Recognizing When and Why to Pivot
Pivoting is a term often used in business to describe the act of changing direction. It can be the result of an opportunity that might have come up, or it could also happen because something isn’t working. The first step should always be looking for clarity on what’s not working and why. If you’ve done that, then there are some steps you need to take to pivot successfully into your new business model.
Sometimes, pivoting is an all out reboot of your business model or idea behind it all together. This can be difficult because there are often times sunk costs that make it hard to just walk away from something that’s not working.
It can be easy for entrepreneurs and small business owners to get caught up in the day-to-day of their businesses, but it’s important take a step back every once in awhile so you can see your company with fresh eyes. Doing this will help you better understand. When in doubt, don’t be afraid to ask for help from a mentor or advisor that can offer objectivity.
Often times, pivoting into something that is working more effectively can be as easy as creating an FAQ page on your website or revising how you describe the value of what you’re offering to potential customers. It might also mean shifting some of your budget away from one thing and toward another so it’s easier to see the results. It might even mean hiring a new team member to help you with what’s not working right now.
The main thing to remember is that a pivot isn’t something you make once and it’s over. It’s going to be one of those things where you have to stay on top of it, because the minute your business becomes predictable or stagnant, customers will start looking for someone offering more value. In order to help yourself as an entrepreneur, it’s important to be flexible and open to where opportunities might come from.
Often times, pivoting in business is about trying something new and seeing if it will work before you throw too much money into the idea or concept behind it all. It’s important to be flexible because there are just so many factors that can affect your ability to succeed with what you’re doing now.
When an entrepreneur pivots, it’s important to remember that your business is never static. It has the potential to shift and change over time which means you need to keep yourself open-minded about what might work better for your company in order for success.
Pivoting can happen as a result of many things from market forces or changing customer needs. If you’re an entrepreneur, it’s important to be flexible and open-minded when you decide to pivot in your business.