Time for change?

When is it time to make a change in your business and when do you keep persevering?

Last week I shared in my Facebook group that after a careful review, I had decided to pivot in my business.

The term ‘pivot or persevere’ is typically used in the start-up world, it can apply to almost any business at a crossroads. Business owners need to assess their business and ask themselves this question: Am I making the progress I had hoped for and is it in line with my initial strategic plan or do I need to shift direction?

Whilst reviewing my vision and my why and my current strategies, my husband introduced me to this terminology from Lean Startup methodology that many entrepreneurs and product owners use.   (And just so you know, this is not a blog about the finer details of Lean Startup – it’s purely how I’ve interpreted into my own business venture).

I know what I want to achieve, I know my vision – but for one reason or another, I’m not convinced my strategy and my current product / service is the best way to achieve it.

If we’re looking for an analogy, my GPS still had the same destination (my vision and my why) but now I needed a new route to get me there.

 

Summer Reflection

Over the summer I spent time reflecting on goals, achievements, passion, market place and where I take my business next.  I’m immensely proud of what I’ve achieved.  And new opportunities are presenting themselves.

I continue to observe the current business coaching space and I can’t see myself in it.  With so many promising 5 figure, 6 figure, 7 figure businesses it’s not a profession that I can relate to, to aspire to be a part of and want to evolve with.  I’ve taken time to think about my motivation and passion and I too am evolving.

So I’ve decided to pivot in my business.  Some things will stay the same.  My ideal client will mostly stay the same.  But my business model, my overall proposition, how I attract new clients will be changing.

But, won’t I be giving everything up if I pivot?

I’ve asked myself “what if I adapted this / persevered with that /  fine-tuned that”.  I’ve worked so hard and am I about to give everything up that I’ve already invested?  Not at all, I’m taking all the learnings and it’s time to apply all the best bits….I’m not about to lose all that good stuff!  That’s the beauty of this – I keep the good bits and throw out what’s not working.

So…how do you know when to pivot or persevere?

Often, when we’re not seeing the progress we want or need, that budget and resources are being spent with little return and there are alternative strategies are viable, that’s often a clear sign that some sort of pivot would be welcomed.

And don’t think that by pivoting you’re a failure.  Quite the opposite.  Making a big change doesn’t equal starting from scratch. When you pivot, analyze the elements of your business strategy that are actually working—and then preserve or expand them.

So what next?

What I’m about to do is a referred to as a “Zoom-in pivot” (check me out!). In Thrive Coaching there’s always a common feature, a theme an element that has had more traction than any other aspect of my business.  Which is no real surprise when I consider my 18+ years of marketing experience.  So it will involve even more of my marketing experience and allow me to really focus on this feature.  Business coaching can be so broad – even with a niche.

So there we have it.  An update on Thrive Coaching…new brand, new name and new proposition landing at the end of October.  Very exciting and empowering times here I can tell you!

I’ll see you on the other side!

 

I’m Sam Dixon, founder of Thrive Coaching – marketing and business coach to ambitious businesswomen who want to create, develop and grow their business with confidence.  For a free 30 minute discovery call get in touch on 07972 783 507 or email hello@thrivecoaching.org.uk  

And if you’re looking for the support of like-minded women, come and join the conversation on my Facebook group Women Who Thrive in Business