I’ve been reading about the INC Magazine 5000 companies, and I’m struck this year how many of them took the COVID pandemic time off last year to review whether they’re in the right business.
Yeah, they were making money, but it seems like they had a sense that they’re not quite hitting it, not quite killing it, either.
What I didn’t notice is that they went out and did some market research, either among their present clients or their future clients to see what they could do better or differently.
I also didn’t see that they looked at their financial resources to whether they could afford to pivot, or they had to bring in more financial resources.
So, if you’re going to pivot, don’t be afraid to do so, but don’t entrust luck and your good looks to make the pivot a success. Do some research among your present customers and your future customers.