Does the term “business pivot” strike fear in your heart – like a scary scene in a Halloween movie?

It’s understandable. Fundamentally shifting the strategy you use to achieve your company’s mission may require big changes – in thinking, operations, offerings or even personnel. But knowing when and how to change direction can be the difference between failure and tremendous success.

If you’re afraid to even consider pivoting your business, here are three reasons to get over it:

The rate of change in business continues to increase.

The ways in which we accomplish work has changed dramatically in the past decade. And given the increasing pace of major advances in technology, the rate at which industries change will only continue to increase. To stay competitive, your organization must keep an eye on emerging trends and pivot accordingly. If you get “stuck,” your current business model may not be sustainable for long.

Pivoting creates opportunities to drive revenue.

As your business and the markets in which you operate evolve, you must define and measure the metrics most relevant to your growth. What you learn from those numbers may necessitate re-evaluating your offerings and core focus. Strategically pivoting toward new services, new products or new markets allows you to capitalize on opportunities as conditions change.

Pivoting can fuel innovation.

Fear of failure (on both an individual and organizational level) often prevents companies from being more innovative. Maintaining the “status quo” may be more comfortable, but it also puts your business at greater risk for becoming irrelevant or obsolete.

While you don’t necessarily need to jump on the bandwagon every time something changes in your industry, you should continually and systematically test different concepts and ideas. Finding an innovative way to target an audience or a new way to deliver your services could reinvigorate your business – and catapult you ahead of your competitors.

Related post: If You’re Afraid, You Might be Innovating

Considering a major shift in your business? Ensure success with a smart staffing strategy.

Whether you need to test new concepts, hire innovative thinkers or enhance your team’s flexibility, Exact Staff can provide talented people and intelligent staffing solutions to help you turn on a dime.

Give us a call to discuss your goals – we’ll help you achieve them.