Think twice before you pivot in 2024

Think twice before you pivot in 2024

Running a small business is never easy, but the past few years have been more of a rollercoaster ride for the region’s entrepreneurs than usual. When Covid hit, SMEs were badly affected, with large numbers closing their doors and others battling hard to stay afloat.Just three years later, the government reported that the UAE’s economy had rebounded strongly following the earlier slowdown, expanding by 3.7 percent annually in the first half of 2023. Certainly, the small business owners I speak to in a wide range of sectors were enjoying a boom at the start of this year.Throughout these ups and downs, businesses have been forced to stay agile in order to survive and thrive. However, it’s time for them to move away from the pivot mentality, refocus on their strengths, and play the long game again.Let’s be clear, I don’t mean sticking to strategies that don’t work, or ignoring feedback that will allow you to evolve in line with customers’ needs. I’m talking about the increasing tendency I’ve seen for entrepreneurs and solopreneurs to branch out into different areas without the relevant expertise. Or constantly reinvent their offering based on the latest trends. When times are good, it’s common for