SEVEN SIGNS IT'S TIME TO PIVOT YOUR BUSINESS
Have your leads dried up and sales have plummeted?
Running a successful and thriving business takes careful thought. When you discover that what was working for your business is no longer working it’s time to reevaluate your business as a whole and determine if it is time to pivot or give up all together.
Since I’m an optimistic realist, I am going to talk to you about knowing when it’s time to pivot your business!
There are seven clear signs that indicate that your business is ready for a pivot. Now this pivot doesn’t have to be a full 180 degree pivot. Sometimes a pivot can be with further niching, focusing on a singular speciality, adding a new product or service, reducing product or service options, and more.
It just depends on your business and the direction in which you want to take it.
Therefore, without further ado, let’s talk about pivoting!
Has your business started to feel more like a job than a business? Do the daily tasks feel mundane and bore you? If so, it’s time for a pivot!
You got into business because you wanted to have the freedom to do what you love and live a life of your dreams. You didn’t go into business for it to feel like the “9-5” job you left it for!
When your business begins to bore you and you feel complacent, it’s a clear sign it’s time for a pivot so that you are able to reignite the fire burning inside. Do more of what you love!
WANT TO MAKE AN IMPACT
Are you making the kind of impact that you want to make with your business? If not, this too is a sign it’s time to pivot your business. When you desire to make more of an impact with your business it often involves a shift. This shift could be a shift to scale your business, add a non-profit, or create more opportunities to reach more people. The choice is yours but at the end of the day if your business is not making your heart sing by allowing you to impact lives around the globe at the level you desire. Pivot!
AUDIENCE NEEDS ARE CHANGING
Have you noticed that your products or services aren’t selling? Does it seem like no matter what you offer your audience there’s little interest? Yikes! I hate to say it but this too means it’s time to pivot in your business.
I often see that the audience’s needs are changing, as do yours, as you experience personal and professional growth. We aren’t meant to stay exactly as we are. We are meant to grow, change, and evolve.
When you are aware that the needs have changed, now is a good time to evaluate how you too have changed so that you can shift to meet their needs.
AUDIENCE NEEDS ARE UNMET
This next sign ties in perfectly with the previous one. If your audiences needs are changing, then it means their needs are not being met. Unmet needs means they’re looking to your competitors for products and services that can solve their problem. When this happens, obviously leads will dry up and sales decline.
PROFITS ARE DECLINING
Declining profits is the big flashing lights sign that indicates it is time for a change. If you notice your qualified leads have dried up and sales are abysmal, you need to make a smart and strategic move to generate momentum in your business. You can’t run a thriving and profitable business without sales.
Now is a good time to evaluate what is and isn’t working, make a change, and go full throttle with it!
FUTURE GROWTH IS UNCLEAR
Are you feeling unclear about the future growth of your business? I often have clients that tell me they don’t see the light at the end of the tunnel. They’re hustling day and night with little to show for it. They’re unclear and lacking clarity in their business that causes them to struggle to make sound business decisions that can more their business forward. Forward is progress even if it’s with baby steps.
If you’re unclear about the future of your business, it’s time to gain some clarity so that you are able to move forward with confidence and generate massive growth!
CLIENTS ARE LEAVING
Lastly, if your customers or clients are leaving you and the life-time value of your clients is rapidly declining, well, I’m sorry but this is another big sign it’s time for a business overhaul. There’s nothing worse than long-term clients leaving you. Most likely it’s a result of a few things.
Their business has experience growth and they’ve outgrown you.
Their needs aren’t being met and can’t be with the current state of your business.
Their business has drastically shifted and no longer need your services.
No matter which of the three reasons it is, it still sucks to lose a client.
When you are seeing an increase in the volume of customers or clients leaving your business, it’s time to do some market research to evaluate why they’re leaving. This will provide you with information to make an informed decision on how you can make a successful pivot.
As you can see, if you take a good cold hard look at your business it’s easy to spot the signs. Embrace the pivot…change is good! I realize it can be risky to make a pivot but I know that with my business that risk was well worth it.
Share in the comments: How have you successfully pivoted your business?