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2018-06-14 01:38:48Growing a businessEnglishLearn about the red flags that indicate it's time to pivot and change course in your business. Find out how to spot the common warning... Signs You Might Need to Pivot Your Business

4 Signs You Might Need to Pivot Your Business

2 min read

When you run a small business, the one thing you can count on is change. It’s normal, no matter what your industry. The most successful companies are the ones that can adapt quickly. By keeping an eye out for warning signs and pivoting your business accordingly, you can thrive even as the market changes.

Your Sales Are Dropping

A drop in sales is a big red flag for a small business. It means your customers are buying less or spending their money elsewhere. As soon as you notice a decline, it’s time to do some investigating. You might find that your marketing isn’t effective, or your sales team needs to start reaching out to new audiences. Alternatively, your competitors might be taking away business by offering special perks. In more extreme cases, you might find that customers have moved on to a different product. This is especially common in fast-paced Indian industries like technology. When you find the reason early on, you can pivot your business and get your profits back up.

You’re Too Similar to the Competition

Look around at your competitors. What makes your company different? If you can’t come up with an answer, it’s a sign you need to make some changes. In India’s competitive small business sector, standing out from the crowd is crucial. It helps you attract new customers.

The solution? Find something to set your business apart. If you sell products online, you could design a better website or an easier ordering process. If you run a shoe store, you might offer free repairs on all purchases. Another option is to improve on your competitors’ weaknesses. If you know they have poor customer service, go out of your way to make your shoppers feel welcome and supported.

You’re Not Having Any Fun

Running a small business is challenging and exciting. When you stop enjoying the process, it’s a big warning sign that something needs to change. The same goes for boredom. As the owner, you’re the driving force behind the company. If you lose your motivation, it can trickle down to the rest of the staff.

When you start to feel bored or unhappy, it’s a good idea to step back and figure out the root of your feelings. Are you overwhelmed? Perhaps it’s time to hire an assistant. Uninspired? You might explore a new product line or find ways to better serve your customers. By honouring your needs and feelings and changing the business accordingly, you can find new joy in your work.

Your Business Plan Isn’t Working

Successful entrepreneurs often use business plans to guide their companies. But what happens when your plan stops working? This is not uncommon. It usually means the market has shifted. Instead of sticking with strategies that aren’t getting you anywhere, your best bet is to revise and update your business plan. Getting rid of the old plan can feel scary, but it’s a great opportunity to set your company on a more successful path.

As a small business owner, it’s important to stay alert for signs that it’s time to change. When you can pivot your company quickly, you have a better chance of succeeding in the long term.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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