Now, when I hear the word ‘pivot’, my mind is instantly transported to that memorable scene in Friends involving Ross’s couch.
But as we all know, the outcome wasn’t great for that poor unassuming piece of furniture.
That’s not to say that pivoting in business can’t be just as a rough ride — but, when you’ve reached a sticking point and the road ahead isn’t looking as promising as it once was, pivoting could be the way to go.
So how do you know when it’s time to pivot your business?
1. The passion has gone
This could be a heading for a whole other topic, but in this case, we’re talking business. Remember that fire in your belly when you first set-up? That’s not supposed to go away. And if the passion dies, so does your business. So if you wake up one morning and realise you’re no longer passionate about what you do and you’re struggling to get motivated, this could be a sure sign it’s time to pivot.
2. You’re bored
Is your business starting to feel like a chore on a day-to-day basis? Are you finding your daily tasks mundane and ‘yawnable’? If that’s the case, you’ve got to switch things up. One of the main reasons we set up our own business is to do the thing we love and to have freedom in what we do. You should feel excited when you start working, with your brain brimming over with ideas — not pulling the duvet up over your head and snoozing that alarm clock.
3. You’ve stopped growing
This one’s a biggie. Of course, if your business stops growing, this is something to stop and evaluate straight away. But sometimes, I think we forget about our own growth — even if the business is continuing to grow. As humans, we want to feel like we’re constantly learning something new and improving ourselves. We reach one goal and set another three. So if you no longer feel like your business is challenging you, it’s time for a change.
4. Your profits are declining
There’s nothing more soul-destroying than watching your efforts going down the drain, particularly when you’ve been used to a certain income level. Declining profits mean something isn’t working. Maybe your client’s needs are shifting and there’s less demand for what you’re currently offering. Or maybe the market’s become over-saturated and you need to do something different. Keep up-to-date with the latest market trends and listen to your clients — they will tell you when it’s time to pivot.
5. Your gut tells you so
Sometimes you just need to follow your intuition. If something doesn’t feel right, it probably isn’t. Listen to what your inner voice is telling you. If an idea has been racing through your mind, that can spark a pivotal moment and you should run full-throttle with it. You don’t need to know all the answers straight away. Stay true to yourself and a path will forge for you.