“Conformity is the jailer of freedom and the enemy of growth.”
– John F Kennedy
There are a number of telltale signs that may let you know it’s time to take your business in a new direction. However, deciding to pivot your business in one way or another can seem daunting, so it’s natural for many of us to avoid these signs and operate at a disadvantage and wait too long to enact change. This is why it is essential to be able to not only identify signs of trouble but also have potential plans of action if change is necessary.
What are signs that may necessitate a new direction? Well, there are no clear answers, but there are a few common situations that may cause need for a pivot. For one, competition may be growing too strong. Of course, competition is natural in business, but understanding your competitors’ effect on your potential business cannot be understated. A new direction for some may mean pivoting their efforts contrary to their competitors, making sure their business is unaffected by oppositional efforts. Often times, a crowded market can be a dangerous one for a thriving business, so making sure you have control of your marketplace can be paramount to success.
The need for a new direction doesn’t even necessarily only come about in times of crisis. Sometimes your particular avenue of success can forecast future troubles and pivoting early can help sustain your current success. This is why it is important to constantly examine what is working in your business. It may be that only a certain service or product in your business is responsible for the majority of profit, or that other areas are simply using up too much valuable time and effort. Recognizing the successful and unsuccessful aspects of your business can allow you to pivot and focus on what is actually creating the most amount of profit.
Lastly, it is important to remember that identifying the problem is only the first step of the process. When the time comes, you will need to know what particular kind of direction you want to take your business. For this reason, it is essential to be constantly gathering customer and internal feedback about your business. Understanding what does and doesn’t work in your business is the key to discovering the right kind of innovation that can help take your business in a new direction.
Kelly D. Scott
The world’s leading business advisory and executive coaching organization