Vision changes with experience. This is especially true for business owners. Launching and growing a company impacts the way you see and understand many things – yourself, your industry, the marketplace as a whole. Assessing the results of decisions made emphasizes the fact that opportunities still remain to do things differently, should an alternative route forward appear more promising.
This can manifest as a business pivot. If you’ve ever played basketball, you’re familiar with pivoting – it’s when you remain where you are, but change the direction you’re facing. Some top fashion brands are involved in pivots right now, including Coach and Michael Kors. It’s a process we’re going through ourselves.
Pivoting involves identifying and weighing opportunities. It’s vital to compare how your business is actually doing with the projected possibilities of another direction. Coach is dramatically altering its retail distribution model by taking its products out of department stores and outlets and returning to more exclusive luxury retailers. Coach is also reducing its messaging footprint, eliminating the majority of mass-market promotion to focus on targeted campaigns to very affluent buyers. Coach is pivoting – they are staying who they are, and are still going to produce high end leather bags and accessories while facing a new direction by focusing exclusively on the luxury market – because they believe the opportunity is greater.
There are many opportunities Technology Therapy could choose to explore. We’ve been weighing our options, looking for those that make the best use of our team’s skills and experience. To qualify for consideration, an opportunity had to be more than profitable – it had to excite us with its potential and incorporate our passions for technology and helping businesses grow. It’s been a time-consuming process, but the investment is well worth it: we’ve identified a definite route forward, and we’re very excited about the journey to come.
There are still some steps to go through before we can officially announce anything, but we wanted to let you know that exciting things are going on behind the scenes. The work we’ve been doing has been deeply satisfying, and we’re going to continue providing our clients with the service and support Technology Therapy Group is known for: it’s a strong base to build on as we bring our new vision into the world. Make sure to stay tuned for future developments.