"Efficiency is not the key to success; it's the ability to pivot to new opportunities." Alan Jamison
Business success goes beyond efficiency. An efficient process maximizes resources and minimizes waste. Being efficient alone does not guarantee success.
The ability to pivot to new opportunities is crucial for success in today's fast-paced, ever-changing business environment. By pivoting, we mean adapting to changing market conditions, customer needs, and technological advances. In other words, it involves identifying new opportunities, shifting resources and strategies quickly, and capturing their potential.
The company Zoom recently demonstrated its ability to pivot. In the wake of COVID-19, Zoom quickly pivoted to meet the new and urgent needs of remote work and online education. This has positioned Zoom as a leader in video conferencing.
Another example is Shopify, which started as an e-commerce platform. The company has continuously evolved its services to provide more value to the customers, such as Shopify Capital, Shopify Fulfillment Network, Shopify Plus, and more, helping them retain and attract customers.
Efficiency is important, but it's not the only key to success. To remain competitive in today's business environment, companies must be able to pivot to new opportunities. Long-term success is more likely to be won by efficient and adaptable companies.