Optimize your talent to drive business results

 

Devoting attention to how much your employees are engaged and motivated when they execute their daily tasks is crucial if you want to make your company as efficient as possible. Estimates show that a highly engaged workforce can lead to over 20 percent increase in annual profits, which is a staggering improvement considering the resources that need to be invested for achieving your business goals. For this purpose, we will discuss a matching and influential strategy to maximize your employee productivity - Talent Optimization.

What is Talent optimization?

It is a data-driven framework that leverages information on employee characteristics and performance. It helps leaders and managers to accurately assess individual behavioral traits to help choose the right person for a particular job or task. Thus, you can ascertain the skills and characteristics necessary for the task at hand. Based on this finding, you can place the right person for the role, evaluate workstyles of the team, increase cohesion among the team members, align the team with the work to be performed, and provide timely guidance for further improvement. Thus, you can increase productivity to help improve your company’s bottom line.

Why do I need talent optimization?

Workforce disengagement is potentially an insidious issue that can significantly undermine the progress of your company. Most organizational strategies fail to consider that most employees do the bare minimum that is just enough to keep their job. Hence you must pay attention to the behavioral traits and needs of your employees.

Layoffs and terminating staff are practices that would be best to avoid if you consider the overall costs of employee training that amounts to a considerable sum depending on the given position and industry. In most cases, hiring a new employee entails a lot of upfront investment in the first year. In addition to the salary, an amount equal upto 40% of the worker's annual salary needs to be invested in recruitment, proper training, and adaptation to the work dynamic. Hence, periodic layoffs and termination can put a lot of strain on your profits. Luckily, good workforce management can alleviate this problem.

How do I improve employee engagement?

By implementing talent optimization to align, motivate, and engage employees according to their behavioral drives and needs. Let us take a deeper dive into this subject.

Talent optimization enables you to:

• Measure and create worker profiles
• Create a scalable people strategy
• Choose top talent for the job
• Create efficient teams

How does talent optimization improve employee productivity?

There are three main areas to consider:

1.Talent optimization takes the business context into account

Depending on the specifics of the business context, talent optimization helps achieve projected business goals. You need to align your business operations for creating a viable working climate, informed by talent optimization and the immediate work context. Since talent optimization 'sorts' people according to their skills and performance metrics, it is possible to track how well a given employee is suited to work in a particular context and/or team.

2. Talent optimization takes employee behavioral traits and performance metrics into account

As mentioned, workforce analytics is a powerful driving force for restructuring your organizational and operational strategies. Moreover, talent optimization is data-driven in that it predicts how an individual employee will fare based on their skills, character traits, cognitive & behavioral characteristics.

This predictive metric is an optimization solution that reduces unwarranted bias or misjudgment, minimizing human error in the operational process of hiring employees, assembling teams, and assigning tasks & responsibilities.

3. Talent optimization facilitates employee engagement

Essentially, the main benefit of this approach for organizing your talent is that it is centered around reducing worker disengagement.

Good leadership must use prudent and effective strategies to promote a good working environment. In fact, employee engagement is the number one contributor to workplace productivity. Hence, when it comes to maintaining productivity in your company, actively promoting employee engagement is a more efficient and long-term strategy in comparison with just giving out financial incentives and bonuses. Employee engagement and good rapport contribute to increased motivation and productivity on a sustained basis.

What type of issues could be solved through talent optimization?

1.      Employee misalignment with the work culture

Talent optimization can help you hire workers that are more in tune with your work culture. Furthermore, this optimization strategy can reveal aspects in which your workforce is imbalanced and, in some cases, synergistic. Thus, talent optimization can help in pinpointing solutions for recurring issues and systemic problems in your company.

For instance, when transferring to a new premise you could assess the alignment of the team to significantly improve engagement and adjusting to the new environment.

2.      Job misfit with the employee.

Reference profiles help assign people to jobs they will do conscientiously and diligently. In companies that conduct mass hire campaigns to recruit hundreds of employees, it is easy to overlook that a particular employee does not work well under pressure or that team members are incompatible with each other. Talent optimization helps you to assign reference profiles for people. Therefore, with a dataset that shows you the employee behavioral stats and metrics, you can easily see if the person is analytical, extroverted, cooperative, rules-driven, etc.

3.      Manager and employee misfit.

Sometimes, the team leader may not have the requisite leadership style to match with the current objective, and thus could be less effective in leading the team towards success in a specific situation. You can use talent optimization to fine-tune your organizational structure to leverage natural leadership strengths, flex your team strengths to address the gaps, and augment the team in accordance with the collective needs and the situation or project.

