By Peter Wasmer, Founder & CEO of ProValet
Small businesses need to be adaptable to change to survive. Whether you own a pool service software company, a home watch services company, lawn care services software company, or a similar type of business, if you aren’t growing or generating the revenue you need, it may be time for a pivot.
What is a pivot? A pivot is a dramatic change in strategy or product offering. It’s often associated with startups, who often must make radical changes to their business model to find success.
While there are often tell-tale signs that it may be time to pivot, one important one, according to Forbes, is when work is no longer a fun challenge. Once you feel stagnant, Forbes says, “Create a new product, come up with a new idea or do something different. When your mind is bogged down, your business will suffer immensely.”
Another key point regarding the need to pivot, Forbes reports, is, “Business is foundationally about the numbers. Any failure to grow the return over a prior year forces a leader to re-evaluate the model. Is it stale? Has technology taken over part of the function? You must pivot when growth is no longer realized, and you must be realistic and brutal in performing a self-evaluation.”
But pivots aren’t just for startups. Any small business can benefit from making a pivot if it’s done correctly. Here are some signs that it might be time for your small business to make a change:
– Your sales have plateaued or are declining.
– You’re having trouble attracting new customers.
– Your costs are increasing, and margins are shrinking.
– You’re feeling stuck and uninspired.
If any of this sound familiar, it may be time to consider a pivot for your small business. Of course, making a change can be scary – but it can also be the key to unlocking new growth and success.
Think carefully about what changes you need to make, and then take the leap! A pivot could be just what your small business needs to get back on track. Pivoting can be a great way to breathe new life into your small business. If you’re feeling stuck, make a change and see where it takes you!
Here are some tips on how to successfully pivot your small business:
– Define your goals. What are you hoping to achieve with this pivot?
– Do your research. What changes do you need to make to reach your goals?
– Be flexible. Be prepared to adjust your plan as you go.
– Have a backup plan. What will you do if the pivot doesn’t work out?
– Be patient. It may take some time for the pivot to pay off.
Making a successful pivot can be the key to unlocking new growth and success for your small business. So, if you’re feeling stuck, don’t be afraid to make a change!
