How do you confirm your startup pivot is the right move?

1 Identify the problem

The first step is to clearly define the problem that you are trying to solve with your pivot. Is it a lack of product-market fit, customer retention, revenue growth, or competitive advantage? How do you know that the problem exists and how severe is it? What are the root causes and the symptoms of the problem? By identifying the problem, you will have a better understanding of why you need to pivot and what you want to achieve.

2 Explore the alternatives

The next step is to brainstorm and research the possible alternatives to your current strategy. What are the different ways that you can solve the problem or seize the opportunity? How do they differ from your current approach in terms of value proposition, target market, customer segment, revenue model, distribution channel, or technology? How do they align with your vision, mission, and values? By exploring the alternatives, you will have a wider range of options to consider and evaluate.

3 Validate the hypothesis

The third step is to validate the hypothesis that underlies your pivot. What are the assumptions that you are making about your customers, competitors, market, product, or business model? How can you test them with the least amount of time, money, and resources? What are the metrics that you will use to measure the results and compare them with your expectations? By validating the hypothesis, you will have more evidence and confidence to support your pivot decision.

4 Communicate the change

The fourth step is to communicate the change to your internal and external stakeholders. How will you explain the rationale and the benefits of your pivot to your team, investors, partners, customers, and media? How will you address their questions, concerns, or objections? How will you involve them in the process and get their feedback and support? By communicating the change, you will have more buy-in and trust from your stakeholders.

5 Execute the plan

The fifth step is to execute the plan that you have developed for your pivot. What are the action items, milestones, and deadlines that you need to follow? What are the resources, tools, and skills that you need to acquire or deploy? What are the risks, challenges, or obstacles that you need to anticipate or overcome? How will you monitor and track your progress and performance? By executing the plan, you will have more clarity and control over your pivot implementation.

6 Evaluate the outcome

The sixth and final step is to evaluate the outcome of your pivot. Did you solve the problem or seize the opportunity that you intended? Did you achieve the goals and metrics that you set? Did you create more value for your customers and your business? What did you learn from the process and the results? What can you improve or optimize for the next iteration? By evaluating the outcome, you will have more feedback and insight to guide your future decisions.