While the term ‘pivot or persevere’ is typically used in the startup world, it can apply to almost any business at a crossroads. Entrepreneurs periodically need to assess their business and ask themselves this question: Am I making the progress I had hoped for and is it in line with my initial strategic plan or do I need to shift direction?
The biggest crusher of business growth is the misguided decision to persevere when you should, in fact, pivot. Your product or service should be providing value to your customers (to ensure repeat sales) and driving growth and revenue.
Eric Ries, author of ‘The Lean Startup’, says, “Using the Lean Startup approach, companies can create order not chaos by providing tools to test a vision continuously.” To work smarter, not harder he suggests the question shouldn’t be “Can this product be built?” but “Should this product be built?” and “Can we build a sustainable business around this set of products and services?” Even established businesses can follow this simple rule as they work towards their vision.
Acknowledging a failure or a bad decision is critical to ensuring the success of your business. Recognize it, figure out how to fix it, and move on – whether in a parallel direction, but on a smoother road or on a completely different route all together.
As you plan your business growth in 2017 keep in mind that you should ask yourself more introspective questions. Rather than a knee-jerk decision made ‘because our competitors are doing it’, you should assess the real reasons behind a decision, its feasibility, and all the potential outcomes. Planning that is not only strategic but meaningfully analyzed will help you determine whether you should pivot or persevere.
Here’s to your success in 2017!
Not sure if you should pivot or persevere? CEDEC Small Business Support certified GrowthWheel® advisors can help. Using an interactive and visual tool, you can see results in as little as 30 days! A one-hour assessment of your business is on the house: call or email us for your free session.