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Pivoting your business means changing the way it does things. It's about shifting your business strategy to meet the changing needs of your audience. It would be fair to say there has been a lot of examples of New Zealand doing this in 2020 in response to COVID-19. Manufacturers swapping from making clothing or marine covers to manufacturing face masks and face shields is a common one. They've pivoted their business to meet a need in the market, that of a huge demand for PPE. Was this ever in their business plan? Most likely not, but that is what business pivoting is all about.
Pivoting a business isn't something that should be taken lightly. Nor is it a necessary action for every business. The main reasons to pivot a business include:
It is important to note though, that even though you may agree with one or more of these statements, there is still some critical thinking to be done before you decide to commit to pivoting. If possible, discuss your ideas with a business advisor first. They can take a look at your business as it is currently, check for areas where it could be improved and confirm that a pivot is in your best interests.
Pivoting requires an immense amount of work, just as much in fact as you put in when starting your business in the first place and we'll look at this next.
As a business owner, you'll already understand that change is a common event in running a business. Pivoting requires big changes, but it is completely doable by:
Once everything is in order, it is time to start marketing your pivoted business. For help with marketing, take a read of our articles:
Finally, join our free Facebook business networking group designed specifically to help NZ businesses!
Posted: Tuesday 18 August 2020
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