When last did you reinvent your business?

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When last did you reinvent your business?

When last did you reinvent your business?

Every business needs to have new life breathed into it every now and again. Here are five pointers to help. Add comments with your own ideas, tips, experiences or cautions.

1. Take a step back and see the big picture
When you've been working in your business a while, you start to find your groove - problem is, after a while it turns into a rut. Great systems and processes make a business work well, but they need to be updated if you want to keep your business sharp. The best way is to make sure you regularly look at the big picture, check you still know exactly where you want to go and how to get there, and review everything you do on a daily basis so it aligns with your redefined goals.

2. See how your market might have shifted
Chances are that people come into your market when they reach a certain age, get involved in a certain activity, or some such event. They then eventually "outgrow" your business, and new customers move into your market. Alternately, you have the kind of business where people find you and stick with you for a long time, getting older and developing new needs as they do so. Make sure you're familiar with what happens over a customer's lifetime with you. You will not only want to ensure you cater to their needs as they change, but also appeal to new customers who are entering your market demographic, whose expectation and behaviour are different from your current customer set.

3. Look at what your competitors are doing
Your competitors are a wily bunch. Spend time on their web sites. Sign up for their newsletters. Follow them on social media. Get their mailouts. Drop in to their stores if they are retailers. Talk to their customers in you can. Find out what they are doing, see how it compares, and if you can apply similar or better strategies to what you are doing. Your aim is not to be a copy of them, but to ensure your business is competitive and your marketing is better. Knowing their strong and weak points makes you more able to keep up with them, knowing where they are at and bettering their game puts you ahead.

4. Find out what's new - and how you can leverage it
Find out what new trends are emerging, not just in your industry, but, for instance, new apps that might make an impact, new social media platforms (or new initiatives on existing ones), changes in market behaviour, etc. A few years ago you could probably ignore online and mobile trends if it wasn't at the core of your business, but that's no longer the case. What's the next thing on the horizon and how will it impact you?

5. Keep hold of, and enhance, the things that work
Every business has some things at the core of it which are what makes it what it is - and are the reason it works. You might want to change the way you do things, but beware of changing the fundamentals so much that you lose your focus. Your business also has a "personality" which should shine through, no matter what else you change.

This is a great bit of info.

This is a great bit of info. We reinvented our business a few years ago and it was a massive job of rebranding and restructuring. We also changed 50% of our staff and the whole process was painful but well worth it. No regrets. Change is essential for progress. 

Millie Slater

Marketing, Social Media and HR Manager, Slater Chartered Accountants, Hamilton Waikato New Zealand

I agree. Reconfiguring your

I agree. Reconfiguring your business, especially to focus on new operational objectives, can be a very painful process for all involved, but also very necessary as we all know that markets and audiences change frequently.

I think looking very closely at your existing business model and focusing on what is working is a crucial part of reinventing all businesses. In many cases, resources are being taken away from the profitable aspects of a business and causing too many problems.

I agree, no matter what

I agree, no matter what business you're in it's important to keep an eye on how the industry is moving - these days the pace of change is incredibly fast! 

I'm a web writer and have noticed that my field updates constantly. As such, I have to make sure that my website, and services, look completely up-to-date. In the 4 years I've been running my business, I've had to redo my website twice as the look of websites, the approach to content writing, and even the services my competitors offer, have all changed. 

However, I think you have to be cautious when 'reinventing' or 'rebranding' your business. Change is good, but you have just have to make sure you don't lose the essence of what your business is about along the way!

Great article - thanks for posting.