4.      Teams that don’t get along well.

When you have larger projects with more than one team working on them concurrently, it is essential to implement a cohesive approach to teamwork. Also, traditional organizational techniques are frequently time-consuming in the sense that you need to do extensive scale efficiency assessments for every new project from scratch. Once you have a detailed dataset, talent optimization allows you to do this quickly, without new workforce assessments, team compatibility trial runs, and resulting productivity delays and deficiencies. 

As you can see, talent optimization provides you with particularly useful information and enables you to increase productivity and help solve issues that have been impeding your business functioning. By gathering insight into your team’s functioning you will be able to take the requisite decisions and actions to bring your business to the next level.

In a nutshell, talent optimization connects your people strategy with your business strategy to facilitate the achievement of your goals!

Gathering radical insights from your mistakes

 

As the old saying goes, ‘To err is human, to forgive is divine’. Going forward, you could regard this proverb as - ‘To err is human, to learn from it is divine’.

Making errors is perfectly normal, however, it is paramount that we also learn how to gather radical insights from our mistakes, and consequently, direct the experience not towards self-loathing, but towards personal growth. This skill will prove to be one of the most useful and comforting skills both in your everyday life and your professional development. It will provide you with a new outlook on life! Reflecting on the causes and results as objectively as possible will render your decision-making to be more cautious, conscientious, and capable of overcoming potential errors.

Sometimes it can be hard to face our failure directly, and yet it is a necessary step towards self-growth.

Why is self-reflection so important?

Developing a habit of gathering radical insights from your failures or shortcomings allows you to use every single situation as a scaffolding for self-improvement. Some people believe that a human being is a sum of their failures and successes. More importantly, improving your ways would be impossible if you never had the opportunity to see how you are mistaken. In the end, a mistake is only a mistake if we do not put in the time and the energy to fix it.

Once you are aware of your internal urges and faults, you are equipped to analyze yourself and your acts both subjectively and objectively. The goal in this journey towards complete self-awareness is to apply this knowledge to understand others as well as how to understand yourself.

When you reach this state of mind, it will be beneficial both in your personal and professional relationships. It is rarely the case that a skill can be both deeply spiritual and pragmatic, but once you observe your behavior from this perspective, you will learn soon enough that this is, in fact, the case.

What are these radical insights that promote self-growth?

Deeply radical and novel insights of the sort we have mentioned are a product of our interaction with every facet and domain of our day to day life. It is not entirely true that only radical mistakes lead to radical revelations. However, it cannot be denied that certain events in our lives, such as the death of a loved person, the birth of our children, migration to another city or country, transition to a different profession, etc. leave the most significant trace on our minds, hearts, and personalities.

Moreover, seemingly minor mistakes, events, or changes can also provide a fertile ground for self-growth. For instance, when relocating to a completely new space, people frequently become overwhelmed, and irritable to other people around them. In such stressful situations, it may be challenging to realize that our family or co-workers are suffering due to our self-centeredness and lack of self-reflection. At times, it is even difficult to recognize that we are in the wrong. In those moments, it’s so difficult to develop the habit of self-reflecting even when you are certain that you are not the one who is at fault.

It is precisely due to such oversight that it is essential to develop the habit of gaining insights from our failures and shortcomings. In fact, it does not take a trip to some exotic place or spiritual get-away to expand our capacity to self-reflect on our mistakes. Deriving insights got to be ingrained into our daily lives to help us when making our decisions and planning our future. Consider your capacity to self-reflect as a system of checks and balances that will stall the choices prompted by selfishness and personal ego.

We need to keep in mind the extent of the influence that we have on the people that surround us. Each individual life is a matrix of benevolent and malevolent actions, words, and relationships. However, the traditional dichotomy of good and evil usually does not hold in everyday situations such as your relationship with your staff or co-workers.

Most failures to establish a productive and cooperative environment stem from forgetfulness in the form of:

· Forgetting the wants and needs of the people around us

· Negligence of our duties and responsibilities

· Ignoring to focus on our priorities

For this reason, it is crucial to keep in mind that our actions need to be motivated not by self-interest, but by the realization that so many people rely on us and look up to us.

Characteristics of an insightful person

A fundamental characteristic of an insightful person is that he/she always holds the postulates of mindful behavior as fundamental truths in their work-life. An insightful individual is a teacher and a student at the same time. This means that an insightful individual has the capacity to be mindful of everything around them and learn a worthy lesson from every situation, conflict, or failure, no matter how insignificant or minor it may seem on the surface.

