Being able to change course and pivot can be the difference between growth and stagnation in today’s corporate environment. In a constantly changing world, pivots are necessary to keep firms growing and adapting. Joining us on today’s episode of The Small Business Show to share his perspective is George Deeb, author, Forbes contributor, and managing partner at Red Rocket Ventures.
Deeb is a successful serial entrepreneur and the managing partner of Red Rocket Ventures, a firm that provides growth consulting, executive coaching, shared executive, and financial advising services. Since establishing Red Rocket in 2010, Deeb has mentored a staggering 500 companies.
1. Deeb explains, “A pivot is essentially reimagining your business in new ways to make a bad situation a good one.” For example, pivoting can be a different product in the same market or the product you started with but in another user-market industry.
2. Small business owners can sense when a pivot is necessary as fast as they can sense when sales or revenue is declining. If their marketing or sales efforts aren’t benefiting their products, SMB owners can often quickly realize that they need to change course.
3. Examples of companies who pivoted: Groupon started as a business-to-business (B2B) funding platform, but due to its failed marketing, it’s now a business-to-consumer.
4. YouTube started as a dating platform, but now it’s the number one video platform for uploads to date.
5. Deeb advises entrepreneurs, “Before you pivot, ensure your marketing and sales are not the problems. … If you’re going to pivot, ensure you’re leaning into your top assets.”
“It’s amazing what a pivot can do; it can potentially move your business in a new direction.” – George Deeb