Sometimes in business, we hit a standstill. We’ve pushed and tried our best, we’ve explored options, we’ve done what everyone has told us to, we’ve read everything that we can about growing our business, and we’ve asked for help. Yet nothing is working. Our company isn’t growing, it might even be losing money, and we don’t know what to do.
Sometimes, when you feel stuck, there is something that you have yet to try, and the best thing that you can do is stick it out, keep trying and give your changes the chance to take hold. But, on other occasions, you need to pivot.
A pivot is quite common in small business and is basically a significant change in direction. The change itself can be any kind. You might decide that your business is better suited to a real-world shop than an ecommerce store. You might conclude that despite all of your market research, your products aren’t what people want. You might want to change how your business works, the outcome might be the same, but you might want to get there in a different way.
But, while a small business pivot is more common than you might think, there’s still a risk. Even if your business hasn’t been doing as well as you might like, you’ve still committed time, energy, and passion getting it going and you won’t want to throw it all away. So, let’s take a look at some tips to help you manage a small business pivot successfully.
Find a Need
If your products aren’t selling, it might be that you didn’t identify a genuine need in the marketplace, or find your audience before you launched. A great product that you love is an achievement, but if there’s not a gap in the market for it, you are wasting your time. Before you pivot, identify that need. Make sure that there is a gap in the market and a need for your new business idea before you commit to a pivot.
You should never rush into a pivot. Give it time. Don’t make rushed changes to your current business and hope that take effect immediately. Give things as long as you can before making a change. Even then, take the time to plan your changes.
Look to change management training companies for help and support. Prepare business plans and financial forecasts. Plan for a drop in income, and for any funds that you may need to commit to the changes themselves, and take your time to get it right.
Listen to Your Customers
Do your customers want you to make changes? Listen to their feedback. Ask them what they want from you, and what they like most about your business. Understand what the market as a whole is lacking, and what their struggles are so that you can find ways to help them. Remember, while you want to grow, you don’t want to lose the loyal customer base that you have spent so long building.
Invest in Marketing
A big mistake people make during a pivot is assuming that people will know. Why would they? Invest in marketing, and try to launch your pivot with a bang.