Let’s look at a few examples to illustrate how this awareness and mindfulness of our surroundings works:

Observation: Extremely wealthy people frequently organize charity events.

Insight: Vanity and hubris are rebranded as humanitarianism.

Observation: A person is smoking a cigar in their electric automobile.

Insight: Human beings are inconsistent beings that contradict themselves. Health needs to be a state of mind, not an accessory.

Observation: A lion hunts down the gazelle under the light of the setting sun.

Insight: Nature is equal parts order and chaos. Both are essential for sustaining life as life ought to be.

Try to practice different ways to gather radical insights from your mistakes as well as your environment. Hopefully, this article through the essential characteristics and skills of a mindful individual will help you deal with mistakes as they show up and help in working on yourself for personal growth.

I hope that you enjoyed reading this article! Feel free to share in your network.

Visit our website for free resources!

Watch business coaching videos on our YouTube channel!

Watch career coaching videos on YouTube!

Connect with me on LinkedIn

Follow our LinkedIn Company page

Like us on Facebook

What is change management and how does it work

What is change management and how does it work

 

 

Changes are inevitable in any business. They are caused by a wide range of factors like technological developments, reprioritization due to competitive pressure, customer’ demands, organizational restructuring, etc. Failing to adapt to these changes could have severe consequences for your business. To help you understand and apply the change management process correctly, let us explore this subject in more detail.

What exactly is change management?

Change management is a carefully crafted approach aimed at enabling managers to implement long-term beneficial changes smoothly and efficiently. It also focuses on helping both the individuals and teams to adapt to the new circumstances. The application of any change management process requires a good plan that all team members and employees understand. It needs to encourage your people to make an effort and participate in these positive and helpful changes.

The process of implementing change

The goal in the process of managing change is to define the best strategies for coping with the never-ending need to change and adapt in business. It enables employees to observe the progress or success of any effective adaptation and adjustment. This further motivates them to become active participants in the process, modify, and follow new practices when the need arises. 

Here are some guidelines when implementing change:

1. Get your team energized about the upcoming change

Organize a meeting to provide everyone with vital information about the process and get them excited about this change initiative. Remember that your staff always closely observes their leader, so be inspiring, emphasize the strong points, and all the benefits of going through the change.

2. Set the endpoint

To get the desired impact of the change, it is critical to clearly define the end goal you want to reach. The inevitable changes will largely depend on the goal you set. These goals can be as varied as – launching a product or a service, setting up a new software system, reorganizing the existing teams, etc. It can even be a commercial relocation to the new premises, which requires smart time management and a careful organization of a whole new set of unavoidable changes. 

3. Comprehend the impact of the changes

Preparation for the upcoming changes is a crucial stage in this process. Before you commence with the adaptation, you need to know whom the changes will affect and how. Some of your employees will go through drastic changes in the workflow, while others may experience only minor shifts. Nevertheless, every employee should get assistance, help, and support for the adjustment to be stress-free.

4. Identify the potential obstacles and address the main concerns

Coming across different barriers while conducting the adjustment to the new circumstances and conditions is not unexpected. Yet, it is possible to prevent huge problems by being focused and predicting potential issues in advance. When an obstacle appears, it is crucial to eloquently communicate the possible solutions with the team members and let them know that you are working intensively on this task. Doing this, will they preserve their confidence, and they will continue with the work without any hesitation.

5. Choose your key leaders and provide them with contextual authority

To choose your key change leaders you need to evaluate their individual leadership styles and ascertain their match with the situation and the objectives. This will ensure that the leaders you choose are competent enough to help the change management process succeed and yield the desired results. For a change initiative to succeed, it needs leaders who know the adaptation plan, understand the benefits of the upcoming change, and can inspire optimism and a positive attitude. As these leaders are involved in making decisions throughout the process; provide them with the contextual authority to take timely decisions and in turn expect their accountability for relevant outcomes.

6. Set specific milestones

The change management process can be stressful and frustrating for some employees. If you set specific goals and milestones, you help them not to lose their focus, and you also make it possible for them to see the progress at any point during the change. This further causes employees to feel secured and inspired to continue with the hard work until they finally complete what is expected of them. 

7. Communicate openly and frequently

Exchanging information regularly during the change management process is imperative. Transparency is one of the most appreciated qualities for you to exhibit if you expect everyone to trust you and believe that you are taking the company in the right direction. Hence, inform your team on how the adaptation is going, send weekly emails, or organize briefings to provide them with the details they need and want to know. This will keep everyone on the same page and will result in much better outcomes.

