Know when to pivot

What is “Pivoting”?

• Pivoting is shifting to a new strategy in your business
• A new strategy could be changing your pricing
• A new strategy could be focusing on a different profit center
• A new strategy could be adding a new profit center
• A new strategy could be removing a profit center
• A new strategy could be focusing on a different set of customers
• A new strategy could be changing your marketing and advertising

How to know when you should pivot in your business.

• Industry Trends
• Your Company is Always Playing Catch-Up
• There’s Too Much Competition
• Your Company Has Hit a Plateau
• There’s Limited Response from Your Marketplace
• One Thing Gets the Most Traction

How to Pivot your business effectively

• Do it as soon as you can
• Listen to your customers
• Don’t scrap thing that are already working for you
• Create new systems and procedures or revamp some of the old ones
• Make sure your pivot presents opportunities for growth

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