August
21, 2021
Read for 5 minutes
The opinions of entrepreneurs' contributors are their own.
Even if you have an absolutely perfect business idea, there will inevitably come a time when you need to change direction. Pivoting is a normal, natural part of the business development process – especially for service-minded entrepreneurs.
With that in mind, we should also keep in mind that pivoting can quickly become an excuse. If you are tempted to turn around every time things feel tough or have a rough week, you will never get the momentum you need to turn your dreams into reality. Remember: momentum starts out in small steps. Pivoting can be expensive and disruptive. So if you put undue pressure on yourself the first time you try, you're more tempted to give up your idea at the first sign of failure, when actually a little tweaking might be all for you to work magic.
As a business coach and strategist, I don't just focus on helping women entrepreneurs grow their business, but without struggle and stress. Bro Marketing made us think that the only way to move a business forward is by sacrificing peace, quiet, and all the time available. That's just not true. Making decisions based on trust, rather than fear, will help you build a business that you love and make much more money doing it.
Related: If you use these marketing tactics, you are violating your brand's credibility
Why you will always pan
According to a popular report by IBM in 2008, 98% of CEOs admit that they regularly optimize their business model moderately. Tell me: pivoting is a normal step in growing your business.
It is time to abandon the notion that if you get your business model right, you will never have to adapt to it again. Your business must be constantly adapted and optimized. Your market will change. Your skills will change. Most importantly, your lifestyle needs and desires will change too. The only constant in business is change, so it's time to embrace it!
A classic example is former PepsiCo CEO Indra Nooyi. Prior to becoming Chief Executive Officer, she was in charge of restructuring PepsiCo's various sub-brands. Nooyi took aggressive moves to acquire brands like Tropicana and Gatorade, and those acquisitions have more than doubled PepsiCo's annual earnings. PepsiCo had been around for over 30 years, but that didn't mean it couldn't reinvent entire departments to be more profitable and focused. Develop the same willingness to change in your own company.
Related: 4 Tips for Setting Up a Successful Pivot Strategy
Customers buy from vibe
Think about the last time you made a purchase. Why did you do that? The product or service itself was likely a factor, but often the main reason for buying it is how we feel about a brand or person. When you're constantly stressed out trying to find the perfect business model and forcing a square pen into a round hole, that dissonance shows in your energy. That pressure is palpable even when you think it isn't and it can absolutely keep people from working with you.
Resist the urge to put massive pressure on yourself or to figure things out right away. If you try to go at top speed and burn the candle on both ends, you are nearsighted and preparing for failure. A company in the six digits and beyond has to be sustainable, and sustainability comes from energy.
How to pan successfully
When considering a business pivot, you are wondering why. Do you actually enjoy serving your customers? Maybe you just have to offer your genius in another way. Are you tired of the marketing part?
Try a different marketing platform as there are many to choose from. A successful business often involves getting the right offer in the right way to the right people, which means there are many different variables. Before you burn it all down and start over, focus on small tweaks and see how your energy changes or changes.
Then, after making these tweaks, if you still feel called to go in a different direction, find ways to make it easier for you. What content or assets do you already have that you can reuse? Would your past or existing customers be keen to have a ride as you evolve into something even better? Again, if you feel energetically aligned and enthusiastic about your offering, your audience will absorb that energy and be drawn to you.
The services you offer will change and evolve over the years. Pivoting is a normal, natural phase of business, and it's important to pivot from a place of power rather than feelings of scarcity or fear. Before making important decisions, choose your energies and your business journey will go smoothly, even as you enter different periods of change.
Related: 9 Ways to Get Good Energy Today, Every Day
