Pivoting Your Small Business
Show Notes
Did you know Play-Doh, Starbucks, and Netflix have something in common? They have all changed their models at some point and rebranded to become some of the most successful businesses in the world. Welcome to a new episode of the Business Growth Hacks podcast!
Today, Andrew Brockenbush and John Fritzsching discuss all things business pivoting. Opening the episode, Andrew and John explain why pivoting is not indicative of wasted or unproductive time, but rather a way to create an anchor point and move towards your goals, all while avoiding obstacles. We begin to understand how to use market research to change (or not to change) your brand, adapt your business model without changing the product, and remain anchored in your goals, plus a whole lot more. From making ‘eeny, meeny, miny, moe' decisions to creating a formal, written plan, Andrew and John discuss it all! We hope you’ll join us.
Key Points From This Episode:
- John’s most used decision-making method: ‘eeny, meeny, miny, moe’ versus making lists.
- How to understand the definition of a pivot from a business perspective.
- A look at why pivoting is less about moving away from a goal and more about navigating obstacles to ensure better success.
- Why pivoting does not reflect wasted or unproductive time.
- Play-Doh, Starbucks, and Netflix as famous companies with surprising pivots.
- The importance of branding (and rebranding).
- How following the profit is a way to anchor your business to pivot your business.
- Using basketball analogies to understand business pivoting.
- When and why businesses should consider pivoting.
- Why your target audience or customers might change and how to pivot towards keeping them.
- Things to avoid while pivoting.
- A look at how (and why it might suit you) to niche down.
- Why you should learn about your employees' competencies and passions to ensure alignment within your business.
- Why your goals need to be written down, clearly defined, and transparent.
Tweetables:
“When talking about pivot in your business, we are talking about change.” — @abrockenbush [0:06:02]
“Just because you are making a pivot does not mean everything you have done up until this point is a waste, wasted time, or unproductive.” — John [0:07:30]
“When you are climbing a ladder, if you don’t let go of the rung that you are on, you won’t be able to grab the next.” — John [0:20:43]
“The only thing that is not worth points is off the target—a small bullseye has a large value.” — @abrockenbush [0:27:48]
“It is not a plan if it is not written down.” — John [0:40:04]
Links Mentioned in Today’s Episode:
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