Once a business faces a major stall in its growth, it has a less chance of recovering. You need to reinvent your business before it’s too late. If you don’t reinvent at the right time, your core markets will become stagnate. If you do it right, it can be the best business decision that you ever made. Here are 5 things you can do:
- CHANGE AT THE RIGHT TIME
You need to know the right time for reinvention. Many factors are taken into consideration. It may be that the market has changed, the economy has reshuffled the customer base or you don’t find the work challenging and want to try something new. However, you should be realistic going into the change, as any change involves risk. You can wait a few years if the cash flow is steady. You need to forget other ideas and only focus on one. By looking at a few entrepreneur profiles, such as the Linkedin.com profile for Charles E Phillips, you’ll find a few examples of successful reinvention. Another option here is to streamline, and improve productivity. There are lots of tools both online and offline that can help you do this, from Power BI to Slack or Google Drive.
- CHANGE THE PRICE
You can always reinvent your pricing. It’s more about volume rather than margins. You need to have a range of a traditional list price and dynamic price at your disposal. Try to price against alternative industries competing for your customers rather than competition in your own industry. You can even offer some product/service for free, if you’re able to get finance from advertising.
- CHECK OUT DIFFERENT INDUSTRIES
By looking at completely different industries, you’ll have a deeper idea of how to go with the reinvention. You should turn to industries that face similar challenges. Examples are cars, airlines and railways. Why does a customer pick one over the other? If you run a shoe business, you can get inspiration by from a transport company on how to speed up delivery.
Nintendo Wii reduced the graphics compared to PS3 and Xbox 360, but the fun was raised and new motion control technology was introduced. You may want to eliminate some elements, instead of introducing new ones. This will help to keep the cost down when reinventing.
- THINK OUTSIDE THE BOX
Focus on the four c’s. Who are your competitors? Who are your competencies? Who are your customers? Who are your collaborators? Try to reinvent in a way that sets you apart if you don’t have any unique competencies. Don’t follow the same formula as other companies. Create your own vision.
Reinventing, if done correctly, has the potential to take your business to the next level.