Business rarely stays the same. Things are constantly changing — and it’s our job as agency owners to pivot to continually meet those shifts.
Unfortunately, pivoting an entire agency involves a lot of work. It’s not easy to change directions, but sometimes it’s absolutely necessary to keep your agency relevant and in business.
Knowing the right time to pivot is key for a smooth transition. Thankfully, there are a few common signs that a change of direction might be in your agency’s future. Let’s go through what they are.
1. Your Market Needs Have Changed
As new technology, software and devices become accepted and used in the business world, client and customer expectations change. Just take a look at how social media has revolutionized the way we connect with our target audiences.
When the underlying needs of your market change, you may need to adjust your agency as well. While some changes may appear to be fads or trends, it’s important to keep your eye on what’s becoming popular so you know whether you should expand or change your offerings.
In most cases, a market shift won’t require a complete business pivot. Instead, you can expand your offerings to fit your clients’ needs and then potentially eliminate outdated services when the time comes.
2. You’re Struggling To Grow
An agency’s growth might slow for a number of reasons. Clients might outgrow you, you struggle to stay relevant or your team may stop putting in their best. If your agency is no longer productive or efficient, it might be a sign that you need to pivot.
It’s also important to remember that a lack of growth doesn’t necessarily mean that you’re in a decline. Your agency might plateau, meaning you’re staying stagnant. While this can be “comfortable,” it could also mean a decline is in your future.
Consider pivoting to build momentum again. Change the way you do things, introduce new teams or implement new processes. Switching things up a bit can wake your team up and encourage your agency to start growing again.
3. Your Churn Rate Is High
If customers stop seeing value in what your agency is providing, they will likely choose to leave for a competitor. The same is often true for team members and employees. When you become too comfortable in what you’re doing, those around you can start to feel restless.
A high churn rate could be an indicator that it’s time to pivot. However, it might also be a sign that you’re just not connecting with customers. Before you make an entire business shift, take a look at the clients you’re working with, identify whether they’re the kinds of clients you want and see whether there is a way to improve.
If you’re still not seeing any results, strongly consider an agency pivot. Offering new services or ideas and working through new processes can allow your agency to acquire long-term clients once again.
4. You’re Not Enjoying Your Work
Entrepreneurs aren’t resistant to boredom. If you’re suddenly losing interest in the work you’re doing or you’re longing for the challenge of something new, it might be a sign you need to pivot your agency.
I’ve found that in order to grow successfully, you need to give your everything to your agency. If you’re distracted or your heart is no longer in your work, this can be incredibly difficult to do.
Consider adding new services, trying new strategies or adopting new business models in an effort to rejuvenate your love for and dedication to your work. Make small adjustments to transform and pivot your agency so you don’t need to start from scratch with team members or clients.
Conclusion
Pivoting can be an agency-saving tactic. When you’re making strategic changes to move your agency in a different direction, you can stay relevant in your customers’ minds and keep your team members happy and engaged.
However, pivoting needs to be well-thought-out and appropriately timed. By understanding these signs that it’s time to pivot, you can make small changes to keep your agency moving in the right direction.
As an agency owner, it’s important to embrace change and be ready for it when the time comes. When you’re prepared for these small yet strategic pivots, you can grow an agency that helps you achieve your goals.
