I hate the buzz term Pivot… and lately that’s all you hear… pivot this, or pivot that… yuck. However, it’s vital to your small business success. I prefer transform or “roll with it”. If you don’t watch trends or provide new products and services you will not grow.
Here’s a fun story I learned about yesterday from my dad. There is a restaurant in our area and it’s named after two people. I asked if the people were real. After a long pause, and the equivalent of “duh” the answer was “yes”. I said, “duh” I’ve only known the current owners. So he explained the restaurant started as a grocery store, then they started selling prepared food, then went to steak, then they became a steak house, then a supper club, and now have the restaurant and at least 13 charter boats that provide dinner cruises.
Had they not “pivoted” before it was a trendy buzz word, they would still be a grocery store. How does this apply to your small business? Be ready. You can create a 10 year plan, but make sure you’re willing to “roll with it” – watch for trends and be on the look out for alternative ways to service your customers.
Now here’s a funny thing… as you look into the future you need to know what your customers have consistently wanted from you and continue to provide that… for example if you provide fast shipping, free returns, great customer service, etc. These things will always remain constant. Figure these things out so don’t “break your model” as you transform.
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1- Create a map of your business services. What was your start? What services/products did you sell? Where are you at now… Most important, what has remained consistent?
2- Discover your path based on your previous course… where are you heading? Do you need to adjust?
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Listen to Episode #79 of the Two Minute Commute audio blog Podcast