Is It Time To Pivot Your Business?
What is a business pivot? Let’s take a look at the signs you need to watch out for signs that it’s time to pivot your business!
Here’s a detailed guide that explains what pivoting is, when to know when your company should pivot, and how to ensure a successful pivot.
First, we need to know what pivoting is, when to pivot, and how to pivot effectively. Pivot means to make adjustments or modifications (as to a product, service, or strategy) in order to adapt or improve. There is a lot to consider before embarking on a pivot. With so much uncertainty in just about every market today, businesses have to be ready to make changes in just a finger snap. Being ready and able to pivot increases the chance of survival for ANY business.
How to tell when it's time for your business to pivot:
You’re losing customers
If you don’t have customers returning, a pivot strategy could bring them back.
Cash flow problems
Cash flow can weaken for many reasons, The most common problem is poor sales.
If things are not working, you shouldn't give up! But instead, change the plans but NEVER the goal. Stay focused.
Outdated products
Demands are always changing and so is your consumers’ behavior. To be successful, you must keep up with the trends. Outdated products could be a major reason why demand falls. A strong reason to pivot is to execute a product refresh or rebrand.
The road you’ve been on is coming to an end.
Plan for what the demand will look like in 5-10 years. If you know the service will get automated within the next several years, that is a gigantic red flag that it is time to pivot as soon as possible. Don’t get lured into thinking that only because you’re doing well now it will continue into perpetuity.
Development growth is stagnant.
The no growth or slow growth can be attributed to various reasons: inefficient processes, an uninspired team, undeveloped products and ineffective strategies. In any case, there is an urgent need to review all these reasons and come up with a strategic analysis and next steps to turn the company around.
Be strategic.
A pivot can strengthen a flourishing business and save a falling one. Just make sure to pay attention to trends and think strategically when you decide to make a change.
Many businesses have pivoted due to the COVID-19 pandemic. Many companies have ramped up the production of certain items for at-home use. Businesses that could leverage their online presence, such as retail and educational services etc.
Review your business strategy, forecast potential scenarios. Be strategic.
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What are you waiting for?
