Tyler Bray, CEO, Owner, Founder trailer parts outlet.
Entrepreneurs always have to make decisions. The stress of doing so can wear us out. So I like to keep a set of mental (or physical) rules, guides, or questions that I can ask myself when it comes time to make a new decision. One of the most important decisions an entrepreneur makes is whether to change course or stick with the plan you’re using. Let’s see together how to make this decision.
Check if bias in your behavior works for you or against you
If you’re an entrepreneur, you already have a behavioral bias. It’s the tendency to make the leap, start a business, or focus on investing. I don’t want to be in exactly the same place as I was a year ago. It is amazing. It means you actually do things. It also means you probably can’t sit still and stay on course.
Understand that the next pivot should not be random
Every disappointing quarter shouldn’t be dealt with by breaking the foundation. Other than the failure of the underlying business model, what factors might be contributing to the lack of success? If you do pivot, make sure it’s something that more accurately reflects your true goal, rather than random directions.
Explain the reason for the pivot as clearly as possible
If you are making restless and anxious turns, you will not be able to articulate your reasons to anyone. If you’re making entrepreneurial choices that bring you closer to your goals, you can share some of your plans with fellow business leaders, your own management team, or someone you trust. First write down the purpose of the pivot yourself, then have someone you know have good judgment and an honest, worthy opinion to review. Be careful with your biggest cheerleaders in the moment. Everyone needs support sometimes, but when it comes to big commitments, you can learn a lot from constructive objections and smart questions. increase.
Determine if the initial plan can be fine-tuned rather than pivoted
I have invested heavily in teaching my team my mission and process. What if instead of a jarring pivot, you simply fine-tuned your priorities? You may have set a goal for your team of higher revenue, but now you want to see bigger margins with less total revenue. I’m here. You may be ready to scale and willing to invest more in marketing now. Sometimes it’s better not to rattle and redirect your team. A bad quarter may be a sign of an external reality rather than the need for an overhaul. Consider this whether you fine tune your pivot or pivot completely.
Finally, remember not to rush
As a business leader, you probably live with a sense of urgency. I know it’s not ideal, but maybe you chose business over basics like eating and sleeping, or at least you have in the past. It can take a week or a month to make a decision. Many business decisions are urgent, but take the time to understand the difference between true and spontaneous urgency. Get enough sleep and nutrition, and make time for self-care. Make the decision to turn around in the best possible frame of mind. Good luck.