Does Your Enterprise Need to Pivot?

By Mike Bedel, CPA, MBA, CGMA
Partner, Director of Audit & Assurance Services
mbedel@sponselcpagroup.com

As the old adage goes, the definition of insanity is doing the same thing over and over again and expecting different results. People are hesitant to jump out of their comfort zones — especially when it comes to turning a profit — but pivoting in a different direction is sometimes the best way to improve your business.

Could your company use a boost? Let’s dive in and explore how you can switch things up and turn toward success!

Expand your market. Do you have a target audience in mind but can’t seem to reach it no matter how hard you try? Don’t get hung up on the same region or demographic. Broaden your horizons! Make your product or service available to a wider geographic area. Launch a virtual store on your website or try selling through different e-commerce channels. Now, in this digital age, there are countless ways to reach your audience. The sky is the limit!

Turn failure into success. One of the most compelling comeback stories in the history of business is the origin of Post-It Notes. This product, which became a staple of offices across the world, started as an accident. Spencer Silver, a researcher at 3M, was trying to create a form of permanent adhesive for airplanes, but he ended up producing a much weaker glue that easily peeled off. Silver’s determination to turn this failure into a success eventually led to the substance being used on those colorful pieces of paper we all love sticking to our desks and bulletin boards.

The lesson here is that if something doesn’t turn out as you intended or expected, don’t give up! Think of ways you can adapt your products or services to meet other demands, which leads to our third point …

Innovate, innovate, innovate! Don’t be afraid to reinvent your business. Whether you change your product line, delivery methods, messaging or the way you approach and interact with your customers and vendors, giving your company a makeover can make a massive impact in the marketplace. If you’re not hitting your stride, wipe the slate clean and make a fresh start. Get back to the drawing board and develop a new product or service. Don’t let setbacks get you down — think of them as opportunities for a comeback. Just get back up on the horse and ride toward a new frontier!

If we can assist you with achieving success in your business or personal affairs, please contact Mike Bedel at (317) 613-7852 or email mbedel@sponselcpagroup.com.

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