S3EP12-Pivoting with Purpose: How to Make Strategic Changes Without Trashing Your Plan with Stefani Boyd
Jul 12, 2023Season 3Episode 12
Gianna Diggs
Feeling overwhelmed by the need to make changes in your business? You're not alone! Being a mom entrepreneur can be an incredibly challenging and unpredictable rollercoaster ride. But it doesn't have to stay that way - if you know how to pivot with purpose. With strategic changes, you don't have to throw out your whole plan or start from scratch; instead, let's work together on finding ways to reinvigorate what you already have and propel yourself into success.
In this guest episode, Stefani Boyd shares her insights on how to pivot strategically and avoid trashing your business plan. We discuss the importance of recognizing when it's time to pivot your business, and identifying signs that indicate a pivot may be necessary. Stefani shares strategies for making a successful pivot in your business, including overcoming challenges and ensuring customer and client retention during a pivot. We also talk about advice for mompreneurs who need to make a pivot in their business but are afraid, and how to turn setbacks into opportunities for growth.
Whether you're a seasoned entrepreneur or just starting out, this episode is full of valuable insights on how to adapt and thrive in business.
In this episode we discuss:
{03:38} Recognizing when it's time to pivot your business
{04:56} What Stefani means by “Pivot, don’t trash the plan.”
{10:36} Identifying signs that indicate a pivot may be necessary
{16:32} How to overcome challenges when pivoting your business
{20:31} How to ensure customer and client retention during a business pivot
{22:44} Advice for mompreneurs who need to make a pivot in their business but are afraid
Feeling overwhelmed by the need to make changes in your business? You're not alone! Being a mom entrepreneur can be an incredibly challenging and unpredictable rollercoaster ride. But it doesn't have to stay that way - if you know how to pivot with purpose. With strategic changes, you don't have to throw out your whole plan or start from scratch; instead, let's work together on finding ways to reinvigorate what you already have and propel yourself into success.
In this guest episode, Stefani Boyd shares her insights on how to pivot strategically and avoid trashing your business plan. We discuss the importance of recognizing when it's time to pivot your business, and identifying signs that indicate a pivot may be necessary. Stefani shares strategies for making a successful pivot in your business, including overcoming challenges and ensuring customer and client retention during a pivot. We also talk about advice for mompreneurs who need to make a pivot in their business but are afraid, and how to turn setbacks into opportunities for growth.
Whether you're a seasoned entrepreneur or just starting out, this episode is full of valuable insights on how to adapt and thrive in business.
In this episode we discuss:
{03:38} Recognizing when it's time to pivot your business
{04:56} What Stefani means by “Pivot, don’t trash the plan.”
{10:36} Identifying signs that indicate a pivot may be necessary
{16:32} How to overcome challenges when pivoting your business
{20:31} How to ensure customer and client retention during a business pivot
{22:44} Advice for mompreneurs who need to make a pivot in their business but are afraid
You are listening to the Mompreneur Mindset Podcast, a show that empowers you to create a business that's authentically yours. Say goodbye to stressful days, juggling multiple priorities, and feeling like you're never enough. I'm your host, Gianna Diggs, a certified mindset coach and business guide for women and mom entrepreneurs. I'm here to empower, guide, and align you with the tools and the mindset needed to build a thriving business that's true to your purpose. In each episode, we'll explore strategies, tips, and success stories designed to help you rise above your obstacles and level up your mompreneur game. So whether you're a first time entrepreneur or a season professional, grab a cup of tea. Some quiet time away from the kids, and let's dive into the mompreneur mindset together. Are you ready? Let's get into today's episode. Welcome back to the mompreneur mindset podcast. So in last week's episode, I had a chat with Amy Burks about how to simplify your business model. So now what happens when life happens, maybe like myself, you have another baby, you know, now you have an infant at home and you have two. Work around those responsibilities. Now it's like, how do I make my business works for the season that I'm currently in? What if you know you move and you have to deal with that on top of running your business. And these are the questions I've been asking myself for the past year. And I continue to ask myself as different things happen, where I have to make adjustments. In my life in my business and my podcast, all of the above. So we're going to be talking about. How to pivot, not trash the plan. Now, obviously in this episode, you're going to learn what I'm talking about with my guests, Stephanie Boyd. That is something that she talks about and that she's going to explain. And so I'm excited for you, especially if you are in a new season and you're in this season of pivoting, the advice that Stephanie has. So before we get into the interview, let's talk a little bit about Stephanie. So Stephanie is a sacramental local serving those in California in those leaving California with their home mortgage needs. After a successful career in criminal investigations, as one of the youngest criminal investigators in Sacramento county, Stephanie went on to pursue her dream of joining the family real estate business. She spent years learning the ins and outs of real estate and lending with her former brokerage. Now, Stephanie has both her real estate and mortgage brokerage license and is the CEO of her own corporation. A single teen mom turned success story. Stephanie is a proud air force. Mom has three sons, two granddaughters, and her adorable Pomeranian, Lola. Stephanie is passionate about grassroots community outreach. And enjoys working with her community to find solutions, to help people experiencing homelessness in Sacramento. She also loves singing, yoga, painting, and traveling. So without further ado, let's get into the interview. Hi Stefani. Welcome to the show.
