Reinventing Your Small Business

In an ever changing marketplace and tough economic times, many small businesses are experiencing difficulty hanging on.  While there is hope for recovery on the horizon, many businesses are still questioning their staying power.  They might wonder if it’s time to throw in the towel but a better approach might be to reinvent and maybe even rebrand.  When your strategies are no longer working, your goal must be to figure out something new and create a new version and vision for your business.  “There are times when you must reassess who you are and what you are doing, come to terms with the things that aren’t working and completely reinvent.”  So how to reinvent your small business?

First off, start with a clean slate.  Sometimes you must reevaluate and realize that you can no longer hold onto strategies that may have worked for you in the past.  Try avoiding the tendencies to fall back into these old patterns.  Create a new you almost by starting off with the mindset that the old you doesn’t exist anymore.  “Imagine yourself as a student fresh out of college.”  Think about how you felt back then when the world was your oyster and ideas and plans for the future fresh and new, where a world of possibility stood before you.  That’s how you should try and envision yourself going forward.  Nothing you’ve done in the past necessarily matters as odd as that may sound.  All that matters now is what you are going to do moving forward.

Decide who you want to be.  Remember you can’t be the same as you once were.  You’re starting fresh and you’re a new “you.”  This might be a tough reality to grasp given that your old model of doing business might have worked quite well for you in the past.  But you have to put that out of your mind and try a new approach if you want your business to survive and most importantly, thrive.  It’s tough to let go of old dreams but sometimes you have no choice.  Do some soul searching as to how you’d like to reinvent yourself and your brand.  Look at the competition and the brands you most admire and use that as a starting off point for what you can do better.  Look at what they’re doing better.  Is there anything that matches up well with your brand?

Get out and take action.  “With most things in life, the first step is always the toughest.” When you reinvent, that first step is exceedingly tough because it’s hard to let go of old habits but you must if you want to stay relevant in the marketplace.  You don’t have to dispel of everything you’ve ever done but you do have to think differently.  That can be scary.  Terrifying even.  But don’t stall and wait.  Again, get out there and take action.

Don’t just throw good money at your business.  Think about how you can put your monetary resources to the best action.  There comes a time when sinking more money into your business isn’t going to fix the problem.  “You can’t save yourself into prosperity.”  If you are constantly throwing money into your business but sinking further and further in the hole, then you’re doing something wrong.

Give yourself time.  Schedule a time to review and analyze what is and isn’t working.  You might not have to throw out all of your old strategies but you can’t make that decision in one day. “You can’t think about reinvention in the midst of the day-to-day turmoil of running your business.”

Start with the obvious.  Thoroughly and critically review your current operations.  Think about ways that you could operate more efficiently.  You might even want to think about collaborating with another company or using joint advertising campaigns to increase the success of your marketing efforts so you can reach your bottom line more effectively.

Create new revenue streams.  Reevaluate the way you are currently making money.  Are there other ways you could be doing it more efficiently that would save you time and resources?

Think about pricing differently.  “Sometimes people are willing to spend less more often than make a one-time large commitment.”  Think about offering payment plans or pay as you go pricing options.

Lastly, challenge the assumptions of your business.  Drill down and look at everything you’re doing.  Why are you doing it?  Should you be doing it that way or is there a better way?  Are you making it easy for your customers to do business with you?

While reinventing your brand and small business can seem daunting, always remember that you’re not the first person who ever had to reinvent themselves.  Be sure to keep that in mind when you go back to the drawing board and you’ll be in a better position to make accurate and appropriate decisions that will lead to future success.  Don’t be afraid to put yourself out there and get creative.  While certain strategies may have worked in the past, sometimes your business is only as good as your second idea.

Here are some articles you might want to check out about reinventing your small business:

“Reinvent Your Business Model: 5 Tips”: http://www.inc.com/christina-desmarais/5-tips-for-reinventing-your-business-model.html

“A Five-Step Guide to Reinventing Your Business”: http://www.entrepreneur.com/article/220523

“4 Tips for Reinventing Your Business”: http://blog.intuit.com/trends/4-tips-for-reinventing-your-business/

“4 Steps to Reinventing Your Business”: https://www.openforum.com/articles/re-invention-101-what-to-do-when-what-youve-been-doing-isnt-working-anymore/

Until next time…