Ok, you know how in movies, they refer to and enact Plan B when something isn’t working? Well, the same applies in business and enacting Plan B is called a pivot. If one business model is not growing or if one market segment is not producing results, it might be time to revert to your alternative model or market.
For example…
Starbucks, the coffee shop darling of America didn’t start off as a shop selling brewed coffee to customers. It started its life as a shop selling coffee beans and espresso makers in 1971 and did a pivot in 1983, where its CEO decided that selling brewed coffee like what he had in Italy on a trip there was the direction it should head in. In this case the Plan B and the pivot paid off, to the tune of billions of dollars!