8. Organize effective training for your staff

Professional training is a vital element of the change management process in any organization. Logically, the type of necessary changes will determine the kind of training that is required. Before introducing any adaptation strategies, create a plan for requisite training sessions for your employees. Ensure that every team member has enough time to analyze the process and perceive how it will work. Also, let everyone ask the questions they want in order to eliminate any doubts they might have. 

9. Monitor and adjust

Proper monitoring throughout the process will help you see whether your plan is working well enough or slight adjustments are necessary. Ask the team members what they think, how the changes in progress affect them, whether they can complete their tasks smoothly, or whether they encounter frequent difficulties in their path. Use the team's reports to collect the information on the change management, and as indicators whether any changes in the current practices are necessary. 

Why an effective process matters?

With effective change management, the chances for success are considerably higher. No organization can expand and progress unless it has the ability to adapt to new circumstances, trends, and business practices. Ensure that you encourage your employees to embrace adjustments as vital steps towards reaching business goals.

How emotional intelligence helps in your business growth

 

In today’s volatile, uncertain, ambiguous, and complex world everyone is trying to achieve a lot within a limited time. Due to the lack of time, we often do not have enough empathy for ourselves, let alone for others. This can drastically affect the work environment and reduce productivity. That's why lately there has been an emphasis on emotional intelligence. Emotional Intelligence (EI) is viewed today as an important element for businesses to grow, expand, and survive. Let us further explore this subject to understand how emotional intelligence can help to enhance your business growth.

Today, it is becoming obvious that interpersonal relationships and communication can greatly affect any business. The ability to learn how to behave in certain situations can be used to avoid unpleasantries. And, on a much greater scale, it will affect productivity. If successfully utilized in a company’s practice and training, EI can have various positive impacts on the business itself.

 

What is Emotional Intelligence (EI)?

There are many manifestations of emotional intelligence. Communication skills, leadership skills, and others are all part of these, often called, soft skills. By enhancing their emotional intelligence: managers and workers can demonstrate better individuality and greater functionality as a team. Generally speaking, it is the ability to recognize, manage, and understand the feelings and emotions of yourself and others.

 

There are several aspects of emotional intelligence:

● Self-awareness: the ability to perceive your current strengths, weaknesses, moods, behaviors, etc. and learning how they affect you and the people around you.

● Empathy - the ability to share the emotional experience of others. Recognizing, understanding, and feeling the same emotion as them.

● Self-regulation/Impulse control - being able to maturely control the way you react in situations, avoiding impulsive responses, and patiently sorting out the most appropriate response.

● Internal motivation - having a kind of subjective motivation that drives you toward accomplishments. A sort of passion, but not of the materialistic type.

● Resilience - maintaining a positive attitude in hard times, enduring challenges effectively with an optimistic view for a better outcome, and having a will to always push forward.

● Social-awareness and Interpersonal skills: being sensitive to the other person’s situation, collaborating, developing strong relationships, and knowing how to deal with others appropriately while simultaneously earning their respect and trust.

● Agility & Flexibility: assessing new conditions, being open to dynamically adapt to them, and accordingly adjusting your behavior.

 

Why is EI important in business?

The importance of EI in the business world lies in many factors. Let us try to explain some of them and how they influence business in general.

 

Identification

The ability to observe, identify and understand other people's behavior, attitudes, and actions can help in a business environment. If a team member is experiencing some uncharacteristic struggles, recognizing the problem will help you find the solution.

 

Finding the right team members

Emotional intelligence also helps to find the right people to build the team. If you hire the wrong person, it can easily disrupt an otherwise healthy work environment. Also, not everyone can perform the same tasks equally, giving the right position to the right person will also demonstrate better results. For example, a manager needs to know how to hold a team together and how to solve delicate situations.

 

The effect on productivity

People with high EI will probably get along together. It leads to better communication, exchange of ideas, and constructive criticism. And the team where everyone respects and trusts each other and collectively builds rational ideas will show significantly better results. Such an overall positive culture is a great foundation for a stable and prospective business.

 

The ease of assessment

Since EI is quite important for a business to be successful, you need a proper expert to assess it and explain the relevant aspects that matter for you to grow. After all, large successful companies employ professionals to deal with this type of assessment for a reason.

