When there is a big shift in the economy such as during the pandemic or when we hear threats of recession, a lot of entrepreneurs think about pivoting to adjust to the changes.
I'm a big fan of pivoting when it makes sense, but ONLY when you do it the right way.
The word "pivot" means to turn around a central point.
Think about a basketball player who plants one foot on the court and spins around that foot, looking for a place to throw the ball.
The key to a good pivot is maintaining a center anchor point.
So often I seen business owners changing everything - their audience, their offer, their lead generation, their sales process, etc - all at the same time.
They don't keep one thing in place and change the other things around it.
Here is an example of a good pivot.
Let's say your market is becoming more price sensitive because of economic headwinds.
In a good pivot you might keep the same target audience but change your core offer to something at lower price point.
OR, you might look for a new target audience who as isn't price-sensitive and keep your core offer the same.
What you don't want to do is change the audience and the market at the same time. This isn't a pivot, it's a new business in essence. You're starting over from scratch.
if we see the economy turning south in the coming months, take a look at your adjustment strategy to make sure you are pivoting, not blowing up everything.