“The measure of intelligence is the ability to change.” (Albert Einstein) 

Change can be uncomfortable and often we humans love to avoid it. In business, however, being brave enough to embrace change could be the difference between going under and thriving. All business owners should be constantly on the lookout for opportunities to improve their products, services or offerings. 

A good pivot into a new area, technology or even target customer base could be just the ticket your business needs to position itself for a very bright future. But how do you know when it’s time to change tack? Look out for these six signs…

1. These are not the results you were looking for

Achieving results takes time. But if you’ve held the line consistently for a year and the business isn’t expanding – or worse, is in decline – it’s probably time for a change. Don’t let emotions take over – now is the time to be honest with yourself and take a long, hard look at your marketing plans, and your product. Most good pivots don’t come from hard shifts but from subtle changes to products and offerings. If the customers aren’t biting, now is the time to ask them why. 

2. The market has changed

We live in an era of technological advancement and massive change. If you’re still doing things the way you did them five years ago (or perhaps even a year ago, depending on the industry) it might be time to start looking at changing. As a business owner, you need to constantly make adjustments to your service or product to suit changing market conditions. If a new technology or way of doing business has popped up, you need to understand how it impacts your business and develop a plan to match the new conditions. If you can’t, then it may be time to think about moving into an entirely new industry or shutting down entirely.

3. People can’t see your vision

In business, we often speak about the elevator pitch – the quick two-minute description of what your business does and how it does it differently. If your elevator pitch is generally met with blank stares, and you never get enthusiastic responses, then you either need a new elevator pitch or a new business model.

4. You’re constantly exhausted

Working hard to get a new business going is par for the course, but if you’re putting in the hard hours and it’s not catching on, then something is going wrong. The pivot you need may be something as simple as better marketing, or a slight adjustment to your product – but it’s important to act sooner rather than later.

5. You’ve got cash flow issues

Temporary cash flow issues are one thing, but if you’re permanently battling, then something has gone wrong. Perhaps your pricing structure is wrong, or perhaps you are in the wrong game altogether. Persistent cash flow issues are a sign that you need to rethink your business model.

6. New opportunities arise

Even if you’re doing fine, there may come a time when a better opportunity crops up. Is there a new product in a related field that makes more sense? Can you add something new to your service offering that would make more impact? Don’t miss out on new opportunities because you’re still fixating on the old ones.

Next steps

If you feel like any of this applies to you, your first port of call needs to be to your accountant. We can help you with pricing models, trimming costs and rebalancing your budgets. Or we could even help you to free up the funds you need to take your business in a whole new direction. Our door is always open. 

Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact us for specific and detailed advice.

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