If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask an expert about when to pivot to new opportunities.
This edition of “Ask the Board” features Cheyenne Sookoo, Founder of Paints by Chey, a company that offers paintings, graphic design, and wearable art. Cheyenne is also a graduate of NFTE, an organization that helps young entrepreneurs start businesses. She explained how small business owners can tell it’s time to move on to new opportunities.
Your small business is not set in stone. In fact, it will always change in some way, shape, or form. Sometimes, it’s a good idea to take the plunge and explore new opportunities. This can allow you to stay relevant, differentiate yourself from the competition, and grow. Here are telltale signs that it’s time to pivot.
Your customer needs have changed
When you created your business plan, you conducted a lot of market research to determine if your business model will succeed and if there is a need for your product or service. The reality is that as trends change, consumers’ behavior and demands change as well.
Interested in a small business membership?
Find out how the U.S. Chamber of Commerce can help your company grow and thrive in today's rapidly-evolving business environment. Connect with our team to learn how a small business membership can benefit your bottom line and help you achieve your goals.
COVID-19, for example, led to a huge shift in consumer habits, which caused many business owners to pivot their business. Your current model may have worked previously, but the market constantly shifts, and the world’s scene is ever-changing. We need to adapt—and in this case, change the model completely. Will you offer something new and fresh, or will you cater to a new market?
The great thing about a pivot is that it’s only a change in direction—you’re not completely scrapping your whole business.
Cheyenne Sookoo, Founder of Paints by Chey
You have a new vision
Every now and then, you should reevaluate your vision, mission, goals, and feelings about your business. After running your business for a while, you may seem to notice that some aspects aren’t aligning with your values. We change, and this can affect our feelings about what we’re offering, or how we are going about running the business. And that’s okay! It shows growth and progressiveness. Be willing to move with it, because it’s counterproductive to stay in a place that isn’t serving you or the market.
You notice oversaturation and competition
Let’s face it: Uniqueness can fade over time. Our competition grows and the market becomes oversaturated where we fall behind. We don’t stand out anymore, mostly because we are using outdated strategies. There’s always the risk that a bigger company with similar offerings has better prospects than you because of their resources, funding, and sponsors. It’s wise to observe how your competitors are succeeding and make a calculated decision about whether it’s best to stay in the field or completely pivot.
You’re facing low sales or no growth
If your business is facing stagnant growth or very low sales for a prolonged period of time, it’s time to pivot. Plateaus indicate that something is not working, and you will need to make major changes before your entire business collapses. Asking yourself questions about why you aren’t having any more sales or your business isn’t growing is essential. “Is my product still relevant?” “Am I or my team uninspired?” “Do I need to adapt a new business strategy?”
View pivoting as a positive
The great thing about a pivot is that it’s only a change in direction—you’re not completely scrapping your whole business. If only one part of your business is gaining traction, while another lags behind, concentrate your efforts and capitalize on the area demonstrating success. By optimizing and expanding what works, you can enhance revenue and productivity.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