Stefani Boyd:
Thank you so much for having me, Gianna.
Gianna Diggs:
So I'm excited about today's episode, because we're gonna be talking about a season that I'm currently in, which is pivoting. And so, for those that don't know, I'm pivoting because I have a three month old and so there are a lot of changes that are happened in my business and I feel like Stefani is a great resource for those who are getting ready to pivot. And so I'm really excited about what we're gonna talk about today. So how did you know it was time to pivot in your business?
Stefani Boyd:
Well, I think I started to see the writing on the wall at the beginning of the year, when the Fed announced they were raising the interest rates
Gianna Diggs:
Mm-hmm.
Stefani Boyd:
gave us all cause to wonder what was gonna happen with the economy and the real estate market in particular. So really it sometimes you get a deep sense of impending doom, and I think that is the essence of what I was feeling when I realized that this could get really ugly. And what do you do if it does
Gianna Diggs:
Hmm. Okay, so you just saw the writing on the walls, huh?
Stefani Boyd:
I did, I just had a pit in the bottom of my stomach. I was in real estate when the 2008 market crash happened, and I just definitely know that there is no. Predicting all of the ramifications of this. And so what do you do if your industry is about to take a major turn? And that's when I started the mantra, pivot. Pivot. Don't trash the plan, just pivot.
Gianna Diggs:
Hmm. So can you talk to me a little bit about that? What does pivot, don't trash your plan. What exactly does that mean to you?
Stefani Boyd:
Well, to me it means finding something. To do that coexists with my current trajectory. So I'm in real estate and mortgages, so thinking that, you know, what goes hand in hand with r with real estate mortgages, a logical step would be, you know, financial planning, insurance, things like that. So, In my industry, pivoting just really means hanging onto my existing database and finding something that I can offer to them to increase their wellbeing, add value. And while it may not be real estate, it may be something related to those real estate clients that I can talk to them about. Does that make
Gianna Diggs:
Hmm. Yeah, it does. So it's basically, so I guess I'm gonna kind of paraphrase for those that may not be in real estate. So it's like instead of saying, okay, I'm in this one industry and something's not working, instead of kind of just trashing it, giving up your clients, you just decided to find something that was similar to what your clients would need. Is that the gist of what you're, okay?
Stefani Boyd:
So, you know, trashing the plan would be closing up shop, just abandoning the real estate business completely. Which by the way, I did do that in 2008. Several people in my office went and got massage therapy licenses and we thought that that would be a much less stressful use of our time than worrying about the housing industry and mortgages and everything. But. This time I really had spent so much time building my own personal business and my brand and you know, the colors on my website and all of these things and licenses, and so it really just wasn't an option to just completely, I. Walk away when I saw the doomsday warnings coming. I mean, for one thing, hopefully the economy will even out and bounce back, and I want to still keep myself, as you know, at the top of mind of my database and let them know I'm still in business. But at the same time, my area. Prices are still sky high and interest rates are getting higher. In fact, the Fed's gonna meet tomorrow and probably announce the seventh or eighth interest rate increase this year. So finding something to talk about that's not real estate related, but that can actually, in my particular instance, It's catastrophic insurance that would pay your mortgage if something catastrophic happened to you. So it's very much related to the original issue at hand, which is your mortgage and your real estate. But raising the question of how would you protect your ability to pay your mortgage if something catastrophic happened? So when I pivot, I'm not just stepping away entirely, I'm just kind of, you know, making a little adjustment to my game plan to catch the rest of those clients.
Gianna Diggs:
Hmm. I like that you said that because I, I feel like, you know, I see in the coaching industry specifically when people are changing, it's like some people will kind of go completely left and it'll be like, well, where did that come from? And not to say that that's wrong, cuz some people just don't feel aligned with whatever they're doing, so they make a necessary complete. 180, you know? But I like that you just like, you know what? I'm gonna still serve the clients that I have, but just in a different way.
