What Is A Business Pit Stop?

In auto racing, a pit stop is when the driver pulls the car into the pit so that the pit crew can attend to it during the race. They replace tires, refuel, repair damaged wings or make other modifications to the car to change the downforce and improve performance. In business, a pit stop is when you step back and stop working, like the driver stops driving, and assess and address any issues that need to be fixed so you can get back to work and achieve your objectives.

It’s easy to get caught up in running the business day-to-day to keep up with the challenges. If you don’t stop and assess the situation, you’ll continually be reacting to the business and letting circumstances control you. To be effective and operate at a high level, you need to be out in front of the business, being proactive and guiding it. Not only is this important for the CEO or business owner, but also for the employees. They need to understand how their jobs fit into the overall business goals, and review how they are progressing against their personal and departmental goals. If things are not going as planned, how can they take corrective action?

The business pit stop can be regular update meetings in the office, but it can take place outside of the office as well. Going to happy hour with colleagues to relax and re-energize is another form of business pit stop. It allows people to de-stress and build relationships with their officemates. Taking time out to attend training and educational sessions is also valuable. It provides the additional skills needed for people to operate at higher levels and advance their careers. Regular professional networking events with people outside of your organization is another form of business pit stop that allows you to connect with others who can help you.

You should decide on the types and frequencies of your business pit stops to suit the needs of your organization. Conduct them regularly and put yourself in a position to overtake your competitors and win the race.

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Image courtesy of Francesco Crippa (Source)