Pivoting means changing the fundamental nature of what you do to meet new challenges or take advantage of new opportunities. In other words, pivoting is a change in a company’s fundamental strategy.
Is Pivoting a Sound Business Strategy?
Pivoting is a sound business strategy; it depends on the situation. Business demands can change fast, and you may find yourself in a situation where your goal is no longer the best long-term solution. In that case, you need to look for opportunities that are more aligned with your core strengths.
How To Execute A Successful Business Pivot
1. Evaluate all your options
Truly successful pivots are seldom about doing something new. They’re about doing something better. If a pivot involves starting from scratch, make sure there is a strong reason.
2. Pick the best option that allows you to leverage your strengths
Pick the option that is likely to be most likely to multiply your resources and achieve your goals more effectively than you could have done otherwise.
3. Look for opportunities to profit from the change
For example, if an opportunity arises for you to earn higher margins by offering a lower-cost product or service, opportunities are everywhere, even if they are not immediately apparent.