Virginia business owners may be interested in knowing what to do if they need to change the direction of their businesses. Sometimes a business may start out strong, but over time, with gained experience and changing market conditions, it may be necessary to adjust or lean the business in a slightly different direction in order to stay successful.
One thing that will lead to knowing how to pivot the company is understanding the strengths and weaknesses of the business. Encouraging discussion at all levels of the company on improvements that the company may want to consider is also important. Businesses that talk with customers and closely track the activity of competitors will also develop ideas on how to change.
A central modification will affect every aspect of the business. Having a good roadmap and knowing what the change will look like on personnel and profits will provide a means to monitor the pivot once it is put into place. To implement a pivot successfully, the whole team must be on board, understand it and be aware of how it will affect individual departments and each job. It is also important for the company to stay flexible so once the pivot is executed, it can be fine-tuned if needed or even abandoned if necessary.
In order to make sure a company has the organizational agility to introduce changes and fine-tuning, the business formation at startup time can be critical. A business and commercial attorney may be able to make suggestions about which types of entities provide the most flexibility to the owners.
Source: FOX Business, "The 'Art of the Pivot': 9 Tips to Successfully Shift Your Business Strategy", Nicole Fallon, December 30, 2013