 

Build relationships and a better working environment

The effect of emotional intelligence in various working environments can be tremendous. While many people claim to function well under the pressure and on tight schedules, the inner reality for themselves is not the same. With proper guidance, people can learn how to cope with increased pressure and reduce the amount of stress. It becomes especially important in a collective environment where one person's behavior can easily affect that of others. If learned well, it can lead to increased collaboration and team coherence.

 

How to improve EI?

There are many ways to increase emotional intelligence. Let us name a few useful practices:

● Practice listening to what others have to say and try to avoid interrupting. Gradually, you will be able to better understand people.

● Try to understand the circumstances leading to various events. In reality, you cannot always control everything. Some situations happen out of anyone's control.

● Think carefully before you act. Take some time to think before you say or act on something or respond to someone.

● Show appreciation. For example, if a manager knows how to praise and appreciate his or her team, it encourages and motivates people to do better. A small & timely compliment about their work, recognition at team events, awards, bonuses, etc. are all proven to increase productivity and overall atmosphere.

● Learn from criticism. Even though you may not like it at that exact moment, sometimes criticism is a perfect way to learn what to improve.

● Observe body language since it is an important part of communication. Without the full picture, you might misinterpret other people's words.

● Learn to apologize when you are wrong. If you know how to admit and apologize for your mistakes, you will earn a lot of respect from others in the long run.

● Control impulsiveness and at the same time know how to express feelings. Always try to see things from another person's perspective.

 

Conclusion

There are many ways in which emotional intelligence helps in your business growth. Understanding how it works is an important part of improving your business. When necessary, don't hesitate to reach out to a professional EI advisor to help you grow and better understand your co-workers and employees.

Tips for becoming resilient in business

Being able to shrug off failure and criticism without it taking over your life is one of the most important parts of being successful in business. Whether you are running a business or trying to climb up the corporate ladder, resilience is definitely a trait you want to work on. It is what keeps you going even when faced with seemingly insurmountable obstacles. The old saying goes: “If at first, you don’t succeed, try, try again”. But this is often easier said than done. These tips for becoming resilient in business will hopefully aid you in your quest to take the business world by the horns.

What is resilience?

Resilience essentially refers to how flexible you are, and how easy it is for you to bounce back from the difficulties of life. It also refers to our way of dealing with pressure and whether we remain calm and collected in situations of extreme stress. Resilience is not only useful for business, but for life in general. Besides helping you be successful, it can also lead to inner growth. Some people do come about it more easily or seem like they are born with it. However, all is not lost if you are someone who finds it hard. There are tips that can help you develop your resilience. It will help you remain more optimistic, even in times of strife, as well as deal with stress in more effective ways.

Here are some effective ways to build resilience in business

Reframe your thinking

Sometimes when you come across a problem it can be exceedingly difficult to see the forest for the trees so to speak. You are focusing all your energies on solving it, yet somehow it remains in place, without moving an inch. This is incredibly frustrating as it can feel as if you are banging your head against a wall. One thing that would occur to a resilient person in this situation is to change their thinking. Go out of the box or abandon the problem completely for a little while. Once you come back to it with fresh eyes, you will be able to succeed in solving it.

This can often happen when people are stuck in their ways or feel like there is only one way to go about things. For example, if you are building a website for your company, you may feel like you have to go a more traditional route when there are powerful companies that made amazing WP sites. Being able to think outside the box will make you a better problem-solver.

Take charge of your emotions

If we let our emotions run rampant, things can often seem much worse than they are! One of the ways how to be more resilient when things get tough is to practice optimism regularly. Optimism is actually a muscle and the more you try to think positively, the more it will happen. Having a positive outlook will help keep your emotions in check even when things go south. And having a cool head will make it easier to make important decisions.

Learn from mistakes

An important part of this is facing up to the fact that you could be mistaken. Being aware that you might not be coming at something from the right angle implies being okay with failing and owning up to it. Every mistake is something that you can learn from and remember not to do next time. Thinking about why some strategy failed so you would know not to repeat it is one of the ways to enhance your resilience in business!

Let go of being perfect

This is much easier said than done if you are someone who chases perfection in all areas of life. You need to convince yourself; however, that perfection is not attainable. No matter what you do, things are probably going to go wrong at some point. It does not matter how hard you try to keep it together. Accepting that already makes you more likely to bounce back quickly. Doing your best at any given moment is really all that any of us can do. At times finding an effective solution is more important than being perfect.

Build good relationships

Another way how to be more resilient when things get tough is to have a support system. None of us can really go at it alone, nor should we. Building trusted relationships with professionals who will understand when you are having trouble and provide a good sounding board can be an irreplaceable part of being successful in business.

