Five Signs It’s Time to Pivot Your Business
I’ve been in business for about two years now, and I’ve learned countless lessons along the way. From finance to time management, there’s something crucial for business owners everywhere: adaptability. Whether you’re willing to accept it or not, sometimes a pivot is what your business needs to see it come to fruition.
Since launching my business, I’ve made several pivots. Yes, they’re scary, challenging, and sometimes intimidating, but they’re often necessary to continue forging a path. Below are five signs it’s time to pivot your business.
Your market’s needs are changing
It’s terrifying to think that something you’re passionate about isn’t your customer’s need anymore. While this can be intimidating, it’s important to constantly research the market to evaluate how the changes should impact your pivots. This doesn’t mean you need to close up shop, but it does mean some changes need to be made to stay afloat.
Your profits are steadily declining
I’ve talked about my issues with money in the past, which is why it took me so long to realize that if my business wasn’t making any money, I had to change something. If your current projects, products, or services aren’t making you enough (or any) money, take the time to examine why. This could be a red flag for what you’re currently offering.
You’re not growing
Growth is known to be one of the six human needs. As humans, we want to constantly feel like we’re learning, improving, and growing, which explains why we’re constantly pushing ourselves to be better. If you no longer feel like your business is challenging you, it might be time for a change.
You’re no longer passionate
I know passion doesn’t always pay the bills but isn’t your passion the reason you launched your business in the first place? If you’re lacking passion for your current projects, it probably means you disengaged from your why somewhere along your journey. A simple check-in with yourself can help you find the clarity you need to reconnect with it and eventually lead you on the right path.
You have a gut instinct
I’m a big believer in following your intuition. As silly and illogical as those gut feelings might seem, they’re usually leading you in your right path. If an inner voice or feeling seems to be trying to tell you something, take the time to listen. You’ll be surprised how often those impractical thoughts lead you in the right direction.