WATCH LIVE | From panic to pivot: how to reinvent your business
Part 2 of the Business Day SME Matters with the Johannesburg Business School takes place on August 19
While the word “pivot” has joined the lexicon of phrases linked to Covid-19, it’s not a new concept. A vital part of business innovation for many years, some companies are forced to pivot defensively because their original model is failing, while others proactively pivot in response to opportunities as the business environment and consumer tastes evolve.
Pivots are typically high risk, however the potential benefits can significantly outweigh the risks. In the context of the Covid-19 crisis, it has become essential for many companies to not only shift their business models, but do so quickly, to survive.
Various companies, from small start-ups to large organisations, have been forced to transform dramatically. Pivoting into new markets to stay relevant and viable ensures the time and money invested will not go to waste.
Ultimately innovation is vital to adapt to unexpected challenges, and in this difficult time of complexity and uncertainty, the need for innovation has never been greater. Those that have succeeded in pivoting their companies may find their businesses permanently transformed for the better.
Join the Business Day SME Matters digital series, in partnership with the Johannesburg Business School, as we look at some of SA’s most innovative entrepreneurs who have turned crisis into opportunity — and how you can be inspired to do the same.
- Mummy Mthembu Fawkes, founder, Earthy
- Matt Brownell, head of brand marketing, Yoco Technologies
- John McDonald, co-founder, Redshift
- Philasande Sokhela, faculty member, Johannesburg Business School and PhD scholarship recipient from the University of Glasgow
- Arabella Parkinson, entrepreneur, Eat to Thrive
Date: August 19
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