new company was born out of creative thinking and innovation. The new shields are professional looking and easily removed if and when the business decides to do so. Most importantly, they create a safe and comfortable atmosphere for both customers and employees.
Small businesses are more nimble than larger companies because it’s usually the owner who makes the decisions and not a large board of directors or multiple owners. They can implement new ideas and get their product to market faster and easier.
New entrepreneurs can also make a difference by coming up with better ideas and methods of doing things. Maybe you’re standing in line at the store or waiting in line at a drive-through. Maybe you’re shopping online and the thought occurs to you that there has to be a better way.
Let your creative energy flow and come up with a totally new idea and who knows it could be the next greatest thing!
For help in starting a business, taking your current business to the next level or just information on where to turn to move your idea forward, contact us at CCEDC. We can help you become the next great innovator.