When your business ideas are not working, it may be the best time to pivot your business. Pivoting does not mean abandoning your original ideas or even your vision, it means changing your business model in order to perform better on the market. There are several things which you need to consider while pivoting your existing business, and consequently having a larger share on the market. Some of the more important things you can do in order to pivot your business are enlisted below:
1) Marketing Strategy:
All businesses have their own market strategy in order to get their target customers. However, your marketing strategy might not be effective as you thought. Therefore, it might serve your well to switch things up and choose new marketing strategies, such as public speaking, networking, and creating online videos, just to name a few. Due to the advent of the Internet, it is important to focus carefully in advertising and promoting your products and services online, in order to reach your target – both local and international – customers.
2) Target Market:
Perhaps, your original target market is unable to afford your rates and services. In this case, it is important to better define your target market. You might want to consider diversifying your target market; for example, if you might have being focusing on selling products for adults only, you can diversify your target market by starting to promote products for a younger audience as well.
3) Customer Relations:
Customer relationship skills are a key factor to consider when pivoting a business. Individuals in a company have to deal with customers on a daily basis, and some of them may come across as demanding or impatient; in these cases, he or she would need to refrain from treating them poorly since customers are the most important aspect of the business itself. The very first customers determine the reputation and credibility that the company will have in the future. The company might be relatively new to the industry and the owners might lack experience at first; most clients will want experienced people who know exactly what they are doing, providing quality service. A major part of the customers subsequently will come as a direct result of word of mouth – and that includes about the quality of the services and support offered by the business.
4) Improving Communication and Production Technology:
Communication is among the most important of factors to account in, while pivoting a business. The Managers/Heads in any business have to invest in acquiring high quality equipment for communication purposes. Buying improved phone systems, as an example, is a strategic decision that goes a long way in influencing the chances of the business improving on its communication issues. Another important thing to work on is to improve production technology in the company. This will ensure that the company will constantly be improving the quality of the products that it releases to the market.
5) Corporate Kit:
Professionalism in any business venture is very important, and this is the reason why companies need to invest in a proper, well managed corporate kit. They are quite helpful in enabling companies to organize all their legal documents in a formal way for easy manipulation and storage. These documents could include things such as contracts and bond certificates – which their clients might need from time to time to conduct business activities.
6) Managing Accounts and Finances:
Many factors contribute to the success of a business enterprise; proper human resources planning and good financial management practices are among the biggest contributors to their success. These practices help an organization organize its funds such that they are useful for the fulfillment of set goals. When a business fails to implement such policies, it reduces its chances of achieving those goals. Among some of the better ideas when it comes to financial management, is to have regular annual credit reports presented to all parties. It is also important that businesses establish proper division of labor policies in their organization. They should also have clear job descriptions for each of their employees. Periodic reports are also very important for the proper management of a business; they should follow certain set patterns that enable them to present the relevant information in the best possible way.