The thumbnail version:

  • Sometimes the signs point to a needed strategic change.
  • “Pivoting” is a term used to describe a strategic change.

The full version:

There are negative and positive signs that point to a needed change—a change of direction or strategy. Stagnation, predicted results not happening, new competitors, and external threats such as a general economic decline, are all examples of negative signs. Positive signs include a new product idea, a product consistently outselling the rest, and emergence of a new market.

Assuming a pivot has become a necessity for either positive or negative reasons, there are a few key considerations that can contribute to a successful pivot. For instance: drawing up various options; working out what the viable alternative are; gathering input from customers and suppliers; and re-evaluating all information for all options before proceeding with a pivot.

Of particular importance throughout the process is staying in tune with the needs and preferences of your customers and prospective customers. They are after all likely to be the main motivation for pivoting. Communicate.

There is much more to the topic than I can cover here. You have research to do. And you must do it as part of your ongoing business management education.