When Is the Right Time to Pivot Your Business? with Ludwina Dautovic
If you’re a business leader, you need to think about pivoting your business if you want growth. The need to adapt has only increased due to the highly unpredictable environment brought about by the pandemic. As a leader, you need to recognise opportunities you can capitalise on and start pivoting your business accordingly. Technological advancements encourage new market trends that could provide significant opportunities for those who possess the agility to change.
In this episode, Annemarie interviews Ludwina Dautovic, the CEO and founder of The Room Xchange. She talks about pivoting your business to open up to a broader market. She also advises about how to spot various opportunities for successfully shifting your business. Finally, Ludwina discusses key ideas to consider when growing a company, ranging from finding mentors to technology investments.
If you want to know when the right time for pivoting your business is, then tune in to the full episode!
Here are three reasons why you should listen to the full episode:
- Learn why growing your company is a lot like raising a child.
- Discover the best time for pivoting your business and how to execute these changes effectively.
- Understand the value of surrounding yourself with the right people––whether mentors or employees.
WATCH NOW (and check out the Resources and Episode Highlights below):
- Download the workbook and jot down relevant notes as you listen to/watch the show
- The Influence Alliance — A business-building community for changemakers who want to build a sustainable and scalable business they love.
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- Are you struggling to be known as a trusted authority in your industry? Schedule a chat with Annemarie at firstname.lastname@example.org.
- Connect with Ludwina: LinkedIn | Facebook
- The Room Xchange
[02:35] Business Evolution and Pivoting Your Business During COVID
- The pandemic catalysed the reliance of businesses on technology and remote work.
- There are numerous moments in a business lifecycle where a pivot can happen.
- Pivoting your business does not require a complete shift. A slight change can be enough to take your business in a different direction.
- Adding layers to your business model you wouldn’t have considered before is also pivoting.
- Innovation happens when your back is against the wall, and you have no choice but to adapt.
[05:24] Pivots Made by The Room Xchange
- Having a business is like having a child. You have to adapt as it grows.
- Over the last year, Ludwina had conversations with their clients.
- She found that their clients wanted the flexibility to receive payment and pay in cash and through house help.
- The Room Xchange broke down rent payments into help, services, and cash, creating a concept called “rent offset”.
- This pivot opened up their business to a broader market.
[08:52] Finding Ideas to Evolve
- Identify gaps in the market and make sure it is viable.
- It doesn’t have to be a new idea.
- It's all about finding present practices that people find effective and presenting them in a better way.
[14:04] Searching Inward
- In the case of The Room Xchange, they already had the components in their system to pivot in the direction they chose.
- Pivoting their business only meant reframing their offering.
- Technology is vital to execute a pivot, but the message is equally essential for making your customers understand your product.
- The pandemic taught us that what we thought was secure no longer is.
- Having housing flexibility is vital, especially during a pandemic.
[17:42] Considerations in Pivoting Your Business
- Whatever changes you do make, they need to be part of the foundation of where you're heading.
- For example, when you build a room for your baby, keep in mind that you will need to renovate once your child reaches their teen years.
- Seek business changes that will be modular and flexible down the road.
- Data security is critical in this day and age, as businesses shift to multiple external environments.
- Ensure that you don't create a negative ripple effect as you begin pivoting your business.
[22:34] Brainstorming as a Team
- If you are a leader and visionary, you need people on your team who will pay attention to the operational side of the business.
- Ludwina uses Trello to list down her ideas. Every month, she and her team go through her ‘wish list’ to see what they can integrate.
- She regularly consults with her CTO, coach, confidants and associates.
- When bringing in mentors and advisors, they have to be far enough that they have gone through your struggles and have solved them, but also not too far that they can’t relate.
- Having the right people around you is extremely important so that they can provide foresight on the challenges you might encounter in the long run.
[30:44] Ludwina’s Advice for Business Leaders
- Never be afraid to ask people for help.
- You don’t always have to pay in monetary terms. You can do something as simple as sharing their social media.
- Generally, people are happy to help as long as your request is reasonable.
10 Powerful Quotes
[3:36] ‘Pivot doesn't necessarily mean a complete change — sometimes just a slight shift in the business model can be enough to take it into a different direction.'
[4:44] ‘There are things that happen through challenging moments like COVID when your back is against the wall. That's when innovation can happen.’
[5:24] ‘Having a business is like raising a child. When they're first born, you have this idea of what your child's going to be like, and then it becomes a toddler, and then you shift and change as it does as well.’
[14:20] ‘So it was just like, well, I want to do these, but I need this, this and this first. And we already had them, we just had them as kind of feature number three, four, and five, as opposed to one and two. Right. So when I say it can just sometimes take a slight shift. And you said about messaging, it really is. It's just, well, we're just changing the language.'
[17:53] ‘Whatever changes you do make, they need to be part of the foundation of where you're heading.’
[25:33] ‘Bring advisors or mentors or coaches…who are not so far removed from where you are, that they can't relate to where you are, but far enough removed so that they've felt the pain, had the problems, solved them themselves, and had that experience.’
[26:32] ‘You want to be able to get advice from people who know how you feel, who understand the processes, the challenge, and can also have some foresight for you.’
[27:05] ‘There's different people for different conversations, you have some really skilled in that particular area and are going to inform you, there's others that you might like to do that brainstorming with.’
[30:53] ‘You don't always have to have money to pay someone, you can… just ask them for their advice on something, ask for help. And then just offer something that you can in return.’
[31:34] ‘Don't be afraid to ask for help. I ask people for help all the time. But I also offer help all the time.’
Ludwina Dautovic is the CEO and founder of The Room Xchange, Australia's first verified house-sharing platform. She believes that the present housing market needs a rent revolution for both homeowners and tenants. Currently, she is undergoing a critical business pivot for the company. It will soon introduce an exciting rental model to the market, a new concept since she founded her business 5 years ago.
You can reach out to Ludwina through her LinkedIn. Feel free to leave her a message or ask her for business advice.
Enjoy This Podcast?
Building a business is like raising a child. Being able to foresee potential trends and having the willingness to adapt to the situation is key to success.
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