In today’s rapidly evolving marketplace, sticking to a rigid plan can sometimes lead to stagnation. That’s where the skill of strategic change comes in. Changing your business approach isn’t a sign of failure—it’s a testament to foresight and strategic thinking. The most successful businesses have perfected the art of changing direction and thrive.

Consider an example like Netflix, which began as a physical media provider before evolving into the global entertainment giant we know today. Or think about Slack’s journey, starting out as a gaming platform, which found its true calling as a team collaboration app. The essence of strategic change is business philosophy recognising the signals: declining market interest, changing buyer preferences, or new market dynamics. A strategic adjustment can revitalize operations, unlocking new opportunities for growth and relevance.

To execute a strong pivot, focus on paying attention to client feedback and evaluating market information. Identify your strengths and explore how they can be applied to new products, services, or audiences. It’s a bold move, but with careful planning and a willingness to embrace change, a pivot can turn challenges into profits and secure your place at the forefront of innovation.