How To Pivot Your Business

EPISODE TRANSCRIPT:

Market Shifting? No Problem! How to Pivot Your Business Like a Pro

 

Welcome to another episode of "The Scale And Skyrocket Your Business Podcast"! I'm your host, Lor Bradley, and today we're diving headfirst into a topic that can make or break your business: how to pivot like a pro when the market shifts.

 

You see, in the ever-changing landscape of business, market shifts are inevitable. They can be intimidating, yes, but here's the thing: they also present incredible opportunities for fresh growth and success. That's why today, we're going to talk about the strategies you need to navigate these market shifts like a pro.

 

Now, you might be wondering, "How do I know when it's time to pivot my business?" Well, we'll talk about that and more. We'll explore the different types of business pivots, discuss how to identify market shifts, and I’ll help you to craft a solid pivot strategy that aligns with your business's strengths.

 

But wait, there's more!

 

We'll also tackle the crucial question of how to effectively communicate your pivot to your clients and your people, and we'll dive into things which may trip you up along the way.

 

By the end of this episode, you'll be armed with the knowledge and practical steps which will help you to pivot your business like a pro and seize new opportunities in a changing market.

 

So, grab a notebook and pen, get ready to take some notes, and let's dive right on in.

 

 

Signs It's Time to Pivot

 

Ok, so we’ve discussed the importance of embracing market shifts and seizing opportunities through business pivots. Now, let's delve into the key question of "How do I know when it's time to pivot my business?"

 

Identifying the signs that indicate a necessary pivot is essential for staying ahead of the curve. Here are a few key indicators to look out for:

 

Changing Customer Needs:

 

Here you’ll need to keep a close eye on your target audience and listen to their evolving needs. If you notice a significant shift in their preferences, or a decline in demand for your current offerings, it may be time to consider a pivot.

 

Make sure you consistently stay connected with your customers through surveys, seek their feedback, and keep up with your market research to get those valuable insights into their changing needs.

 

Market Saturation or Decline:

 

As you know, the marketplace is constantly shifting, and competition can become quite fierce so if you find your industry becoming overcrowded or you’re experiencing a drop off in demand then it's a clear sign to reassess your business model and explore new opportunities.

 

Don't be afraid to think outside the box and adapt to fresh emerging trends.

 

Shifts in Technology:

 

As you’ve no doubt seen with the rise of AI, that shifts in technology can shake up entire industries, and failing to keep up with big changes can put your business at risk. So regularly pay attention to emerging technologies that may impact your marketplace.

 

If you do find that your current offerings or workflows are becoming outdated, then it's time to pivot and integrate new tools, systems and technologies to stay relevant.

 

Remember, these signs may not always call for a complete overhaul of your business. Usually, minor adjustments or small strategic tweaks can be enough to stay competitive. The key here is to be proactive in your monitoring and receptive to the signals that the market is sending your way.

 

Ok, let's move on and talk about the two types of business pivots.

 

The Two Ways To Pivot Your Business

 

When it comes to pivoting, there really are only two approaches; strategic pivots and smaller ‘focused’ pivots that don't require a complete change in your strategy.

 

Let's take a closer look at each:

 

Strategic Pivots:

 

This type of pivot involves a significant shift in your business's overall strategy. It may involve entering new markets, targeting a different type of client altogether, or even exploring a new product or service offering.

 

Now you’d typically implement a strategic pivot when the existing market conditions no longer align with your current strategy, and a fundamental change is needed to sustain your growth.

 

Smaller ‘Focused’ Pivots:

 

Ok, so not every pivot will require a complete overhaul of your strategy. In some cases, much smaller adjustments can be made to your approach to help you adapt to market changes, and in doing so you’re still maintaining the core aspects of your business.

 

These pivots often involve tweaking your existing offerings, exploring new marketing channels, or by further enhancing your value proposition. Smaller pivots are great because they allow for agility and flexibility when you respond to market shifts and you’re not deviating from your core business model.

 

So, it's important to assess your own specific situation and work out which type of pivot that best suits your needs. I need you to remember that pivoting is not a one-size-fits-all solution. Every business is unique, so finding the right approach requires careful thinking before you set a course of action.

