as an entrepreneurYou will find yourself adjusting your work when you encounter opportunities and obstacles. Adjustments are a normal part of growing and running a business, and you’ll find that most of the time, minor improvements and tweaks can help your company continue and thrive.
However, there may be situations that require more significant changes in your long-term plans. You may even need to explore ways to direct your entire business.
Since early stage companies have limited time and money, it is essential to work closely with investors and other stakeholders early on when planning a pivot as well as throughout the process so that they reach the right pivot point sooner and more accurately.
When planning a hub, your job is to develop and explain your business plan to all stakeholders, including investors, board members, your team members, and advisors.
Partner with your investors before making a pivotal action
The hub isn’t time to fly solo, so approach the hub as a team effort. Investors have a vested interest in the success of your business. After all, their money is on the line!
There is nothing wrong with pivoting. On the contrary, it is a sign of strength.
You should also remember that as a founder, you are very close to your business. The term “you can’t see the forest for the trees” applies here. You need input from investors, board members, and other stakeholders because they can see the bigger picture.
When investors are part of your pivot plan, they will have the opportunity to provide valuable perspectives, ideas, and connections to others who can help make your pivot a success.
Best practices for working with investors
Oftentimes, the CEO will be the first to realize that the company needs to pivot. When you start planning, make sure you are ready to let go of the status quo. You need to adopt the mindset that your company may not thrive or survive if you don’t pivot.