Stefani Boyd:
Yeah, definitely because I think you build rapport and credibility, you know, with your clients. So if I suddenly came to the. Them and said that now I would like to sell them makeup tutorials and get'em to buy my line of skincare. They'd be like, what are you talking about, Stefani? You're. You know, this
Gianna Diggs:
Mm-hmm.
Stefani Boyd:
you know, so I do agree that a lot of times you just know you're not aligned with whatever it is that you're doing and you need a radical shift. but sometimes you've spent quite a bit of time and effort, you know, building something up. And so the answer is not just to abandon it, but rather just expand your horizons and. Think outside the box a little. I actually got recruited for insurance on LinkedIn, so it was almost, it was almost spammy the way that this person approached me on LinkedIn. But actually it turned out she was a real person and she gave me a convenient opportunity to meet up near somewhere I was already gonna be anyway. And I said, you know, This must be the universe giving me a little nudge. And, so I just went ahead and got that license and, yeah, decided to see where I can weave it into my existing plan rather than, just abandon anything.
Gianna Diggs:
Yeah. I like that you said that you saw that as a sign. Cause that's exactly what came to mind. Like, oh, that was just the universe saying, okay, here's a, here's a a, um, what's the word? Here's like a, here's a ball. Like I'm throwing you a ball. Right. And, and you just have to catch it and notice it. Cuz that was gonna be my next question is, you know, you said you saw the writing on the wall, but like, what are the signs that indicate, like, okay, it's like a pivot is necessary.
Stefani Boyd:
Well, I think that can definitely be different in, in every instance. You know, sometimes you might just have that feeling that the relationships that you're having are not working out with the people you're working with. You know, sometimes it might be something as blatant as the Fed announcing they're gonna raise the rate eight times and doing some quick math in your head and realizing, oh, there's gonna be ramifications for that. I think really just when you are in tune and you kind of pay attention to everything that's going on in the universe around you, you'll get clues and, you know, maybe you just stop having that passion that you had and you realize you need to reignite something. And, I don't know that. I could give an actual clear picture of what it looked like when I realized that need to pivot. But I mean, for me it was very obvious it was, you know, there were material things happening, like less loan applications coming through. And so I think just really being aware and realistic and honest with yourself too. You know, not have not succumb to those. Pipe dreams, I guess, or fantasies of, you know, this is going to be fantastic. I mean, the real estate market particularly is always ebbing and flowing ups and downs, but I think anybody who saw the 0% interest rates, at the beginning of the pandemic knew that they weren't gonna stick around forever. You know, so it was, it was a wild ride. That had to come to an end. And I think when you decide to pivot, instead of trashing the plan, you give yourself that opportunity to take a deep breath and just look at all the options available to you out there instead of, you know, just, deciding well, I better just go get a nine to five job. And, You know, that that may be the answer for some people, but, I think if you just pivot and especially if you pivot in a 360, you know, you wanna look all directions, and it never hurts to have another license. So that was the
Gianna Diggs:
No.
Stefani Boyd:
you know, in my, when I decided to go ahead and get that. Can't hurt for for sure.
Gianna Diggs:
Right. And I was gonna say, you know, you say like, oh, I can't explain it. Cuz that's usually how it is. Right? I asked that question just to see if there, you know, cuz there could be some, like you said, you saw the numbers, you saw those kind of tangible signs. But I do wanna mention that it. It could just be a feeling, right? Because, you know, spirit speaks to us in many different ways. And I think once you, you said you were in tune and I'm like picking out all the key things you said because a lot of times, you know, the show's about mindset work, right? And it's like if we, when we do the mindset work, We're able to recognize those little things like, okay, something is speaking to me, telling me that it's, something needs to change. Right? Someone messaged you and yeah, you might have been like, oh, this kind of seems like a scam at first, but it kind of just changed the trajectory because you saw, like you said, you saw the writing on the wall, and I think that's like the key. To me, like in listening to you, that's the key thing is you might notice numbers, you might notice, you know, all these other things, but the fact that you were in tune with yourself, that's the, to me, that's the key takeaway.
