Do you feel like your business model isn’t working as well as it used to? You aren’t alone. Most businesses must pivot at least once in their preliminary stages. It’s common for businesses to shift approaches years after the business has been established. Sometimes the plans you made in the beginning are not the best ways to serve your client base now. Pivoting your business can be overwhelming. Here are some tips on how to do it efficiently.
Reevaluate Your Goals
Often, struggling to meet goals is a catalyst for change. When you decide to pivot, take time to reevaluate your goals. As you think about where your business is going, make sure your goals align with the new vision and will help you measure success.
Keep What’s Working
It can be tempting to throw out everything and start from scratch. Chances are, at least part of your business model is working. Figure out what practices are most effective and determine how you will work them into your new model.
Lean Into Your Strengths
Similarly, put your energy into developing the core strengths of your business. Understand your teams’ strengths and pivot your business in a way that utilizes those strengths most effectively.
Ask for Feedback
Asking for feedback is one of the most important steps you can take as you plan to pivot your business. If you’re considering making significant changes, it is crucial to consider input from your current customers. While you may not be able to accommodate every request, gathering feedback can give you a distinct perspective on how your business is working and what could be improved upon from your most important audience: your customers.
As you begin to implement changes, don’t underestimate the value of clear communication. Plan how you’ll communicate the changes to your staff and your customers. Be sure to communicate how the changes will impact them. Knowing what to expect will help ensure a smooth transition. It can feel tedious to send out constant updates. However, it’s better to over communicate than to catch people by surprise.
Pivoting your business can be stressful, but these tips will help you navigate the process efficiently and get your business on a new track.