If your business is not growing or showing slow-paced growth, it is a warning for you to check your current business strategy. Your business may need a shift for survival. However, the continuous pivot can express panic and problems in your business. But you must understand when to bring the change. A pivot is bringing a change in the course of a quest without changing the final goal. There is no need to change the business model completely, it can be a change in the monetization, service delivery, or growth strategy. Businesses who are looking to shift their business strategy can check these tips.
- Study the strength and weaknesses of your business
Make a list of the things your company is capable of and the things that trouble your company. You won’t be able to bring an improvement in your company without proper introspection and awareness of your business.
- Communicate with your team
Ideas for evolution can come from anybody. Therefore, make sure to interact with your whole team. Analyze the problems and discuss your potential threats as well as the opportunities you have. You may also conduct surveys to collect feedback from your employees.
- Find your opportunities and threats
Evaluate all the user data of your company, analyze the conversation funnel, personally interact with your customers, and track the activities of your competitors. Make sure that small things do not disturb you. Thus, you can easily find out the threats and opportunities of your business.
- Analyze all the pivot alternatives
After finding out the problems that ask you for a pivot, you have to come up with strategies for shifting. You may find various strategies that can help you to overcome your threats. So, you can make a list of the options and evaluate each of them.
- Evaluate the consequences
Before deciding to choose a shifting strategy, think about the consequences. While choosing a pivot, every department of your business will have an impact. Closely analyze aspects like funds, process, costs, brands, culture, team structure, etc. Communicate with each department of the company to get a clear idea of what consequences they will have with the new decision.
- Communicate the pivot to your team
You need the complete support of your employees and investors to execute a successful pivot. Make sure that everybody understands the reason for the pivot. Ensure that they understand the positive the pivot will bring for the company.
- Introduce the pivot to your customers
Similar to the support from your team, you will need your customers’ support to make your pivot a success. It will be hard and not all your customers will like it. Communicate with your customers openly and take their feedback.
- Create a plan and implement it
You must have a well-prepared plan that will include stakeholders, tasks, deadlines, customer communication, goals, etc. Allocate roles to your team and make sure that they understand their roles well.
- Be active
Evaluation of the opportunities and threats of your company is a continuous process. You must remain active to analyze the places where you need a change. Constantly monitor the market conditions and your competitors.