Studies show that for every crisis, 60% of businesses will survive, and 40% will fail.
As a business owner, perhaps you started your business with lofty goals and faith that you had the perfect solution to solve a much-needed problem, and maybe you did.
Now, it is necessary to pivot to reconnect with your current market and to connect with a new market. You must correct your course, or pivot, to remain in or to enter the ‘green’ zone. You are not alone; every business must pivot to achieve and to maintain success. For instance, Facebook and YouTube started out as dating sites until they realized those markets were over-saturated. They pivoted their business model, which is why it is a must to hire a business coach!
Are you in the ‘green’ zone? GREAT job, but you may still have work to do to ensure your business survives the next crisis. Are you in the ‘red?’ If so, this does not mean your business has drowned, but it does mean you have a sinking ship, and Transcontinental Consulting is your life raft to recovery and success.
Here are some tips to help you ebb the tide and create a steady flow:
1. Identify key focus areas. Keep it simple; less is more. You can obtain everything you want but not at the same time. By focusing on key areas, achieving your goals for those areas, then adding in other areas as you go, you will continually re-image your business model to grow your customer base.
2. Redefine your target market. As economic conditions change, and government regulations evolve, businesses are motivated to seek new tools and processes for risk reduction and continued growth. If you are currently focused on individuals, begin focusing on businesses and vice versa. Pivots are a normal and necessary process in expanding the market and recognizing cultural shifts, as well as rejuvenating growth.
3. Change your business model. Pivot your business strategy to maintain or increase your social focus to increase revenue. These two objectives are not mutually exclusive, and it may be necessary to consider the price-volume trade off. This will place your business in the realm of new competitors. You cannot be on both ends of this spectrum at the same time.
Pivoting is a natural and necessary process to better align the strengths and weaknesses of your business. Do not wait for a crisis to start thinking about pivoting. The sooner you recognize the need to make a change, the less it costs, and the greater the return.
Why are you still hesitating? Contact Transcontinental Consulting to help you make
The Business Model PIVOT.