When it's time to pivot, what's your story? : how to sell stakeholders on a new strategy /
Mcdonald, Rory.
When it's time to pivot, what's your story? : how to sell stakeholders on a new strategy / Rory McDonald, Robert Bremner - September-October 2020 - Harvard Business Review 98 : 5, pages 99-105 .
To succeed, a new company must rally investors, staff, customers, and the media around a good story. But often that narrative turns out to be wrong, and entrepreneurs realize they need to change direction. How that shift is communicated can have a huge impact on a venture's future. Through extensive research with founders, innovation chiefs, analysts, and journalists, the authors have identified stratagems for maintaining stakeholder support during pivots. Early on, entrepreneurs should avoid a focus on overly specific solutions and instead present the big picture. When changing course, they can then signal continuity by explaining how the new plan fits with the original vision. Once the reboot has happened, it's critical to be conciliatory and empathetic to stakeholders who may feel abandoned. Employees and customers are far more willing to remain loyal if given guidance about how they'll be affected and if leaders seem to genuinely care about their situation.
Business.
Business communication.
Business models.
Business plans.
Development stage enterprises.
Entrepreneurial financing.
Entrepreneurial management.
Public relations.
Stakeholder relations.
When it's time to pivot, what's your story? : how to sell stakeholders on a new strategy / Rory McDonald, Robert Bremner - September-October 2020 - Harvard Business Review 98 : 5, pages 99-105 .
To succeed, a new company must rally investors, staff, customers, and the media around a good story. But often that narrative turns out to be wrong, and entrepreneurs realize they need to change direction. How that shift is communicated can have a huge impact on a venture's future. Through extensive research with founders, innovation chiefs, analysts, and journalists, the authors have identified stratagems for maintaining stakeholder support during pivots. Early on, entrepreneurs should avoid a focus on overly specific solutions and instead present the big picture. When changing course, they can then signal continuity by explaining how the new plan fits with the original vision. Once the reboot has happened, it's critical to be conciliatory and empathetic to stakeholders who may feel abandoned. Employees and customers are far more willing to remain loyal if given guidance about how they'll be affected and if leaders seem to genuinely care about their situation.
Business.
Business communication.
Business models.
Business plans.
Development stage enterprises.
Entrepreneurial financing.
Entrepreneurial management.
Public relations.
Stakeholder relations.