10 Tips for Pivoting your Business Now
Being an entrepreneur and running your business, you are almost guaranteed to run into bumps on the road and with the world being in the COVID-19 crisis, many people are facing issues that no one could have planned for. Here are some tips and ideas to help and inspire you.
1) Do it. Do it now. Once you’ve identified your problem, waste no more time, money and effort. Get your company on the right track as soon as possible.
2) Create new goals that align with your vision. Entrepreneurship isn’t easy and it takes self discipline and being brutally honest with yourself. If your current path doesn’t feel right to you, you must step back and evaluate your mission in life and in business.
3) Hear your customers out. Listening to your customers can be a great deciding factor whether you need to pivot or not. They are your driving factor and it’s important to get their insight on how they feel about your business.
4) Ensure your pivot presents room for growth Deciding on whether to pivot your business can be a difficult decision to make and it’s important to make sure your pivot presents opportunities for growth or you may find yourself hitting another roadblock.
5) Don’t scrap your current work Pivots don’t always require a 360 change on your business model and your new plan doesn’t always need to be a radical one. Certain aspects of your business can be maintained, salvaged and restored.
6) Consider new technology platforms for the solution. New technology is constantly on the rise. The fact is things change. What works today might not work tomorrow. Consider changing your current technology to stay competitive.
7) Add that feature that makes you standout. The business world is tough, there’s many people out there doing what you are doing or wanting to do what you do. Add a “grabber” to your solution that makes you stand out.
8) Create a solution for your customer. As the economy changes and government regulations are evolving your business should provide a solution to your customer’s needs. Help them realize why they need your business in their life.
9) Fulfill the unmet needs Take a look at your business and think deeply about what you do and what you could be doing. Fill the gap. Shift to supply what your customers need today.
10) Reposition The key to your pivot will be repositioning. Respositing what you offer to your existing clients. Repositioning yourself to appeal to your new and potential clients. Reposition who you are, what you do and what you are offering.