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13 Signs That It's Time To Pivot Your Business

Forbes Coaches Council
POST WRITTEN BY
Expert Panel, Forbes Coaches Council

Having and implementing an original business idea is a peak point in any entrepreneur's life. For various reasons, however, there often comes a time in a business’s life when that idea just is no longer working like it used to. In such a case, it's time to switch gears.

The earlier that an entrepreneur realizes that the time has come to change the company focus, the easier it is to pivot the business into something more profitable or purposeful. The critical element, however, is finding out exactly when the enterprise shows signs of slowing.

Below, 13 contributors to Forbes Coaches Council mention some of the telltale signs that a business needs to pivot, and how entrepreneurs who figure this out early can take the next step.

Photos courtesy of the individual members.

1. It's Not Making Money

The market never lies. If you are trying to sell an idea that no one is buying, find out why by interviewing your target market and getting feedback. If you are providing a solution to a real versus perceived problem, it will sell. Once it's making money, tweak your messaging, pricing, package, market to determine how to best leverage your time and value. - Anna Choi, Conscious Business Coach - Anna Sun Choi Llc

2. Clients Are Telling You To

I am a firm believer that your target market and audience will give you insight—you just have to listen. Clients are not shy about vocalizing what they love and walking away from what they don't. An examination of the trends from your customers' actions will alert you when it may be time to pivot your business in some way. It will be up to you to decide if the pivot aligns with your passions. - Karan Rhodes, Shockingly Different Leadership

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3. The Money Flow Changes

We added more corporate services to our business when the money didn't stop in other areas but the revenue flow changed. One part of our business felt commoditized, so we upgraded our client profile, added a corporate divisional focus and didn't look back. This helped us create a better ideal client profile for every area and refine who we wanted to reach. We focused on better clients and got them. - John M. O'Connor, Career Pro Inc.

4. Your Momentum Decreases

Choosing when to or if to pivot your business is important. It's helpful to do an environmental scan to look for how trends can affect your business, as well as identify if internal momentum is lost. Once you have identified the need to pivot, collaborate with mentors and resources to define clear next steps. This metaview can give you a clearer vision. - Dr. Denise Trudeau-Poskas, Blue Egg Leadership

5. You've Reached The End Of The Line

Imagine your business being a subway train with many compartments. At every stop on your line, you serve the people here for you. But as you reach the end of the line and everyone has been given what they needed, what can you do? Going backward is not an option. Moving onto another line of business then makes sense. Check where the next cluster of customers abide and drive there to serve them. - Anne Beaulieu, Walking Inside Resources Inc.

6. You're Feeling Bored

It used to be that you woke up with an energetic start, ready to dive into work. But now you're feeling ho-hum. If that sounds like you, it's time to reinvent and pivot your business in a new, compelling direction. Your first step? Think about what excited you to begin with and then talk with mentors, colleagues and trusted advisors to get advice on a new twist to your business. - Heather Backstrom, Backstrom Leadership Strategies

7. You've Outgrown Who You Are

Two years ago I started experiencing severe anxiety and couldn't sleep. After months of soul-searching, I realized my business didn't serve my greater purpose any longer. I decided to reinvent and shared my story with my existing customers. Dozens reached out and asked, "Will you help me reinvent my business too?" That bold step fueled my new multimillion-dollar business that's profitable and fun. - Mike Koenigs, MikeKoenigs.com

8. You Start Dreading Mondays

If you start feeling incredible resistance and negativity just thinking about the work waiting for you on the other side of the weekend, it's time to change something. If you can be grateful for where the original business has led you, you can then bless it and move on to something that feels exciting and fulfilling. Let your feelings be your GPS in business. - Elizabeth Pearson, Elizabeth Pearson Executive Coaching

9. When Purpose And Performance Diverge

Your purpose should remain clear—both company and personal. If either are fuzzy, take time to get clear again. Note your performance metrics. Gaps show if you've drifted away from customer desires. Get curious, listen for today's gaps and tomorrow's needs. Check the energy level of your company. If it's down, something is needed. Find out what. Always be looking for the next opportunity. - Sharon Richmond, Richmond Associates Consulting

10. You've Lost Your Drive

When entrepreneurs lose their drive, the business starts to decline, almost immediately. Trouble is, most entrepreneurs do not lose their drive on a set day—it happens slowly over time. At some point, it becomes time to pivot, which could exist as a simple exercise in creating a second product or service that reenergizes both the entrepreneur and the team. Without, watch out! - John Hittler, Evoking Genius

11. Your Passion Is Waning

You know it's time to pivot your purpose when your passion wanes. When motivation and the desire to inspire fade, ask yourself Howard Thurman's question: "What makes you come alive?" Listen deeply. Invite patience, compassion. What emerges might startle you. Share answers with trusted confidantes. Slay the dragons that get in your way. Stay true to your answers. The world needs you fully alive. - Madeline McNeely, Conditioning Leaders

12. Your Original Idea Is Not Working Anymore

In business, we always have to change and grow. When we start recognizing that what we are doing is not working, we need to begin to pivot and try new ways of operating. Ask your network, read current trends, determine what is the next viable solution to solve the challenges your customers are facing. Remaining agile and flexible are inherent in any business. Try the next option and see if it works. - Monica Thakrar, MTI

13. The Right Idea Presents Itself

The right ideas at the right time can spark a pivotal moment. My niche is career counseling for lawyers. Recently, my son, a chef, proposed adding a culinary counseling division. My best friend also offered a music industry division. The light bulb went on—in 2020 I will run the legal division, one of three, of a still niche-focused career advisory practice. When the right ideas come along, pivot. - Kathy Morris, Under Advisement, Ltd.

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