Crisis is inevitable. Will it hold you back or catapult your growth?
I’ve had this conversation over and over again, with dozens of clients and health innovators. I’m often asked, “How in the world do I survive and thrive in the new COVID economy”?
Whether you were a fledgling startup in the middle of fundraising, or a more mature healthcare brand destined to dominate your market, I have no doubts that you’ve seen firsthand how COVID-19 has quickly changed market conditions.
The odds are high that you need to pivot some aspect of your business.
For some, this means a shift to virtual selling. For others, you need a fundamental shift in your market strategy… maybe even your whole business model!
Every health innovator needs to pause, listen, and examine its business through 6 critical “pivot lenses.” Even if you determine no pivot is necessary, you need to at least confirm that you’re on the right path.
By the way, I haven’t come across a single company that didn’t need to pivot some aspect of their business.
The 6 pivot lenses to look through
Here are the 6 critical pivot lenses you need to look through for a 360-degree view of your healthcare business:1. Finances. Do you have enough runway to stay afloat? How can you cut operating costs and generate critical funding?
2. Operations. A game plan for running smoothly and managing your team when you have to “go virtual” to keep moving.
3. Leadership. We’re all stressed. Are you supporting and leading your team in a way that inspires and motivates?
4. Market strategy. A deep look at things like your innovative solution, market positioning, and revenue model.
5. Marketing. Things like messaging, branding, and communication: how you present your innovation to prospects.
6. Sales. How will you make sales now that physical interactions are limited or completely restricted?
Yesterday’s pre-COVID strategy doesn’t guarantee tomorrow’s success. You need to make sure your company survives and thrives in this new COVID economy — and the best way to do that is to use a research-based framework that lets you move fast without missing any critical details or opportunities.
That’s why I went into overdrive creating a COVID-Proof Your Business Pivot Kit™, which guides you through the 6 pivot lenses to ensure you’re making the right moves. You can check it out here.
If you’re not ready to make the investment yet, click here to claim your free copy of my COVID Pivot Strategy Builder. This worksheet helps you work through one of the most important lenses — your market strategy (which is pivot lens 4 from the Pivot Kit!).
Don’t sit on the sidelines waiting to see what happens after the crisis is behind us. Proactively create and execute your pivot strategy for the days and months ahead.
Tune into The Health Innovators Show, a weekly podcast and video show about the leaders, influencers, and early adopters who are shaping healthcare and digital health.