Change is a natural and expected part of running a successful business. Sometimes a startup — or external factors in its market or industry — can change in ways the founder didn’t anticipate, and in such cases, it’s necessary to take a different approach to your business operations.
Initially published through Forbes Coaches Council
Whether big or small, strategic pivots need to be carefully planned and well-timed. But, how do you know when your company is ready to evolve to its next phase?
Members of Forbes Coaches Council offered their thoughts on when and how to pivot your business.
1. You Want To Make Your Business A Stronger Version Of Itself
The desire to take your company to new levels of performance and profits requires change and adaptation. It requires a break from routine and old habits. It will require a mindset shift with a full understanding of the importance of evolving. Ask yourself, “What is really going to change to become better?” Then, set your goal in the next quarter to begin improving efficiency and remain competitive. – Maria Pastore
, Maria Pastore Coaching
2. The Market’s Overall Needs Are Changing
As the market needs to evolve, you need to pivot your business to meet changing needs. This will become increasingly necessary as the Fourth Industrial Revolution continues to bring about change and disruption with new technologies and business models. Keep an eye on both your customer needs as well as the evolving market so you can pivot and be where your customer needs you to be. – Larry Boyer, Success Rockets LLC
3. You’re No Longer Serving Your Target Market
Just like technology, business tastes are always changing. If your target audience is desiring a different way to be served, you must adapt or narrow your niche to a market that desires your product or service as is. The “this is how we’ve always done it” attitude will not serve your business and ensure its survival. – Niya Allen-Vatel, NCRW, CCTC, CCM, Career Global
4. You’re Spending Too Much Time Putting Out Fires
It’s a huge indicator that your business needs to change when you feel as though you spend more time putting out fires on a daily basis, and leave everyday feeling likes nothing has been accomplished. When this happens, it’s time to take a step back, reassess and plan on a higher level. – Rosalee Laws, The Rosalee Laws Company
5. Your People, Process Or Profits Are Declining
It might be time to discuss the possibility of a pivot if any of the following is declining: people, process or profits. Is employee retention declining? Is the culture becoming nit-picky or overly critical? Are there inefficiencies in process or execution? Is performance low? Are you behind on market trends, impacting your leads? Get outside perspective from trusted advisers, and take action. – Zheila Pouraghabagher, Collaboration Business Consulting
6. You’ve Stopped Growing
Growth indicates what you’re doing is working. The moment your business stops growing, however, your business must pivot. Becoming fanatical about your key measurements will ensure you’re aware of the health of your business at all times. The moment productivity, efficiency or profitability declines is the moment pivoting must occur. – Dr. Stephen Kalaluhi, The StephenK Leadership Team
7. You’re No Longer Seeing Results From The Things That Made You Successful
The biggest indicator that your company needs to evolve is when you find yourself doing the same things you did before (those which made you successful), and you are no longer getting the results you desire. Many organizations make the fatal mistake of doubling down on their efforts. Doing the same things again, with more effort, and expecting different results is the definition of insanity. – Amy Douglas, Spark Coaching, LLC
8. You Can’t See A Viable Path To Further Growth
Successful companies are always striving to grow. Growth can be measured by an increase in revenue, or it can be measured by an increase in efficiency. If you can no longer see a viable way to achieve growth, it is time to pivot. Sometimes companies just need to exert more effort, and other times they need to evolve or change direction. – Donald Hatter, Donald Hatter Inc.
9. Your Customers And Employees Are Leaving You
Focus your attention on serving your customers and maintaining great relationships with your suppliers, vendors and customers. Know what they value, and stay ahead of your competition by creating a culture that is positive, open to creative ideas and invested in its people. If you’re doing this and you’re still experiencing high churn rate and losing customers to competitors, it’s time to pivot. – Beth Kuhel, Get Hired, LLC
10. What You’re Offering Is No Longer Relevant
I know when to pivot when my clientele begins to change. This has happened many times in my business. Sometimes, it was because new education had changed my style of coaching and counseling. Other times, it was listening to my clients and what their changing needs were. If I did not change, then my services would no longer have been relevant to them. – Katrina Brittingham, VentureReady LLC
11. You’re Bored
When boredom sets in and your get-up-and-go has gone, it’s time to examine your business. Here are two important questions to uncover the malaise: Why are you bored? This reveals the inner answer. Next, what’s changing in the business? Many times, processes or opportunities cause change. Don’t react because of boredom, but pro-act, pivoting for growth. – Christine J. Culbertson (Boyle), Coach Christine: Building Business, Leaders and BIG Lives
12. Your Intuition Is Telling You So
The sweet spot in business is doing something that aligns with your natural gifts and who you are as a person. As people, we evolve and grow, which can mean our businesses should shift with us. When you feel yourself grow and your gut or intuition is telling you it’s time for your business to follow, listen. The more aligned you are with your business, the greater success you will have. – Lesha Reese, Lesha Reese, LLC
Meet Coach Christine
Christine coaches with ROI top-of-mind. Many companies who leverage her coaching produce quick and long-lasting results transforming people, processes and culture, impacting their bottom line. Clients have seen upward of 200% ROI.
Her time with clients generates powerful results in:
- Business and Personal Development
- Communication and Relationships
- Sales and Sales Leadership
Watching and learning at the feet of titans of Canada’s Wall Street and other business leaders, Coach Christine was influenced by their success and built a corporate career and coaching business founded on proven business practices.
She is an award-winning business woman and contributor to Forbes publications; is an accredited coach with the ICF; a practitioner of Conscious Business practices; is certified by the IMPACT: Coaching with ROI program; holds her First and Second Degree Reiki and has studied Aboriginal healing for over 20 years. Christine loves the adventure of travel and has a knock-out collection of snazzy women’s shoes.
When you want more, are ready to bust obstacles and build your juicy, big life, contact me, Coach Christine Culbertson.