Pivot is one of those terms that garners mixed reactions in the business world. Some say you should pivot early and often, but others argue that you should only pivot when absolutely necessary. But founders should always see pivots as opportunities.
It’s a chance to evolve into something better
- Companies are run by people, and people grow, evolve, and learn over time
- As long as the pivot is done gracefully, your team and customers will appreciate the transparency
- If you find one thing that works, using that as your pivot point gives you a clear path toward becoming something bigger and better
Let your pivot signal an overarching aim
- Pivots are filled with opportunities to grow, evolve, and transform for the better
- Before you launch into a pivot, consider how it can fit into your brand’s overriding narrative
- Investors, employees, and customers are more likely to be receptive if it falls in line with what they believe your company’s overall mission is
It can be a catalyst for growth
- If you’re noticing a plateau in growth and development, that’s a sign that something needs to change.
- Look objectively at your business and identify stagnation points
- Once you have an honest list of things that could be improved, you can decide which would be the biggest catalyst to kick your brand out of its plateau
It forces you to focus on the big picture
- The more specific the story, the more likely it is to be wrong
- Your business plan must be unique and specific enough to solve a problem or meet a known need, but not so precise that it boxes you in over the long term
