3 Tips for Pivot for MSMEs to Survive

Strategy pivot not only a strategy that can be applied by large businesses of the same class as a company, but also for small and medium-sized businesses considering the conditions that require this pivot are also often experienced by SMEs. Tips for pivoting for MSMEs are also more or less the same as other businesses in general.

Before discussing these tips further, do you know when is the right time to pivot? If not, check out the information first below.

When is the Right Time to Pivot?

Pivot is basically a term in basketball where this term refers to a circular motion with one leg still holding on to a player to avoid an opponent's attack.

This term also turns out to be used in business. In business, pivot is a strategy that can be applied as an effort to save a less developed business. However, there are various reasons that make a business not grow. So, when is the right time for you to pivot?

The following are some of the conditions that are signs that you need to pivot so that your business can grow again:

• There is no room for growth for your business.
• Customer focus is not in line with the values ​​your business has.
• Need an approach or adapt to the market.
• There is a problem with the lack of team spirit with what they are developing.
• Always lose to competitors.
• There are elements in the product that have the potential to reach a larger target market.

Tips for Pivot for MSMEs

After knowing when you should pivot your business, here are some tips you need to know before pivoting to help your business survive.

Do Research

Before pivoting, you need to find out what's really going on and holding your business back. You also need to understand that every customer has different needs.

Once you understand what the problem is, you can then decide what kind of pivot you should do.

Determine the Right Target Market

Often problems come because you choose the wrong target market, even though your product has answered the community's needs. For that, you have to make sure whether your target market is correct before deciding to change the product.

Create Products That Can Compete With Competitors

In running a business, you will definitely find competitors from your business who answer the same needs with similar products. What's more on Culinary industry SMEs or fashion.

If that's what makes your business stagnant, you don't need to change your product or service target market. What you need to do is make your product better than competitors with good service.

Those are three tips for pivoting for MSMEs and when is the right time to do it. With this information, it is hoped that you will gain more knowledge about pivots, and can apply it to your business so that you can survive and continues to grow.

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