Your business just faced a major innovation setback. How can you pivot your strategy effectively?

3 Revisit Goals

With a clearer picture of what's gone wrong, it's time to revisit your business goals. Are they still attainable in light of the setback? Maybe they need tweaking, or perhaps you need to set new, more achievable goals in the short term. Your goals should guide your pivot, acting as a north star to align your revised strategies and ensure that every action you take moves you closer to your desired outcome.

4 Explore Alternatives

Innovation is about exploring the unknown, so when faced with a setback, it's essential to explore alternative paths. Consider different business models, technologies, or markets that you may not have considered before. This might involve pivoting to a new customer segment or altering your product to serve a different need. Creativity in finding alternatives can open up new opportunities for growth and recovery.

5 Engage Team

Your team is your most valuable asset during a pivot. Engage with them transparently about the setbacks and involve them in brainstorming sessions for new ideas. It's important for everyone to feel they have a stake in the business's recovery and future direction. Fostering a culture of resilience and adaptability within your team can lead to more innovative solutions and a stronger comeback.

6 Implement Swiftly

Finally, once a new strategy has been formed, it's crucial to implement changes swiftly but thoughtfully. Time is of the essence in recovery from an innovation setback. Quick implementation shows adaptability and determination to succeed. Monitor progress closely and be prepared to make further adjustments as required. This agility will not only help you recover but also strengthen your business's ability to handle future challenges.