How To Pivot Your Small Business and Entrepreneurship Endeavours

Do you have a small business and entrepreneurship aspirations ? Do you identify as a struggling entrepreneur? Here’s something we hate to hear, but have to acknowledge: one of the best ways to keep your business afloat is recognising when something isn’t working – and changing it up.

Let’s take a look at how you can pivot your small business and entrepreneurship goals and adapt to seize new opportunities and navigate change in our dynamic marketplace! We share some tips for what to prioritise in times of pivoting, and some practical insights for how to successfully transition!

Our world is fast-paced and ever-evolving. For entrepreneurs running small businesses, this can manifest in numerous challenges that constantly need solving. However, the right mindset and strategic approach can transform these obstacles into opportunities for growth and success. Enter the concept of ‘Pivoting’ – occasionally dreaded, but all-too-often the solution that businesses need for adapting, innovating, and thriving in the face of change. Let’s explore the concept and how it can benefit your small business and entrepreneurship goals! Likewise, we’ll also take a look at what you should NOT compromise on, and how you can effectively transition your small business or entrepreneurial venture!

What Does It Mean To Pivot?

Unfortunately, what we envision for our businesses may not always pass. There are times when it’s necessary to make significant changes in your business strategy, direction, and product or service offerings. This is in line with the constant shifting of market dynamics, emerging trends, and customer demands – all of which businesses must crucially meet. For small businesses and entrepreneurs alike, pivoting can be a real game-changer, allowing you to stay relevant and capitalise on emerging opportunities.

Related: The Ultimate Bazaar Space Checklist For Small Businesses In Malaysia

Benefits Of Pivoting Your Small Business and Entrepreneurship Endeavours

• Pivoting your business direction allows you to chart a whole new course, in line with evolving market demands. This enables small businesses like yours to proactively respond to changing consumer needs and preferences, thus ensuring your offerings remain relevant and compelling!
• Looking at your business differently can shine a light on emerging trends, untapped markets, or niche segments that you might not have considered before. This can allow you to position yourself differently, gaining a competitive edge over your peers in the business – thus seizing new opportunities.
• Pivoting allows small businesses to navigate and overcome obstacles like economic downturns, disruptions from competitors, and technological advancements. This can enable the long-term survival and growth of your business.

Non-Negotiables In Pivoting

While the benefits of pivoting in your small business may be overwhelmingly positive, it’s important to stick to your guns where certain things are concerned. Chasing exciting new opportunities is an excellent avenue to further your business – however, it is essential to maintain your non-negotiables.

• The purpose and mission of your business should remain a core element of your entrepreneurship journey. Preserve the essence of what drives you – this will ensure you retain what your audience already loves about you, while allowing you to further explore new avenues!
• Customer satisfaction and loyalty must always remain at the core of any business! Ensure you retain strong relationships by providing value to your target audience, and show them that they are important to your business.
• Quality and Integrity are two key points you should never compromise on, where your business is concerned. Compromising on the quality of your products or services will affect the integrity and reputation of your business, and can do more harm than good.

How To Successfully Navigate The Transition

Before you can rebrand or pivot your small business or entrepreneurial venture, you need to first plan, prepare a roadmap, and then finally execute. Essential steps to take include, but are not limited to:

• Conduct market research to do your due diligence. This means keeping abreast of market trends, consumer preferences, and emerging opportunities. Make use of your research to keep your pivoting endeavour well-informed and strategically positioned.
• Evaluate your existing resources. Take a good, long, hard look at your business and team’s strengths, weaknesses, and available resources. Then, you’ll be able to identify where you can grow while capitalising on your existing capabilities.
• Develop a strategic plan. Outline clear objectives, define your target markets, and create an actionable roadmap to guide your pivot! Don’t forget to include actions for potential segues during your pivot; a good plan is one that includes solutions for any and all problems that may arise! Ensure your pivot is aligned with your vision and objectives.
• Communicate and engage regarding your pivot. Be clear and transparent with your employees, stakeholders, and customers. This will allow you to foster and maintain trust, whilst simultaneously managing expectations from all fronts.
• Monitor your progress and adapt as things continue to change. Don’t be afraid to solicit feedback, and remain adaptable to refine your pivot strategy based on marketplace dynamics and ever-changing circumstances.

To Conclude…

If you have high hopes for your small business and entrepreneurship aspirations, embrace change and seize new opportunities as they arise! Clinging to the past will hinder your growth, and it is critical that you take off your rose-tinted glasses when inspecting your business model as it currently is. Pivoting can provide you with a strategic approach to navigate market shifts in the long run, allowing you to truly serve your customers what it is they want – and ultimately need.

Are you running a small business? Have you ever considered pivoting, of HAVE pivoted? Share your experiences (good and bad) in the comments below! Don’t forget to follow us on our social channels for more fun content, tips, and stories on your favourite local brands!