Whether you’ve been fantasizing about a total overhaul of your business or a very narrow shift in just one facet, now may be the right time to pivot.

What is pivoting?
Think of pivoting as a change of course—whether major or minor—designed to test a new hypothesis about what works​. As an entrepreneur, it’s easy to become stuck in a fixed mindset. But as they say, change is the only constant, so the only winning formula is the one that reflects ever-evolving circumstances! 

Reasons to pivot
You need to differentiate yourself. ​No matter how unique your ideas may be, there’s always a chance that another business with more resources and a more stable audience will present strong competition.

You’ve plateaued. There are many reasons your business may be growing too slowly or not at all. While your entire business may need a pivot, it could also be a simple case of needing to shift your revenue model, product, or market focus. ​

You’re only getting attention for one thing. If just one facet of your business is succeeding, it’s possible that your focus should switch to reflect just that! By shifting your resources to better capitalize on what works, you’re likely to see a rise in productivity and sales over time. ​

Your market response has been unenthusiastic. Don’t dismiss a tepid response. You need to feel confident that the marketplace will feel strongly enough to bite once your offering has launched. Creating hype via marketing can only do so much.​

You’re getting negative feedback. Customer responses are a strong indicator of whether you should pivot. Occasional negative feedback is normal, but if you’re constantly being criticized, chances are it’s time to pivot.

Your perspective has shifted. Many entrepreneurs experience shifts in goals, values and overall vision once their business has been operating for a while. You may even realize that your current path isn’t the right one!

How to pivot?
Depending on your reasons for pivoting, you might consider reframing or redesigning a product to emphasize its most loved features. Or, you might​ target a different audience. ​A new revenue model may raise your profits, or a different manufacturing technology may cut costs. ​ There are just as many ways to pivot as there are reasons to do so.

Bottom line; before you make a change, it’s important to do your research and be sure your pivot presents better opportunities for growth​! Happy pivoting!

A YES Business Coach can help you harness your ability to pivot successfully. Visit yesmontreal.ca.