Stefani Boyd:
Definitely. And I think too, I keep hearing this phrase. Whenever a door closes, a window opens. And so I thought about that a lot through this past year. As it seems like sometimes maybe something was negative, but really you realize later that if that wouldn't have happened, then all these positive things wouldn't have come out of it. So I just always try to. Keep that in mind that you know, whether it's selling insurance to people that are saying no and they're closing a door literally, then the next one is opening. Or whether, you know, you're really had some transitions and things go sideways on you. And realizing that those are just new opportunities to create something new as opposed to, you know, A door being closed because there's still the window there.
Gianna Diggs:
Right. That just reminds me of, I studied, neurolinguistic programming, n L P, and, again, this is mindset working and we always say that everything is not like failure. It's feedback. Right. And so like that's exactly what I thought of when you said that is that it's everything is like, okay, that's not working. Let's try something different. Okay. Let's learn from that part and let's move on. And. Everything that we encounter, whether it's in life and in our business, is feedback. It's okay that thing's not working. Okay. It's time to pivot. Oh, that thing is working. Let me hold onto that one thing. And so I'm really glad that, you know, I, I still keep going back to your mantra of just like, don't trash the plan. Cuz I think that's, I think that's powerful cuz I think a lot of times, myself included, if something is not working, it's like, okay. I need to just go back to the drawing board and just forget what I was, all the work that I just put into the one thing that I was doing. So I'm really glad that you, brought up your mantra. I think that's a powerful statement.
Stefani Boyd:
I agree. Yeah, it's been really helpful and You can't just always trash the plan. Sometimes the plan was a bad plan to begin with and I think that's where you're listening, your intuition comes in and those clues from the universe and everything. but definitely give it a lot of thought before trashing it.
Gianna Diggs:
Hmm. So, what are some challenges that you faced, when you decided to pivot in your business?
Stefani Boyd:
Well for one thing, learning a whole new industry was definitely a challenge, and the biggest part of that was it is extremely boring. Um, just, the mind numbing. Nature of insurance classes and studying for the insurance Commissioner's test. It's, it, it'll weed out the weak ones, I think if you can't, if you can stay awake through those classes, and get the license. But I think on a more esoteric level, just. Embracing this new identity that I'm creating has been a challenge. Mm-hmm. You know, you spend so much time building your brand and building your business and it kind of becomes your identity of who you are. And now all of a sudden, Mean, while it may not seem that significant from the outside, you're a sales professional. You're real estate sales, your mortgage sales lending, now you're insurance sales professional. But just learning how to embrace that new identity was actually way more challenging than I expected. And it's still happening.
Gianna Diggs:
Hmm. I'm kind of, I'm glad you said that because I think we hear. Especially in the mindset world of like operate from your future self and be that you know, the new person. And if we don't embrace the identity of who we're becoming, like that's gonna be hard, right? And so, and that's something that I've also found difficult. At times, it's like, okay, who is this person gonna be? How am I detaching myself from the elementary school teacher that I was the paralegal, that I was like all the o other jobs that I had and decided to, okay, I'm gonna go out on my own. How do I embrace that, that person and you know, embrace a coach? And I can say that it's a constant thing every day of working on being that person. And so when you say like, that was a challenge. I don't actually find that surprising because your identity literally is around the, being in the real estate industry and now you're doing, you know, insurance, which is different. It's the same, but it's different. So that's, that's interesting that, that you said that cuz that's actually the first, the first thought that always comes to mind is like, is, is being this new person.
Stefani Boyd:
Yeah, it's, it's surprised me because I remember going through it years ago when I went from being a criminal investigator and I thought that was a really cool identity to have. And then I was a real estate agent and I kind of like really did lose it. Myself for a minute in that transition, but
Gianna Diggs:
Hmm.
Stefani Boyd:
surprised me, this time because it just, even though it's very similar and I have all of these contacts in my database that are used to hearing from me about real estate and mortgages, there was just this big like, almost panic attack or something with the idea of talking to them about, Anything else besides my area of expertise? Like there's a lot that goes into that with, you know, do I have credibility now in this new industry? How do I start that conversation? So, yeah, I think honestly the mental challenges are always the biggest ones. You know, like you might physically. Be not wanting to go out in the rain and go door knocking as a real estate agent to get listings or something, but it's that mental aspect of getting yourself comfortable enough to go out there and be uncomfortable mentally and physically. That I think, is the biggest challenge a lot of the time.
Gianna Diggs:
I definitely agree. You talked about, I. You know, your database and your clients and, you know, letting them know that you're pivoting. So how, is there anything in particular that you can point out that you did that to, that made sure that they followed you through the pivot?
