The only constant thing in life is change, it is inevitable in the cycle of life whether in school or in career. You just cannot stay on the same spot. Have you ever had that friend that never changes their hairstyle, I mean it’s the same hairstyle since you met them 7 years ago. Maybe you had a certain proclivity for T-shirt and shorts, I know I did too. How do know when it is time to change that hairstyle? How do you know when it is time to change your style? Change is just as important as knowing when to change and this is the dilemma of many businesses. When do we branch out? When do we acquire more?
As a business owner you know it is time to pivot when you want a stronger version of your brand. The burning desire to take your company to the next level of performance and profits will cause you to explore other options in business. However, this desire requires a lot of planning, questions and a mindset shift. It may require investments, partnerships, saving money and a host of other things.
Another indication that you need to pivot in your business is when you no longer serve your target market. As the style of dressing has evolved so do customers taste evolve and each customer has a different reason for buying a product. Your target market might desire to be served in a new way maybe because of emerging trends and changing technology.
It is definitely time to pivot when your profits are declining. Business owners go into their line of work to make profit and if that is not happening then the only alternative is to change the method. You cannot keep failing at the same thing and expect things to change. Improve your business in every aspect you can, identify your weaknesses and work on them. Take that action before it becomes too late.