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WHAT IS “PIVOTING”?
Pivoting does not always mean changing the whole company. Oftentimes, a company only has one important problem that needs to be addressed, and only requires one aspect of the company to changed. Below are some examples of pivoting that you might not have guessed are considered a “pivot”:
• Turning one feature of a product into the product itself, resulting in a simpler, more streamlined offering.
• Focusing on a different set of customers by positioning a company into a new market or vertical.
• Changing a platform, say, from an app to software or vice versa.
• Using different technology to build a product, often to cut down on manufacturing costs or create a more reliable product.
There are certainly plenty of other examples of pivoting that are not included here, but at least you now understand that pivoting encompasses numerous directions for a startup.
HOW TO KNOW IF YOU SHOULD PIVOT
Pivoting is not a magic pill that can cure any problem. In truth, however, pivoting should only be considered when absolutely necessary, and when all other options have been exhausted. To make sure you don’t make a rash decision with your company, below are some signs to help you identify when pivoting makes the most sense: