Is It Time to Pivot Your Business or Walk Away

Post by Ray 3 years ago - Social Business - 0 Comments

Know when to hold em When to fold em

Starting or joining a business is a gamble.

You can be prepared, but you can’t predict. 

So much of ‘you’ is invested in your choice, your ability to see warning flags can be compromised. 

Insufficient revenue? (it’ll pick up).

Unresponsive market? (they need this – they just don’t know it yet).

Burn out? (read another Seth Godin book).

You’ve changed. The sparkle in your eye is gone.

 

This week The Ray Lunch Bunch Show asked “When to Hold ’em, When to Fold ’em?”

What signs indicated you’ve arrived in that fork in the road.

The stories and advice shared by Randy Bowden, Jess Dewell, Scott Scowcroft and myself were both personal and universal.

Who hasn’t had to deal with making that decision?

“It’s very important to understand when to walk away from things or when to stand and fight in life  – business or personal – you get into trouble if  you’re not self aware!” ~ Kittie Walker

 

Lunch Bunch 53 Mandy Edwards

 

There are external and internal things to be aware of.

External – business metrics, KPI’s, revenues, collaborators, etc.

When it comes to assessing whether should pivot or walk, my friend, Beth Thouin, a start-up specialist, points to the importance of validation – talking and listening to potential and existing clients.

“You pivot when you recognize a greater problem than the one you are trying to solve…It is through the same process that you recognize when potential customers will not pay or invest in your offer or product. 

The trick is, validate, learn and pivot fast. 2/3 of startups will pivot. And 8/10 startups fail.”

 A couple of factors that may affect your ability to  accurately assess your situation are:

1. Being focussed so much on meeting the next milestone, you’re not seeing where the competition and the market is going.

2. Being so infatuated with your idea, you can’t be objective.

 

Internal – Burnout, lack of focus, motivation 

If you feel your heart isn’t “in it” anymore, it’s  likely the rest of your isn’t either. Don’t wait years to make the decision, assess the situation, swallow the pride and choose one path or the other.

1. Don’t go it alone.  Working for yourself can feel liberating, it can also lock you into a bubble. Without a trusted advisor to burst that bubble once in a while, you’ll smother.

2. Take care of yourself. Ignoring healthy eating and exercise will take a physical and mental toll. You need a clear head to make clear decisions.

Lunch Bunch Ep 53: When to Hold ’em – When to Fold ’em 

Time stamp Summary:

0:10Ray: Intro. to show and topic: When do you know when it’s time to go?

2:22Randy: The tragedy of “I should have left 10 years ago.” Randy’s personal story

4:33 Jess: Looking for something different before making that change.

6:33 – Ray: What were the flags that made you think somethings wasn’t right – should I stay or not?

7:20 – Jess: Are things aligning?

8:00 – Randy: Finances will tell you real quick… Cashflow. 

9:30Scott: The role courage takes in pivoting.

11:05 – Jess: Skills. Individuality. Ask for a sale!

12:50 – Ray: Ray’s story. “This should work”. Are you listening to your clients? What is it you always wanted to be?

15:10  – Randy: If you’re not happy, change it.

16:25Scott: Be an early adopter so you’re there when the “tide comes in”.

 

Minion Lunch Box

 

Segment where  the “bunchers” bring their own topics to the table.

Bulletproof Podcast “How to Run healthily.” 

Why Copyblogger Is Killing Its Facebook Page –  They knew when to make the change. 

Experts, Peers, ¨Pals and Trust” by Ammon Johns. Practical and effective strategies for building customer confidence and trust through your website.

Google finds critical vulnerability in SSL 3.0 called POODLE – Security breach. 

 

LunchBunch doggy bag

The Doggy Bag Segment: Take away tips and treats.

SOUNDBIBLE [app]  – Free Sound Clips, Sound Bites, and Sound Effects

How To Target Your Social Media Ads Effectively – [article]

Evercontact [app] – analyzes signatures in your email updates contact details into your contacts.

A Dream With a Deadline [book] – by Jacques Horovitz 

Lazarus [app] – Chrome extension restores texts to forms.

 

Do you need help with your Hangouts On Air or with Google Plus? Contact me here and let’s talk.

If you’d like to receive Google+ tips delivered to your email box, subscribe to my weekly Google+ Tips Newsletter and join our Google+ Tips & Topics Community.

 

About Ray Hiltz

Thanks for dropping by. I'm the Director of Digital Marketing for Image-24.com. My background in business includes non-profit (performing arts), restaurants and Promotions. Having moved on from my own strategic consulting company, I now write about what interests me. So in this blog, you may read about my thoughts on marketing, health issues and business culture. You can follow me on Twitter @rayhiltz or @image24Call

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