Set clear goals and prioritize

Working on the ability to set clear goals for yourself is one of the tips for becoming resilient in business. It means that you are able to realistically survey the situation and then prioritize your actions based on evaluating various factors.

Celebrate little victories

Acknowledging that every win, no matter how small, took time and effort is one of the ways to build resilience. It helps you know in your heart what your brain already knows – every little thing matters. Everything you do gets you a step closer to achieving your goals.

Learn to say no

It may seem counterintuitive. However, learning how to say no is one of the effective ways to enhance your resilience. It works similarly to setting clear goals and consciously avoiding tasks that waste your time and energy. If you are careful about what you devote your time to, it means you think through things more carefully and are accepting responsibility for them already.

Build self-esteem

One of the ways to enhance your resilience is to enhance your self-esteem. Developing positive affirmations and writing your daily goals will help in enhancing your self-image. The better you feel about yourself and the more confident you are, the more resilient you will be.

Define your purpose

The final tip for becoming resilient in business is to find meaning in what you are doing and becoming effective in your sphere of influence. Being able to see the big picture no matter what it is; that is the sign of a resilient person! Knowing that there is a higher purpose you are striving for makes it easier to overcome failures when they happen.

PIVOT your business to recover from this economic downturn

Pivot is a shift in your strategy to test a new customer segment for your products or services. It could lead to positioning your company into a new market or vertical.

When you began this year, your business strategy would have been designed with the assumption that the external market factors and conditions will be almost the same as the previous year. The COVID-19 crisis totally changed this scenario causing a critical need to alter your strategy. Changing your existing business model is far less risky than doing nothing as you already know that inaction will lead to a failed business or a substantial reduction in achieving your sales revenue and profits. Thus, pivoting your business model to help in navigating a way through this economic crisis becomes foremost on the minds of business owners.

You could do a customer segment pivot to position your product or service for a new user segment that you were not initially targeting. It could be due to the reduced demand for your product or service in the current user base that you were focused on until this crisis happened.

Some recently successful pivots:

> Beverage & perfume brands are shifting to produce sanitizers.

> Fabric & garment manufacturers are modifying their factories to deliver masks and gowns.

> Industrial product manufacturers are altering their plants to make personal protective equipment.

> Device companies are revamping to produce health monitoring & testing products.

> Nutrient companies are diversifying into producing immunity-boosting supplements.

One of the most essential aspects of a successful pivot is to challenge traditional thinking and generate enough ideas to identify pivots that could make a difference in your industry. Some good areas to generate ideas for pivots would be to introspect target markets, potential partners, product differentiation, commercialization methods, unfulfilled needs, higher value creation, solutions broadening, delivery mechanism, repurposing resources, rethinking product-service mix, distribution channels, etc.

As observed by Jeff Bezos of Amazon, companies taking lots of small risks and failing will find the one or two efforts that will enable their business to succeed.

To increase your likelihood of big gains:

1. Do a pivot as early as you can

2. Be open to several iterations and evaluations

3. Re-use existing work that you have done so far

4. Solicit feedback from your current customers

At its simplest level, it could begin with two factors: DEMAND and ADAPTABILITY. This would lead to four quadrants for further analysis & decision making:

High Demand, High Adaptability: This is a high potential area as your product or service can be easily adapted to service this customer segment that has a surge in demand. For example: masks, gloves, sanitizers, shields, scrubs, personal protective equipment, grocery delivery, food delivery, health monitoring & advisory, sanitation services, online training, etc.

High Demand, Low Adaptability: This area does have high demand even though your current product or service cannot immediately be adapted to this need. You need to introspect and see if you could either zoom-in or zoom-out to develop some new products or services to cater to this demand. Based on your evaluation, you may decide to pursue or pass this opportunity.

Low Demand, High Adaptability: This you may be catering to already or can easily cater to with the least amount of modifications. Continue leveraging this segment for generating cash-flow to invest in the ‘High Demand’ market segment.

Low Demand, Low Adaptability: This is the least lucrative area to focus on. So consciously choose to de-prioritize your investment in this segment.

While doing the pivot, remember that a change in your business model will impact all sides of your business model including marketing, operations, people, sales, service, et al. By further analyzing and brainstorming using this framework, you could decide where to focus your resources, time, and money. Sometimes your analysis could help your business model to pivot from an erstwhile high-margin, low-volume business to a low-margin, high-volume business. Selecting the best option and deciding to implement it can help in re-energizing your organization to achieve your goals.