As COVID ravages its box office sales and theme park revenue, Disney has announced plans to refocus its business around streaming platforms and new content. I applaud Disney for being strategic and choosing to re-invent itself, unlike now-defunct companies such as Blockbuster, Polaroid, Pan Am, and Borders.
One definition for the word pivot is a movement in which the player holding the ball may move in any direction with one foot, while keeping the other (the pivot foot) in contact with the floor. Basically, it means being able to turn on a dime and quickly shift direction. It means that you have options – choices – and options are a good thing.
Being locked in to one thing rarely bodes well. In life, when you put all your eggs in one basket and invest or commit your energy into a single venture, opportunity, or goal, you risk a huge payoff or losing big. If that thing fails or does not come to fruition (think Blockbuster), you are doomed.
On the other hand, when you put your eggs in multiple baskets (think diversifying your 401K investments), if one basket implodes – like current box office sales and theme park revenue at Disney – you can look to other baskets to keep you afloat.
JILL, WHAT CAN I DO? I can’t think of a time in the past 50 years when it has been more important to have a Plan B. If you’ve read my book, you know I’m not a fan of Plan B – I’m a go big or go home girl. However, COVID has opened my eyes. While we never want to think about the worst-case scenario, I’ve learned that having something to fall back on just in case actually reduces stress. What’s your Plan B?