 

OK, it's time to move on and talk about how to identify those market shifts and how to pivot into fresh opportunities for your business.

 

Identifying Fresh Opportunities

 

The ability to recognize market shifts and trends is a core skill you need to hone if you’re running your own business. And by proactively staying ahead of the curve, you can position your business for success.

 

So, how do you go about identifying these shifts and uncovering those fresh opportunities? Well, I’m going to share some practical strategies that I know will help you navigate through your ever-changing business landscape:

 

Stay Informed:

 

Keep your finger on the pulse of your industry by regularly monitoring news, global, international or local trends, and industry reports. Follow the thought leaders in your industry on social media, and if you can, attend conferences and events because the more informed and connected you are, the better prepared you'll be to spot any emerging patterns and seize new opportunities.

 

Stay Connected to Your Clients:

 

Think about it, your clients have the insider track on your marketplace because they form part of setting the direction it moves in so actively engage with them through surveys, focus groups, or one-to-one conversations.

 

Collate feedback on their pain points, their desires, and any emerging needs that thy have. Listen to all their feedback, even feedback that’s less than positive as everything will help your business. And by understanding their needs and wants, you can identify fresh areas where your business can pivot and deliver some great innovative solutions.

 

Collate Facts & Data:

 

This one’s important as it forms a core part of your business heartbeat once you pass a 7-figure turnover, so leverage the power of collating data to gain deeper insights into market trends.

 

So, use analytics tools to track customer behaviour, market trends, and your competitors’ activities. By analysing this data, you can uncover patterns, new differentiators and make fact-based decisions for your pivot strategy.

 

Collaborate:

 

This is probably one of the best ways to develop and grow your business in a changing marketplace, so surround yourself with a supportive network of entrepreneurs, business mentors, and experts in your industry.

 

Engage in conversations, take part in forums, and get advice from those who have already successfully navigated shifts in the market.

 

Collaborative relationships are great because they can provide you with fresh perspectives, they can spark innovative ideas, and offer you guidance on what they see happening within your marketplace.

 

Remember, identifying shifts in the marketplace and finding fresh opportunities is an ongoing process, so factor it into your business calendar to spend a few hours a month on it.

 

So, stay proactive, stay curious, and tweak your strategy accordingly. And by embracing a mindset of continuous learning and observing, you'll be well-prepared to seize those fresh opportunities that come from those market shifts.

 

Now that we have a solid foundation on navigating shifts in the market, it's time to define a solid pivot strategy that dovetails nicely with your business's core strengths, and I’m going to talk you through that now.

 

How To Create Your Pivot Strategy

 

Crafting a pivot strategy requires a thoughtful, structured and very much a strategic approach. I’m going to give you some practical steps which will guide you through the process, and this will help make defining your pivot strategy much easier:

 

Set Clear Goals:

 

Start by defining clear and specific goals for your pivot. Think about what is it that you want to ultimately achieve? Is it expanding into a new market? Launching a new offering?

 

Write down your objectives before you get started and you want to make sure they align with your long-term vision for your business.

 

Conduct a Thorough Analysis:

 

Perform a deep dive audit of your current business model, what’s happening in your marketplace, your client’s needs, and also assess your competitive landscape.

 

So, you want to us a method such as a SOAR analysis or a SWOT to pinpoint the strengths, weaknesses, opportunities, and threats that are going to impact your pivot decision. And this analysis will provide some great insights that will help you to make informed decisions throughout your pivot process.

 

Leverage Your Core Strengths:

 

Next, I want you to take some time to assess your business's core strengths and any assets that you have that can be leveraged during your pivot.

 

So, home in on what sets you apart from your competition and then think about exactly how you can capitalise on these strengths in the new direction you're planning to take. And by building upon your existing strengths, you'll build better foundations for success.

 

Next, test and refine.

Test and Refine:

 

So, before fully committing to the pivot, you want to be confident it’s going to work, so test your ideas and concepts on a smaller scale.

 

I always recommend kicking off a pilot project or conducting focus session to gauge client’s reactions and collate their feedback. This will enable you to properly validate your pivot strategy, make necessary tweaks, and minimise risks before you start changing direction.

