Pivoting with Purpose and Staying True to Your Values

As we approach the end of the year, it's a natural time for reflection, and for many entrepreneurs, that reflection often turns the direction of their business. As an entrepreneur, I've had the privilege of working with individuals across industries, and one common thread I've observed is the importance of knowing when to pivot and the significance of core values in this process. Here’s what I’ve learned and how to navigate transition with as much grace as possible.

Knowing and understanding your data is the foundation of informed decisions

Before making any significant business decisions, it's crucial to dive into your data. When I say data, I mean the numbers. We can leave the anecdotes and qualitative notes for a different time. Whether you're analyzing sales figures, customer feedback, or market trends, understanding the metrics that drive your business is like navigating with a compass. This knowledge empowers you to identify patterns, anticipate challenges, and spot opportunities that may require a strategic pivot.

Some questions to ask yourself when reviewing the data:

• Do these numbers match with the feedback I receive from customers when engaging?
• Is this product just selling or is it selling AND impactful?
• How many repeat customers do I have?
• How often am I generating new leads?
• What time of year is the best and most challenging?

Intentionally reserve time to reflect

Data alone won't paint the entire picture. We have to tap into how we feel in our business, too! We got into business to make money, be impactful, and have more control over our time. Take a moment to reflect on your emotional connection to your business.?

Some questions to ask yourself while reflecting:

• Am I excited about my products or services??
• Do I feel a sense of purpose and fulfillment??
• Do I spend most of my time feeling overwhelmed or constructively challenged?
• How’s my health?

Your answers allow you time to reassess your business model or offerings. Your passion is a powerful driving force, and aligning it with your business goals is key to sustained success. Remember, this is YOUR business. You get to run it in a way that is most conducive to your lifestyle and needs.

Ensure business values align with personal values

I can't stress enough the importance of aligning your business values with your personal values. Your values serve as the foundation for decision-making, shaping your brand identity and fostering authentic connections with your audience. This alignment not only brings a sense of fulfillment but also builds a stronger, more resilient business.

If you are being asked to bring a version of you to the business table or agree with strategic moves that conflict with who you are, it may be time to find a different table at which to sit.

This one is an easy checklist, no extra questions to reflect on here.

The proof is in the dollars and cents

Financial success is a tangible indicator of whether your products or services are meeting a need in the market. While passion and values are crucial, the bottom line cannot be ignored. Business is business. Sometimes, not everything we love or believe in is meant to be a commercial success. Remember what it was like to have a non-profitable hobby?

Be open to reevaluating your offerings and refining your business strategy based on the financial results. After all, sustainable businesses are built on a solid balance of passion and profitability.

Some questions to ask yourself while reviewing your bank statements:

• Am I selling the things that I am intentionally offering or are customers asking something else of me?
• Have I been able to consistently make no less than what it costs to do business?
• What does it take for me to take home a paycheck??

As we approach a new year, let's embrace the opportunity to make intentional decisions that propel our businesses forward. Know your data, reflect on your feelings, align your values, and let the dollars and cents guide you to a successful and fulfilling venture.