How to Pivot in Business … To My Fellow Business Owners
How to Pivot in Business
The truth is, I’d rather have people “DIG IN” than “PIVOT” … But the reality is that rough waters
are ahead for some Business Owners … Do you know how to pivot in business?
Many needing to reinvent themselves and their business models … I’ve often said the magic of
business is “small incremental breakthroughs in multiple areas of your business” … Alongside
these small incremental improvements, you should also be open minded for BIG breakthrough
Totally different and original ideas can be a “game-changer” and capture a sizable competitive
Here are some guidelines to help you to help
you understand how to pivot in business:
- Establish the “norm” in the industry for a baseline to work from
(Example: all realtors pretty much operate and market themselves the same way).
- To be successful you simply must “SOLVE A PROBLEM” … so you should always
think in “identify a problem” mode.
- You should try to think in an “opportunistic” way. “What large problem do many
people have that is not being solved” … The bigger the problem the BIGGER and
more profitable the opportunity.
- Is there a better, quicker, or more efficient way of doing what is already being done?
- Be careful not to stay “inside the box” and be open to non-traditional ways that might
upset the industry-standard approach.
- You need to look at things head-on. Often the most obvious solutions are the last
ones you look at.
If you looked for a BREAKTHROUGH (potential pivot) every single day …
and you were willing to work your butt off to see it through … Magic follows.
Do a complete and harsh inventory of your strengths and weaknesses. Then draw these
back to how they relate to their competition.
Here are some areas I would cover if I were coaching your
business, and showing you how to pivot in business:
- How do you currently generate revenue (HINT: you’ll have 3 or less revenue-generating
activities and you’re not spending enough time on any of them)
- Create a list of personal and business ‘assets’…
Character, experience, expertise, contacts, and knowledge.
- Clearly define your Market-Dominating Position.
- What businesses benefit when you succeed (If you renovate homes then the guy
that sells you the wood benefits). List these and think of Joint Venture Partnerships.
- Detail your costs of generating a new client and compare this number to the
lifetime value of a client.
- How do you generate referrals from existing clients and at what point do you ask
(this should be done in a “high moment” [no I don’t mean getting stoned with your clients,
weirdo] … as in just after success … Stock Market guys are famous for this … after a stock
win, they magically get you on the phone and try to get you to empty your bank account.
- What is your process for reactivating old clients (I bet it does not exist)?
- What is your process for up-selling clients? Cross-Selling? Down-Selling?
- Study client retention over the past couple of years and look for trends and ways to improve.
What problem does the above list help you solve?
Successful business is solving problems.
The bigger and more popular the problem … the more you will end up getting paid.
Businesses tend to operate very tactically and never get around to a strategic game
plan of identifying strengths. A costly mistake!
You need to know what you are doing right and what you are doing wrong
in order to improve.
Maybe a Marketing Audit should be in store for you and your business …
Ever think of that?
To Your Success!