Reinvent Your Business: Getting Going & Growing

Reinvent Your Business: Getting Going & Growing

By Susan Wilson Solovic

During these tough economic times, many small businesses experienced difficulty hanging on.  Now, with signs of recovery emerging, itís time to focus more of your attention on growth.† Should you stay the course with your current business strategy or is it time to shake things up a bit?††† How do you know which is the right course of action?† Start by analyzing where you are today.

  • Compare Your Business. You can decide whether staying the course is the right action by comparing your business with other similar businesses in your industry and geographic location.  Are they holding their own or perhaps even starting to grow again? If other similar types of business are starting to see some rebound and you are still barely keeping your head above water then that tells you it is time to make changes. 
  • Don't Throw Good Money After Bad.  You canít save yourself into prosperity, but if you are constantly throwing money into your business and sinking farther and farther into the hole, then you need to take a step back and analyze whatís happening.  There comes a point in time where sinking more money into the business isnít going to fix the problems.† Thatís the point where you may need to recognize itís time to call it a day or make dramatic changes.††
  • Reinvention Opportunity.  Some businesses that are struggling in todayís environment simply need to step back and look at the way they are doing business with a fresh set of eyes so they can discover ways to do things differently. Sometimes shaking things up a bit-- in a large or small way -- can ramp up revenue opportunities. Has the market changed?  Has your business changed† accordingly.  Donít dig your heels in the ground.  If you keep doing the same thing over and over again, and you keep getting the same dismal results then itís time to do something differently.†

How do you go about reinventing your business?† There Ďs no set formula because reinvention is a process.† Therefore, there canít be a an established criteria.†† The reinvention process is intended to make full utilization of your resources for greater productivity and profitability. So here are some ideas to help you move the ball forward.†   

  • Start with the Obvious.  Review your current operations.  Are there ways in which you could operate more efficiently.† For example, have you thought about collaborating with another company to share office or warehouse space?† How about joining together to create a purchasing pool to enhance your economies of scale?† Even joint advertising campaigns or marketing efforts may increase your reach and bottom line.†  
  • No Sacred Cows.  Challenge all assumptions about your business.  Look at everything you are doing and drill down.  Why are you doing what you are doing?  Should you be doing it that way?  Is there a better way?
  • Invent New Revenue Streams.   Look at the way you make money now† Are their other revenue streams you could create that might be more appealing to your customer base. †For example, if you currently sell a certain type of equipment, could you offer a rental or lease program.†
  • Be Unorthodox:  Collaborate with a competitor. Target a new industry.  Go virtual. 

Reinventing your business may be just the boost you need to rebound and get going and growing again.†

Susan Solovic is the president of www.itsyourbiz.com, the online network for small businesses.† Check out her newest book ďItís Your Biz: The Complete Guide to Becoming Your Own Boss.Ē† It is full of tips, tools and information to help your small business soar to new heights.† www.itsyourbizbook.com

Bookmark and Share