We are here today to talk all things PIVOTING! When you are in the world of business, you sometimes have to pivot – or shift to a new strategy. It can go in many different directions and does not necessarily mean a total change, a total 180. It can sometimes be something smaller, as it just means to turn from a center point and go down or add a new path.

Pivoting can be scary, but it is necessary. Every business will go through pivot points. Where you start as a company is very unlikely going to be where you end up. Our own companies have done so, with, for example, the focus of Karamel's company Women Travel Abroad originally being on vacation-type trips but now expanding and including wellness-type trips.

We give some examples of some companies such as Netflix, PayPal, Instagram, and Starbucks that have made major pivots in their times, with Netflix originally being solely a DVD service but then eventually adding streaming and becoming the originator and maybe even mogul of internet streaming. We discuss reasons why you might want to pivot and how to know that you might need to, such as noticing that your perspective has changed and noticing that your company is starting to plateau. It also sometimes comes down to trusting your feelings and trusting your intuition. You sometimes just know.

If you run a business and are in the middle of trying to decide whether or not to pivot and how you should pivot, we really hope that this chat helps you out, and, as always, we really appreciate you tuning in again and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! Until next episode!

 

Time Stamps

[0:28] – Karamel is out of the country in Iceland!

[1:25] – Michele reveals that this podcast is a passion project and is therapeutic for her.

[2:00] – Michele moves the conversation toward pivoting in a business.

[3:29] – Karamel clarifies what it means to pivot in a business.

[3:53] – Michele gives Netflix as an example of a company that underwent a major pivot.

[5:12] – We learn about Karamel's big pivot.

[6:57] – PayPal is offered as another example of a company that pivoted.

[8:21] – Karamel refers to an article about knowing when you should pivot.

[10:50] – Michele and Karamel agree that going out in the community is harder now.

[11:30] – Karamel talks about more reasons that you may need to consider pivoting.

[12:57] – Karamel reminds us that we start is not where we end up.

[14:27] – Learn about how Karamel's company has pivoted and expanded.

[16:34] – Michele explains why we need to revisit our visions.

[17:46] – Michele stresses the importance of trusting your intuition.

[19:39] – Karamel asserts how important it is to listen to your customers.

[20:53] – Karamel says that sharing your thoughts with others can lead to new ideas.

[23:26] – Pivoting allows you to breathe new life into your business.

 

Resources

CEO Chronicles – Website

Email us: [email protected]

Founder Institute - “What Pivoting is, When to Pivot, and How to Pivot Effectively”

Women Travel Abroad