The pivot is a popular business buzzword, but it's more than a trendy term. A pivot is a strategic move that can help your business find new opportunities for growth. If you're looking to take your business to the next level, you need to master the art of the pivot. Here's what you need to know.
What is a Pivot?
A pivot is a change in strategy that is meant to bring about new opportunities for growth. A pivot usually involves significantly changing your business model or value proposition. For example, you might change your target market, pricing strategy, or go-to-market approach.
There are a few key reasons why you should consider pivoting your business. First, it can help you stay ahead of the competition. If your competitors are doing the same thing and not seeing results, a pivot can give you the edge you need to succeed. Second, a pivot can help you tap into new markets or customer segments you couldn't reach before. And finally, a pivot can help breathe new life into your business if it's starting to plateau.
When to Pivot
There are many perfect times to pivot, depending on your specific situation and goals. However, a few general indicators may signal that it's time for a change. First, it may be time to try something new if you need to see the results you want despite trying different things. Second, if your industry is changing and you're struggling to keep up, a pivot can help you adapt and stay relevant. Finally, if you have a great idea for improving your business but it doesn't fit with your current strategy, then making a pivot can help you make your vision a reality.
How to Pivot
If you've decided it's time for a change, the next step is figuring out how to execute your pivot effectively. The first thing you'll need to do is define what success looks like for your new venture. Once you have clarity on your goals, you can create an action plan. This plan should include everything from who will be responsible for what tasks to how much money you'll need to get started.
Finally, once you have everything in place, it's time to execute your plan and make your pivot happen. This will require hard work and dedication - but if done correctly, it will be worth it. After all, mastering the art of the pivot is one of the best ways to ensure long-term success for your business.
So here we have everything you need to know about successfully pivoting your business. Keep in mind that while pivoting can be incredibly beneficial for businesses of all sizes, it's something that should be done with seriousness. Be sure to take the time needed to properly plan and execute your pivot so that you can set yourself up for success in the long run!
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Ben Stroup is Chief Growth Architect and President at Velocity Strategy Solutions where he helps leaders design, develop, and deploy smarter business growth strategies. Ben is a futurist, disruptor, and data champion. He leads a team that takes a structured learning approach to business challenges, which allows them to assist leaders in bridging the gap between ideas, innovation, and revenue—taking ideas from mind to market.
Velocity Strategy Solutions is an on-demand, next-generation business strategy and management consulting firm which provides clients with a relentless focus on data, execution, and results that positively impact the bottom line. Velocity delivers integrated people and revenue strategies combined with a disciplined approach to growth architecture that elevates the capacity of leaders, teams, and organizations to succeed and win more.