Pivoting refers to making fundamental changes in a business strategy to adapt to market needs, improve revenue, or ensure survival. It involves shifting focus without abandoning the core vision, much like an athlete pivoting on one foot while the other moves to a new position.

Pivoting should be a considered decision, not a knee-jerk reaction. Here are some signs that it might be time to pivot:

01 Lack of Progress: Despite significant investment, your business isn’t making substantial headway.

02 Overwhelming Competition: You’re unable to compete with established players in the market.

03 Stagnation: Your business growth has plateaued.

04 Selective Success: Only one of your products or services is gaining traction.

05 Customer Disinterest: Your target market isn’t responding to your offerings.

06 Industry Changes: Market dynamics or technology shifts have rendered your business model less effective.

Understanding the various types of pivots can help you choose the right one for your business:

0Internal Operation Pivot:

01 Product or Service Pivot: Focus on a different product or service that better meets market needs.

02 Business Model Pivot: Change your business model to better serve your customers, such as shifting from B2C to B2B.

03 Target Market Pivot: Redirect your marketing efforts to a more responsive audience.

04 Marketing or Messaging Pivot: Revise your marketing strategy to better communicate your value proposition.

05 Social Enterprise Pivot: Incorporate a social mission to attract a broader market and improve internal morale.

06 Pricing and Competitive Positioning Pivot: Adjust your pricing strategy to better compete in your market.

07 Internal Operation Pivot: Make internal changes to improve efficiency, culture, or operational frameworks.