Core Principle #1

The decision to pivot is highly unique – it depends on a business’ market, history, company culture, talent expertise, specific audience and customer relationships.

In a recent Capital One Business Insights Center Study we found that 87% looked to their customer or employee feedback to determine how to pivot, demonstrating the importance of listening to those who know you; not necessarily following generic advice or industry trends. In other words: don’t pivot because “everyone” is pivoting. The most successful organizations see their customers and employees as incredible assets, with valued perspectives and influences on their business’ future.

Core Principle #2

Capital One and Masters of Scale’s research suggests businesses that dedicate resources to strategic digital transformation outperform their competitors. In fact, a business’s ability to embrace and integrate emerging technologies is directly tied to revenue. Nearly all small business owners (91%) say that technology helps them run their business.

Business owners specifically note the role AI plays in accelerating their business and strengthening their resiliency. 81% say AI tools help by automating manual processes, 80% say they help drive business performance, and 76% say they have helped advance, change, or evolve business strategies.

Conclusion

Scaling a business is full of both challenges and rewards – and a business owner’s ability to remain resilient through both internal and external obstacles is key to long-term success.

As identified in Masters of Scale & Capital One Business’ research, two of the most significant determining factors of a business’ resilience are: (1) the ability to smartly and strategically pivot based on customer behaviors, trends, and needs, and (2) the ability to embrace emerging technologies and prioritize digital transformation.