 

And lastly,

 

Develop an Action Plan:

 

Outline a detailed action plan that breaks down all the necessary steps to execute your pivot strategy. Set out your timelines, allocate your resources, and identify key milestones to track along your pivot journey because a solid action plan will provide you, and your people with clarity and help you stay on track throughout your pivot.

 

Remember, a successful pivot requires you to be agile, adaptable, and a have a mindset to embrace new change. Pivoting is a journey that will probably involve course corrections along the way so stay open to feedback from your clients and people, learn from your experiences, and be ready to tweak your strategy when needed.

 

Communicating Your Pivot

 

Now, let's tackle a one of the most important aspects of making a successful pivot and that’s effectively communicating the journey ahead to your people, your clients and other stakeholders close to your business.

 

When it comes to communicating your pivot, transparency and clarity are going to be key, so here are some strategies to help you keep everyone in the loop:

 

Firstly,

Create a Compelling Story:

 

You’ll need to develop a clear and compelling story around your pivot by explaining why the pivot is necessary, how it aligns with your business's values, and the benefits it will bring to your clients and your people. Your compelling story should be authentic, transparent and inspire confidence. A successful pivot needs a compelling story that resonates with your audiences.

 

Next,

 

Engage with Your Clients:

 

Communicate directly with your clients to share the news of your pivot. Whether that’s through email, social media posts, or personalised messages, you’ll want to make sure your clients feel valued, appreciated and part of your journey. So, address any concerns they may have, and continue to highlight your commitment to serving and meeting their needs.

 

Also,

 

Train Your Team:

 

Your employees are effectively your brand ambassadors, so you want to make sure they’re proactively engaged, well-informed and equipped with the soft skills to communicate your pivot effectively.

 

So, hold training sessions to ensure there’s consistency in your messaging, answer their questions, and empower them to be real advocates for your pivot.

 

And then,

 

Leverage Your Marketing Channels:

 

So, make sure you’re harnessing all your available communication channels to reach your audience effectively. So, this could include your website, social media platforms, blog posts, press releases, and broader industry publications.

 

You’ll naturally need to tailor your messaging appropriately for each channel whlst balancing a consistent narrative across all your communication platforms.

 

And lastly,

 

Manage Everyone’s Expectations:

 

I can’t stress enough how important it’s going to be to be transparent about your timeline and the potential impacts of the pivot on your people, clients, and other stakeholders. So, set out realistic expectations for any changes they might experience and provide clear guidance because that’s going to help alleviate their concerns and it’ll build trust during the transition period.

 

Remember, good communication is an ongoing process that works when its consistent and authentic so keep your clients, people and other stakeholders updated throughout your pivot journey. Listen to their feedback, address any concerns, and tweak your communication strategy as needed.

 

Ok, so now we've covered the crucial aspect of communicating your pivot, it's time to talk about what might trip you up and the mistakes to avoid.

 

This Might Trip You Up

 

Pivoting can be a transform your business, but it's not without its challenges so by being aware of potential pitfalls, you can steer clear of some of these common mistakes tripping you up.

 

So, let’s talk about a few of these now, here are some key things to avoid:

 

Not Aligning Your Pivot To Your Strategy:

 

Ensure that your pivot aligns strategically with your business's core values, strengths, and long-term vision. A misaligned pivot can lead to confusion, loss of focus, and dilution of your brand identity. Stay true to your unique proposition and ensure the pivot reinforces your business's strengths.

 

Avoiding To Do Your Homework:

 

Thorough reviews, research and analysis of your business data are absolutely crucial before you pivot your business. And if you avoid gather insights, understand your client’s needs, or skip your assessment of the competitive landscape than it can lead to misinformed decisions.

 

So, invest time in collating your data, make time to perform market research, and analyse marketplace trends so you know you can confidently make wise, fact-based decisions during your pivot.

 

Overlooking Your Business Operations:

 

A pivot can impact various aspects of your business operations and failure to anticipate and address these can lead to disruptions for your clients and create inefficiencies in your workflows.

 

So, what you’ll need to do is take time to assess the implications of your pivot on your resources, your workflows, and your infrastructure, and then plan accordingly to ensure a smooth transition whilst you’re pivoting.

