Jason Bradshaw - Partner, Corporate Finance
One of the bravest things you can do in business is to admit that you are wrong. You may believe that your craft beer or your carrot cake is the best ever, a world beater, but if the market tells you otherwise it can be time to cut and run. In fact, one of my favourite phrases in business is that ‘the first cut is the cheapest’…if you cut and run early you can save yourself a lot of money as well as much heartache.
Join a famous line-up
While you contemplate a pivot, switching your business around, possibly quite radically, do remember that you are not alone in having to do it. Some famous pivoteers (I’m trade marking that word!) include;
- You Tube which started off as a dating site (really!) and when that didn’t work (despite many efforts at reboots), the owner posted a video of an elephant on the ‘dating’ website. The rest, as they say, is history, and a very profitable one too. Pivot 1 – Don’t 0
- Odeo. You’ve never heard of it? Right. It was a website that where you could find and subscribe to podcasts. That was in 2005. Since then Odeo has become Twitter (OK, it still has some work to do towards profitability) but podcasting has also taken off in the intervening period. Pivot 2 – Don’t 0
- Burbn. Nope, bet you never heard of that one either? It’s very, very hard to describe what the original concept was, suffice to say that when it failed (or actually never even took off) the owner posted a photograph plus commentary to bring us what we now know as Instagram. A star was born. Pivot 3 – Don’t 0
- Nokia. A one-time paper maker that became, for a while, the byword in mobile phones. As you do. Pivot 4 – Don’t 0
- Nintendo. Once a maker of playing cards, they pivoted into taxis, then into ‘love hotels’ before ending up as the maker of one of the world’s best-known gaming device. Pivot 5 – Don’t 0
Pick up the phone
So, there you have it. Or maybe not. If your business is having a dose of the yips it may be time to pivot. However, you’re most likely stuck, deep, very, very deep in your business, and maybe can’t see the wood for the trees. You need to talk. You need to talk to a business adviser. You need to talk to JPA Brenson Lawlor. We should talk today. Get straight on to us on 01 – 678 1700. Do it now.