In the current economy, small businesses can face a serious challenge in attracting the customers they need to grow and can often struggle to keep pace with the rapid change in customer requirements and expectations.

This can leave owners feeling that their business is in danger of becoming redundant and that radical change is required in order to reverse their trajectory. However, such a dramatic shift is usually not what is required.

Often, a business will already have the tools it requires to change its fortunes and what is needed is a well-thought-out adjustment to its products or services, that enables it to tap into these existing strengths, while broadening its appeal to potential customers.

That being said, pivoting a business, no matter how subtly, is still a significant undertaking and a task that will require meticulous planning and careful execution in order to be fully successful. Here are four key points for pivoting a small business’ service offering.

1. Understand market shifts and customer needs
The first step in pivoting your service offering is to closely monitor changes in the market and evolving customer needs. This might involve conducting surveys, analysing market trends, or engaging directly with your customers to gather feedback. Understanding what your customers now value or require allows you to adapt your services to meet those demands. For example, if you notice a shift towards online shopping, consider expanding your e-commerce capabilities or offering virtual consultations.

2. Leverage existing resources and expertise
Pivoting doesn’t always require a complete overhaul of your business model. Instead, consider how you can repurpose or expand your current resources, skills, and expertise. For instance, a restaurant might use its kitchen and staff to offer meal kits or delivery services, or a fitness studio could transition to online classes. By building on what you already do well, you can pivot more efficiently and with less risk.

3. Innovate with new partnerships and collaborations
Collaborating with other businesses can be a powerful way to pivot your service offering. Partnerships can help you access new customer segments, share resources, and enhance your value proposition. For instance, a small bakery could collaborate with a local coffee shop to create a joint product or bundle that appeals to both customer bases. By leveraging each other’s strengths, both businesses can offer something unique and tap into new markets.

4. Communicate and market the pivot effectively
Once you’ve decided on a new direction, it’s crucial to communicate your changes clearly to your customers. Use your website, social media, email newsletters, and any other customer touchpoints to explain why you’re making the change, how it benefits them, and what they can expect moving forward. Transparency and consistent messaging help build trust and ensure that your existing customers remain loyal while attracting new ones interested in your revamped offering.