 

Neglecting Your Clients:

 

Now, clients are the lifeblood of your business and neglecting to connect with your clients during a pivot can break down trust and loyalty so continuously communicate with your clients, address any concerns they have, and if you can, involve them in the pivot process.

 

Your client’s feedback and support are so important during times of uncertainty and change in your business.

 

And lastly,

 

Resisting Change:

 

The ability to accept and embrace change is vital during any pivot ad resistance to change, whether it’s from your people, your stakeholders or your clients, it can slow progress and create roadblocks.

 

So, nurture a culture of open-mindedness, encourage collaboration, and provide clear communication to break down resistance and make way for a smoother transition.

 

Be mindful of the things that might trip you up and then you'll be better equipped to navigate the challenges that come with making a pivot.

 

Remember, pivoting is a moving process that requires your continuous assessment, tweaking, and don’t forget - learning from your experiences along the way.

 

So, now that we've explored common pitfalls to avoid, it's time to move on and talk about the practical steps of implementing and monitoring the progress of your pivot.

 

Implementation and Monitoring Progress During A Pivot

 

Implementing a pivot requires careful planning, careful implementation, and continuous monitoring so I’m going to give you my smart step-by-step guide to help you implement and monitor your pivot:

 

Implement Your Action Plan:

 

Put your well-crafted action plan into motion. Assign responsibilities, set timelines, and monitor your progress closely. Make sure that everyone involved in implementing your plan understands their roles, what they’re responsible for and that your plan remains aligned with your overall pivot strategy.

 

Communicate With Your People:

 

Transparent and effective communication is essential during a pivot so keep your team informed, meet regularly to address their concerns, and maintain an open door to talk things through.

 

I highly recommend encouraging collaboration between your teams and creating a supportive environment that embraces the changes you’re introducing with your pivot.

 

Next,

 

Monitor Your Key Performance Indicators:

 

Identify the key performance indicators (KPIs) that are going to gauge the success of your pivot. You want to set, track and measure these metrics consistently so you can evaluate the effectiveness of your pivot strategy as this data will provide some great insights and help you make informed decisions along the journey.

 

Stay Agile and Adaptive:

 

A pivot is an iterative process. Be prepared to adapt and adjust your strategy based on real-time feedback from your people & your clients’ needs and don’t forget to stay on top of reviewing changes in market trends.

 

Stay agile and fine-tune your approach as you gather useful insights during this implementation phase.

 

Evaluate Your Success, and Learn From It:

 

Regularly assess the progress and impact of your pivot on your business. Make sure you reflect and grow from the lessons you’ve learned, both the successes and from what hasn’t worked and use this feedback to further refine your approach, to optimise your workflows, and continuously improve your pivot strategy.

 

Remember, implementing and evaluating a pivot requires a degree of resilience, flexibility, and that entrepreneurial growth mindset so embrace your learning journey and try to see each step as an opportunity for growth and improvement.

 

 

In A Nutshell

 

Remember, a successful pivot requires proactive planning, understanding your marketplace, and showing a willingness to adapt.

 

Be mindful of market shifts, listen to your clients, and leverage your core strengths. Craft a compelling story, communicate it transparently, and engage with those who are close to your business. And don’t forget to learn from the challenges and celebrate the victories along the way!

 

Now, it's time for action. Take what you've learned from this episode and apply it to your own business. Reflect on your current business landscape, identify the signs of change, and assess the exciting opportunities that lie ahead. Embrace all the possibilities, be bold in your decision-making, and execute your pivot strategy with confidence.

 

I want to thank you for joining me on this journey of exploring how to pivot your business like a pro. Remember, in a shifting market, it's not about just surviving but thriving. Stay resilient, embrace change, and skyrocket your business! If you’d like to work with me to pivot or grow your business, then I’ll leave the link for you to do that.

 

Thank you for tuning in to "The Scale And Skyrocket Your Business Podcast." If you enjoyed this episode, make sure to subscribe, leave a review, and share it with other entrepreneurs.

 

Until next time, take care and keep pushing the boundaries of your business!

 

Lor Bradley