There is more to pivoting than just a name change but how do you know when it’s time to take your business in a different direction. There are a lot of things to think about when it comes to whether or not it’s the right time to change in your business. If you’re not sure if it’s the right time to pivot in your business, here are five questions you should ask yourself.
1. Do you feel like you’re always playing catch up?
If you’re putting in a lot of work but aren’t seeing any ROI, it may mean that you need to make a change. This might not mean a complete pivot in a different direction but could signal that you need to change up your business model, look at new offerings, or maybe even niche down.
2. Is there too much competition in your niche?
Yes, you’re unique. But chances are your business probably isn’t as unique as you think it is. There’s most likely a business out there that’s able to do your business with more resources and a bigger built-in audience. But don’t get discouraged! Pivoting could mean gaining clarity on who your target is or leaning into the value that your uniqueness brings.
3. Have you reached a sales wall?
We’ve all been there. You’ve reached a plateau that you just can’t seem to get over. Often when we have trouble scaling, it could be that it’s time to take the business in a different direction. That might mean adding (or even getting rid of) products or services to focus your brand. Or revisiting your strategy to see how you can revamp an area that doesn’t seem to be working.
4. Is one of your product/services standing out from all the rest?
You have a lot of offers but only one or two best sellers. It might be time to put more of your effort behind those things that are selling instead of the things that aren’t. Let’s put that energy behind focusing on capitalizing on what’s working and change, maybe even radically, or completely ditching what isn’t working.
5. Has your perspective changed?
Your business just doesn’t light you up anymore. You’ve realized you want to target a different audience, want to offer something new, or want to go in a different direction entirely. It’s definitely time for a change if you’re here.