Do You Need to Make a Pivot in Your Small Business?

Pivoting. The word "pivoting" gained a bad reputation in the business world a few years ago. However, with the unprecedented events of the pandemic, it became clear that pivoting is an essential skill for any small business owner. In this blog post, we will explore the importance of pivoting in business and discuss how it can lead to success.

The Definition of a Pivot:
A pivot in business is the act of making a strategic change in direction while keeping one foot firmly planted on the ground. Just like in basketball, where you plant your foot and move the other to pivot and change your view, a business pivot allows you to explore new opportunities and adapt to the ever-evolving market conditions.

The Role of Data in Pivoting:
Before making a pivot, it is crucial to gather relevant data to inform your decision-making process. Data collection can take various forms, ranging from video journaling, like I have done in my small business, to analyzing metrics and key performance indicators specific to your industry. Throughout this blog post series, we will delve deeper into the various elements of data collection and how they can shape your pivot strategy. So stay tuned and subscribe to our videos to learn more.

Transitioning from Tacticians to Entrepreneurs:
As a small business owner, it is essential to shift your focus from being solely a craftsman to becoming a successful entrepreneur. While your craft may be carpentry, for example, you need to ensure that the business side of things is running smoothly. This includes tasks such as managing finances, invoicing customers, and overall business operations. We will explore these steps and phases in detail in upcoming videos on my YouTube channel located here to help you transition successfully.

The Importance of Mindset in Pivoting:
Making a pivot often involves a shift in mindset. It requires embracing change and being open to new possibilities. In future videos, we will discuss the role of mindset in pivoting and how it can impact the success of your small business. Stay tuned for more insights on this topic.

Conclusion:
Pivoting is an essential skill for small business owners, especially in today's rapidly changing world. By gathering relevant data, transitioning from tacticians to entrepreneurs, and fostering the right mindset, you can successfully navigate through challenges and seize new opportunities. Stay connected with us for more valuable insights and tips on making the pivot that will propel your small business towards greater success.

We hope you found this blog post informative and inspiring. If you have any comments or questions, feel free to leave them below. Don't forget to subscribe to our channel for more content. Thank you for joining us on this journey, and until next time, keep pivoting and growing!

Listen in to the podcast episode on this topic.