Stefani Boyd:
Well, I'm still working on it, honestly. But the, the overall plan is, once I, my issue at the moment is I need a 100% commit to an insurance company. And so I'm about 95% committed right now. But until I make that, I don't wanna send out two emails that I'm now offering a service. So as soon as that plan is a hundred percent solidified, then of course, emailing everybody in my database to let them know that I have a new offering for them. Social media announcements. I mean, I think really just if. In my industry, marketing is a lot of repetitious. You know, your weekly or monthly email, your note cards, your, you know, there's a little formula. Write three note cards a day. Do you know, 10 pop by visits every month? So. Those little things give you all those opportunities to go out and have that conversation. So, you know, all my existing clients will get a handwritten note card, with my new business card in there. And when I do my pop buys, everybody will also get a chance to learn a little bit about the new business that I'm offering.
Gianna Diggs:
Yeah, I like that cuz you're using exactly what you have done in one industry and doing it in another. And I feel like a lot of times we think we have to reinvent. The wheel, and so I'm glad you said that. You're like, I'm just going to, you know, do what I would normally do and just flip it to just say, Hey, this is, this is what's happening.
Stefani Boyd:
Yeah, and don't worry. In addition to all your mortgage and real estate needs, this is just an additional. Offering and, you know, no radical change over here. That's, that's what I really want to convey to my client base is that, you know, it's just another service I'm offering and I'm still offering all the other services.
Gianna Diggs:
Right. So what advice, would you give a mompreneur who maybe she needs to pivot in her business? And she's afraid, right? Maybe she sees the writing on the wall like you did, but she's unsure of herself. What words of wisdom would you have for her?
Stefani Boyd:
My best advice would be to have a plan and have a backup plan and another backup plan. So I really like safety nets and a lot of this being a small business owner, mom preneur, how do you say it?
Gianna Diggs:
Mompreneur.
Stefani Boyd:
Mompreneur. Yes. It's very scary. It's terrifying to be self-employed, but if you have several streams to fall back on and you know that if that doesn't work, you know, at least you could go. Drive Uber, deliver Instacart. Just, you know, for the worst case scenario, I, as a criminal investigator, I learned to always look for the worst case scenario and plan for the worst case scenario and assume the worst, and then work backwards from there to build the best case scenario. So when I approach a problem or a new situation, I just feel like, While all of the positive thoughts and positive beliefs and affirmations and everything are I think magical and very helpful and should definitely be employed, like it's not a good idea to bury your head in the sand and. Forget about the idea that what if this doesn't work? So I just like to contemplate the worst case scenario, have a backup plan, and then throw a hundred percent into my main plan with the idea that if this doesn't work, we'll just pivot again. Okay.
Gianna Diggs:
Hmm. I like that. I I like that cuz You are not saying like, okay, well the backup plan, like some people look at a backup plan as if you know the first plan is not gonna work, right? You're saying the backup plan is just safety, but I'm going a hundred percent in the main plan, but this is in case I need to pivot. So I really, I really love that you said that.
Stefani Boyd:
Yeah. I think that when we do get those positive mantras and affirmations in place, they can be extremely helpful and it's never good to just go about your day doubting yourself all day. But I think being realistic in like, well, just let me hold on and check and make sure that I have something else in mind in case this goes horribly wrong, and hopefully it'll go lovely.
Gianna Diggs:
Right. Well, Stefani, before we wrap up, can you please let everyone let the audience know where they can find you online or offline?
Stefani Boyd:
I am@stefaniboyd.com, s t e f a N i B O y d.com and offline. You could definitely find me on Facebook, LinkedIn, all the regular places.
Gianna Diggs:
All right. And I'll make sure they have your social media and all that stuff linked in the show notes. But Stefani, thank you so much for being here. It was really insightful of seeing it from the perspective of just business, but also from like the real estate side, which I'm sure there are plenty of people, including myself, who are actually like starting to look for a house and it's like, ugh. You know? That's how I feel right now. But we'll get there one day.
Stefani Boyd:
Yes, I hope so. And it has been a pleasure talking with you. As well.
Gianna Diggs:
All right. Thank you. Okay.
Thank you for tuning in to today's episode of the Mompreneur Mindset Podcast. I truly hope that our conversation has inspired and motivated you to take charge of your entrepreneurial journey. If you found today's episode valuable, please take a moment and, and subscribe and leave us a review on your preferred podcast platform. Your support means the world to me, and it's vital for helping me to reach more entrepreneurs like you and empower our growing community to thrive. Until next time. Keep pushing boundaries. Never settle. And remember, the world is waiting for your unique gifts that only you can offer. See you in the next episode.