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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