Is it time to pivot in your business? Is your business model no longer working for you since the pandemic or your marketing not responding like you thought it would? If you answered yes to any of those questions, you're definitely ready to pivot.
For the last month the term pivoting has been like seeing the new car you want over and over again. It has always been around but you're just now becoming aware of it.
So what exactly is pivoting?
Pivoting is not normal change…it's when something rests then turns or gradually rotates without change to the initial plan or vision. Pivoting is a humbling experience and I'm sure we’ve all had to pivot in business or life during the pandemic at some point. It requires understanding of where your business is heading, and deciding on a drastic course of action. But if your business is underperforming, some kind of pivot may be necessary to stay in business.
However, pivoting is not always necessary just for negative reasons. Your business may be doing better in one area and it's time to cut products/services that no longer serve you. A business pivot means different things to different people. The main point is that a pivot keeps the business fresh and updated. As an entrepreneur and business owner you should always be ready to make changes when necessary.
All that said, while the pandemic has certainly created some unique challenges, health scares aren’t the only reason to pivot. Other reasons include:
Progress is too slow
No Progress at all
You’re losing customers
One product is outselling the others
Your product is outdated
Developing new products
Your team could be better utilized
High Competition
Low Market Response
Perspective Change
No matter why you have decided to pivot, it’s important to view this need as an opportunity, rather than a failure. Pivoting requires both agility and calculated risk, but a successful pivot can provide powerful results to any business that approaches it strategically with enthusiasm and faith.
Check out this9 min read HubSpot When, Why, & How to Pivot a Startup Business to learn a few ways to successfully pivot in your business.