5 Reason to Reinvent Your Business
There are many reasons to reinvent your company such as:
- For a new business opportunity
- You are unable to devote the time needed to market or grow your company
- Or your sales are consistently in a decline
These reasons and others may indicate that it is the perfect time to reinvent your business.
Reinventing your business can be small or large depending on your challenges and the solutions you’ve decided to incorporate. For example, if you are not able to make your sales, you may consider offering a new product line or services to your customers. Something along the lines of, “now offering personal design services through our interactive app” or “we’ve changed our menu.”
Several community experts have weighed in on this topic, we’ve compiled the top 5 reasons to consider reinventing your business.
- Know When To Make A Change. Is your business fulfilling, is it still challenging? Also, look at your reinvention as a process. You know the old saying, “Rome Wasn’t Build In A Day.”
- Decide What You Want To Do – major or minor in regards to your brand. An apartment complex could offer design services to new renters. Remember: Don’t put all of your eggs into one basket.
- Make A Plan, Review With Others To Make Sure It’s The Right Move and Stick To It. Plan accordingly, think it through and execute the plan with the support of our investors, management team and employees. Note: Balance the short-term and long-term and prepare for the challenges ahead.
- Make The Change. Depending on your reinvention plan, you may be running two business models simultaneously. For instance, you could be working in your established business line while you ramp up your new business line. This may be a difficult task to manage, but if you create a detailed plan and allow for time to get all the elements of your business in place such as new employees, machinery, and notify your clients of the upcoming changes, it’s doable. Remember organize to avoid overload.
- Think Smarter, Not Harder. Delegate. Delegate. Delegate. Focus on what you do best and hire highly qualified people to manage the aspects of the business that you may not have time or expertise to manage directly. For example, to grow your new product or services, you may need a detailed marketing firm or in-house team to handle this business function. Hire them and focus your attention where it needs to be.
Now, taking the first step towards reinventing your business can be difficult because when things are going well, it’s human nature to avoid change – but perhaps that’s the best time to reinvent your business. Lastly, give yourself a break and take some time for yourself: go for walk, go to the movies and spend time with your family and friends.