Your business is important to your personal success. You will find that there are times where you are going to have to reinvent your business. You need to keep in mind that if you really want your business to expand then you will periodically have to reinvent the reputation of the business. You will want to make sure that your company reflects everything that you would like people to think when they hear your brand .

How do you know it’s time?

  • