Change can be a scary word, but sometimes it’s necessary – especially in the business world, where things are constantly growing, evolving, and changing.
A pivot in a business model is essentially changing the direction of your business, to improve growth, revenue, and morale.
Business pivots are far more common than you may think, and some major brands may not exist today if they hadn’t noticed the signs and changed direction.
Take Twitter for example – in the early ’90s, it was a podcast network known as Odeo – but due to fear of competing with iTunes, it changed direction and turned into one of the most social popular media networks.
We’ve listed ten signs that it may be time to pivot your business – if any of these resonate with you, then it may be time to take your business in a different direction. Remember, pivoting your business isn’t giving up – it’s giving your business a second chance.
1. Your Employees Aren’t Happy
Happy employees are the backbone of any business, and if your employees aren’t happy, then your business is likely to suffer.
If you find that your employees aren’t performing as well, they’re not engaged, or they just aren’t happy in the workplace, it could be a sign that something is wrong, and you may need to take a look at changing or updating your business model.
Try to understand why your employees aren’t performing as best they can, and address the issue – it may help your business evolve in the right direction.
2. Your Clients Aren’t Happy
If you’re losing clients, it may be a sign that something is wrong and that you need to pivot your business.
Feedback is crucial in the business world, so it’s important to consider any advice given to you by your clients. If they’re not happy with your employees, then address the issue.
If they’re not happy with your business model, then look at updating it. If they’re not happy with your brand, then look at rebranding.
3. Your Employees Are Leaving
Many businesses make the mistake of bringing large intakes of new employees, which isn’t fixing the core issue – it’s just putting a bandage over it and hoping for the best.
If your new hires are unhappy or are leaving, then it’s a sign that your strategy isn’t working and that you need to pivot your business.
Employees leaving in mass numbers is one of the strongest signs that you’re doing something wrong, so instead of hiring new workers, try to change your strategy.
4. You’re No Different To Your Competition
If your business is starting to look like every other business in that industry, then it’s time to change direction and bring a new lease of life to your business.
If your business offers the same products or services that your competition offers, then you should spend time to make sure that your brand has its own strong identity, and doesn’t blend in with all of the other similar brands out there.
A strong, unique brand can be key to business growth and will give you a definite advantage over your competition.
5. You Just Don’t Care Anymore
A business is very unlikely to succeed if you don’t have passion for what you’re doing. If you don’t love what you do, then it’s a strong sign that it’s time to make a change and pivot your business.
For small businesses especially, passion is key to success. As a business owner, you have to be dedicated to steering your business to success, and if you don’t care about your business, then it’s going to suffer.
If you’re losing passion, pivot the business to a new market, commercial area, or strategic approach – instead of giving up, make a change.
6. You’re Spending Too Much Time On One Thing
Many business owners and entrepreneurs will make the mistake of focusing all their attention on the products or services they’re putting out there.
Although it’s important to focus on the products and services, it’s equally as important to spend time on other aspects of the business and make sure you’re not neglecting the marketing side, your customers and employees, or business strategy.
If you’re spending too much time on a certain area, then you may need to take a step back and ask yourself what needs to change.
7. You’ve Had A Change In Finances
If your financial situation has changed as a business owner and you’re considering fundraising, merging, or refinancing, then it may be time to make a change to your business.
Cash flow forecasts are essential in the business world, as it allows your stakeholders to know the expected cash flow in a given time period.
If you don’t have a cash flow forecast, then it’s time to get one – you can either make one yourself or use an add-on.
If you find that your business isn’t making as much money as you expected, or you’re struggling to keep the business afloat, then it’s time to pivot your business.
8. Your Business Is Lacking Focus
It can be easy to get sidetracked and lose focus of your business, especially as your business grows. However, you mustn’t lose sight of your goals and your business plan.
If you find that you’re straying from your business plan, missing meetings, and losing track, then it may be time to refocus your energies, get rid of anything you don’t need, and make a change to your business model.
9. Your Business Has Stopped Growing
Unfortunately, some businesses hit a dead-end in terms of growth, revenue, and success. In fact, only a handful of businesses will succeed on the first try.
Change is necessary if you want to succeed – the business world is constantly evolving, and it’s important that you grow with it.
If you’re worried that your business has stopped growing, then it may be an indication that it’s time to pivot.
10. You’re Not Proud Of Your Business Anymore
Every business owner should be proud of their business and brand, and if you’re not proud of it anymore, then it’s time to change.
If you’re putting your time, energy, and money into a business, then you deserve to feel proud of it. Pivoting your business isn’t giving up, it’s giving yourself a second chance to build a business to be proud of.