Things change, constantly. The economy does not stay the same, consumers change as well in their preferences because of the economy, and regulations change as well. If you do not keep up with the changes that can affect your business, especially as a small or medium business, you will never be able to pivot.
Even large businesses have challenges in adjusting to changing market environments. I follow on LinkedIn some e-commerce professionals and they have critiques to no end the poor user experience of local websites in Trinidad and Tobago. User Experience (UX) research can be used to assess the design of a website. If local big businesses equate going online to just “making a website” without adjusting to the new normal and explicitly not being successful, who are you as a small business to make the same mistake. Especially, as unlike big business, you cannot afford it.
All this to say because you are smaller, you can pivot quicker and easier, so do not neglect research throughout the lifecycle of your business.
Keywords: pivot, strategy, brand, market research.