In the business world, there’s often talk about a business undergoing a pivot. This idea of pivoting your business essentially means you alter the way you approach things. For example, you may think your business plan was perfect in the beginning, but time has shown that it needs a change of angle. So, you pivot and try something new.
When done properly, a pivot can help grow your business exponentially. However, when a pivot goes wrong, it’s one of the top causes of startup failures. So, how do you practice this art perfectly? Here are a few tips to help you pivot your business with ease:
Secure Additional Funding Early On
One of the main reasons a pivot fails is that you don’t have enough funds to properly finance your change of angle. Think about it, let’s say you want to rebrand your business after the first attempt might have gone a bit stale or received mixed reviews. This can cost a significant amount of money, so you need the funds to help make this possible. There are companies these days, like Unsecured Finance Australia who offers unsecured business loans. These are good ideas for small companies who need money, can prove they’ll be able to pay it back but don’t want to use their business to secure the loan. Regardless of how you get the funds, just make sure you secure them!
Really Narrow Down Your Target Audience
Often, a key reason businesses are struggling is that they’re not finding many customers. Sometimes, the secret lies in how you define your target audience. Perhaps you were a bit too broad with your approach, to begin with? If you want to successfully pivot your business, then think about narrowing down your target audience as finely as possible. This will help you market your products better and create things that serve a very specific audience. There’ll be more chance of you finding new and loyal customers this way.
Adapt To Market Needs
All business owners like to imagine they have it all figured out. Stubbornness can be a real issue as you’re so sure that your idea is the one to help see prolonged success. However, when times are tough, you may have to admit you’re wrong. Sometimes, you need to change your approach and adapt to market needs. This might mean bringing out new products that fit the market demand, or it could mean using technology to meet current customer service needs. The point is; a good pivot can occur when you adapt to what’s popular at a particular moment.
So, there are a few tips here for any small business owners considering a pivot. There’s nothing wrong with changing things about your business to try and get ahead of the competition. Often, a pivot is all it takes to grow your company and earn a lot more money. Stop thinking of your business as a specific thing that can’t ever change, think about it as an entity that can always be adapted and changed. A flexible business is a successful business!
I hope you enjoyed this article about the art of pivoting your business successfully if and when the time comes.
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