Few startups reach maturity without having to pivot or change direction at some point during their journey. In fact, most of them will have to change a couple of times to adapt to changing market conditions or new opportunities. 

There are some useful tools available on the market to help you identify the strengths and weaknesses of your business idea. One such tool is BizLab; an online business diagnostic tool that looks at market viability, risk and your business model.

Tools like BizLab provide an early warning of problems with your business idea and can provide a good indication that a pivot is required.

Anna Pino, CEO of Lighthouse Business Innovation Centre a virtual accelerator and the creator of Bizlab, believes that pivots don't have to be intimidating or scary. She suggests there are 5 things to keep in mind when facing a pivot:

1. Take responsibility for the things you can control – have faith in your original vision and look critically at the things in your business that you can control and change. Startups run into difficulties when they overextend and try to control things outside their sphere of influence. This often results in focussing on the wrong things.
2. Keep a realistic perspective – while it can be a humbling experience to admit your product was off the mark, it's not the end of the world. However, a pivot shouldn't be a way to avoid the hard stuff either. A realistic perspective means evaluating any changes in the light of a clear strategy and renewed understanding of your target market.
3. Learn from mistakes – before making any changes reflect on what worked and what didn't and then make adjustments. This process of evaluation is critical. Substantially changing your business model should be based on far more than one or two clients' feedback. You need to know that the new direction you're going in has merit.
4. Recognise when it's time to change – it's hard to admit that you've misread the market and developed something no one wants. Rather than accepting that it's time to try something new, companies often resort to self-sabotaging behaviours. Blaming team members, rationalising decisions or covering up mistakes and avoiding the issue are destructive behaviours that just delay the inevitable.
5. A pivot involves commitment not a quick fix – pivots demand commitment long after the enthusiasm of a new direction has passed. Don't think of improvements to your business model as a destination, they are a series of small steps – build, test and learn, in an ongoing journey of continuous improvement. The path to success is rarely a straight line!

About Lighthouse Business Innovation Centre
Lighthouse has a strong track record of supporting entrepreneurs, researchers and inventers on the path from concept to commercialisation. Since July 2008, Lighthouse has worked with over 990 distinct enterprises and provided group and peer based services to over 3400 enterprises and individuals. For over five years Lighthouse has successfully delivered business advice, education, mentorship and networking opportunities to help these businesses commercialise their ideas and grow their companies. Lighthouse also delivers programs such as the ACT Microcredit Program for the ACT Government. Visit www.lighthouseinnovation.com.au for more information.

Photo: Robert Couse-Baker