REINVENTING YOUR BUSINESS
Does your business need a new lease on life?
What does it mean to reinvent your business?
Does it mean as an entrepreneur you have to reinvent yourself?
The answers to these questions are important to any business or entrepreneur who wants to stay competitive. For business it is a practical journey that should be taken. For an entrepreneur it is an open mind to moving with and for the business to stay competitive.
“Reinvention isn’t a philosophy – it’s a form of business insurance.”
Reinvention will be as simple as rebranding, refocusing to a new business model or a new business.
Product – change or upgrade the quality of your product. Make it appealing to today’s market and customers. Create a digital format of your product so you can use the technology of today to the benefit of your business. Take it to a new level of quality. Kick up the quality without alienating customers, continue to reinvent or refine but always keep the end user in mind.
Branding – rebrand your product – use new fresh colours, use different means of getting the word out about your product – you may change your logo, your business name to reflect a current and updated vision. Run your business as a business and not as a hobby. If this is the way you have been operating your business, as a hobby, then this is a great way to reinvent it.
Marketing – look for a fresh new way to market your business. Look for other companies who are changing with the technology – use social media, use a digital means of getting the word out about the new reinvented business. Make it feel fresh and new. Don’t carry a lot of inventory if you have products, find a way to take orders online.
Keep your eye on your end result, your `prize` at the end of the journey, grow slow and steady. Be patient, persistant and strong. Know that what your business is, is your passion. This is what you want to do. You are changing it to keep the dream going.
Keep an open mind.
Diversify – your current business may be going in the right direction, but something happens in the economy to change how you do business. So now what do you?
Reinventing can be taking what you are already doing and branching off to create a new business, or a new product to create another source of income. This might mean that you have to think about how much work you can handle without hiring. What do you have to do to cut costs? You may run into stumbling blocks. So you may have to rethink your business model. Sit down and figure out what works and what doesn`t. Don`t hang on to something that isn`t working. What isn’t working may have to be modified, reconstructed or eliminated.
Reinventing your business is hard work and having an open mind to new ideas, new opportunities, is vital to your business survival. If one door closes another door will open. When that door opens you have to be willing to walk through it. Don`t let that door shut on you, be willing to say yes.
If reinventing your business means networking with another business, you may have found a way to keep your service standard higher, and costs lower. Work with another company to manage the overload or distance work. (working with customers in other areas, provinces or countries). Share ideas and grow with an open mind.
One entrepreneur who reinvented working with a franchise says, “I always look for new ways to be of service and value to my customers“. Mitchel York, of New York City says, “When you take the time to care, good things happen.“
Continual reinvention is essential. If you don`t reinvent your business, someone will reinvent you out of business.
GUIDE TO REINVENTING YOUR BUSINESS
1) Know when to make a change. Is it the right time to change? Some reasons for change are: spending more time with family, market change, the economy juggled your customer base, you are bored, these are all good reasons. You need to be practical because any change involves risk. If you already have a steady cash flow, you may have to sacrifice again for a few more years.
2) Decide what you want to do : once you`ve decided to make the change, decide what type of change is necessary to meet your goals. When you`ve decided there is something better, you then need to decide whether you need a big change to over haul everything or just a minor change. “Èntrepreneurs have more ideas that they have time for. The absolute first stage is deciding to cut off all those other ideas and focus on one. Making a decision to make a decision is the hardest thing for entrepreneurs to do.“ says Greenstreet. (Karyn Greenstreet, a Philadelphia-area small business coach.) Working backwards is the easiest way to figure out what and how much change. You need to have clarity on your goals for change. Your values and your goals will be your guide to help in your decision-making for what is a good idea and what is an excellent idea.
3) Follow the plan: You should have a business plan in place. When reinventing you need to have a business plan like you are starting from the beginning again. Think it through thoroughly, who is the competition, how are you going to beat them and what are the costs.
4) Make the switch: As you are making the switch you may be running two businesses at the same time. Create a detailed exit strategy if you are phasing out one business and bringing in a new one. Give everyone notice that a change is in the works, when it will happen and what it means for them. This means new employees, or current ones, vendors, customers, and your family.
5) Mentor and manage – even the best intentions to sticking to your business plan can have deviations. Bring in outside help, a trusted source. Business owners need someone to brainstorm with to keep them sane. When you make a change from something that you have built and nurtured over the years, some may feel like they are going through a grieving process. It`s important to find someone to talk to because as a business owner you are dealing with a lot of stuff.
5 TIPS TO REINVENT YOUR BUSINESS:
1) Research the heck out of what customers want – advertise on websites and social media to send traffic to your website explaining your change in a couple of weeks, months… This can help you monitor the overall interest and get feedback. (You should be doing this type of advertising anyway to reach other areas, new customers, and to let your current clientele know that you are still in business)
2) Save up to lose money – be sure to have enough cash available to survive any possible loss in revenue that a change may create. For example: from selling a product (DVD) to a virtual product – selling a downloadable software. This could impact your immediate cash flow as you switch from one to the other.
3) Choosing price points carefully – get as much outside input as possible. Customer retention is value. Be sure to have a price point at the break point or below so that it doesn`t cause a current customer to cancel. Have a sale to encourage the current database and peak the interest of new ones.
4) Be passionate about quality – quality is key in building a strong brand that can withstand a change or reinvention of your business. Give your customers more than what they expect.
5) Communication with Customers is Significant – customer communication is always key, but even more so when you are making major change in your business. Offer something over and above to ease this transition with your customers.
Recommended Books of reinventing your business:
1) The 10 Laws of Career Reinvention: Essential Survival Skills for Any Economy by Pamela Mitchell, founder and CEO of The Reinvention Institute
2) Second Bloom: 10 Steps to Reinvent, Rejuvenate and Realize a New Life by Michelle Gamble-Risley and Anne Marie Smith
3) Franchise: Freedom or Fantasy: How to Know if a Franchise Is Right for You after Your Corporate Career
Women Empowered Magazine was reinvented to grow with the new technology of the digital age. We are a digital flip-page magazine, and as a result of making this change we now have subscribers all over the world, in South Africa, Australia, UK, Turkey, Puerto Rico, USA and Canada. We are receiving new subscribers everyday.
INSPIRE YOURSELF BY INSPIRING OTHERS.