Perhaps until now you have been fortunate enough to experience successful business growth for years without a make or break moment that challenged the life of your company. What does it look like today, though? Unless you are one of the Amazon partners, there’s a good chance your business has been affected over the past seven months. For many business owners, the external shocks of COVID and the economy mean it might be time for change.
Or is it? Not all businesses need to re-route, according to this recent Harvard Business Review article. If you aren’t sure yet whether it’s time for a creative business strategy or not, here are some things to consider about pivoting your business.
Do You Still Love What You Are Doing?
This is honestly the first place to start when assessing your business and future for it. If you find yourself dreading work more than enjoying it, it may be a sign that it’s time for a bigger change than just pivoting the business itself; it may be time to move on from it altogether. If the thrill of meeting goals and passion for your industry have declined, consider what options might be available to you for exiting instead.
Have You Considered The Mini-Pivot?
Is your whole industry suffering right now? Are there other examples of those in your industry who have already pivoted and found success through these tough times? If you can investigate your core competencies in the industry and your business, you can determine if you need a whole new approach or just some slight tweaks. You can think of this as the mini-pivot.
For example, if you have a product or service that people still value but the volume is down, can you move online or to a new region to build up a bigger customer base again? Restaurants have demonstrated this kind of creative thinking by adding delivery options, curbside pick-up, and scheduled dining times.
Is A Pivot Really Right For Your Business?
Pivoting is fundamentally altering your business, but it may not really be the best solution. If you find customers aren’t there, the product you sell is not working, or there is simply too much competition then by all means consider the pivot. Just be sure you are listening to your target audience and what they want. Then pick new goals and opportunities for growth. This will give you a focus for you time and energy, and may just be the transformation your business needs right now.
If you’re considering selling your business instead, you can start by getting a free business evaluation today.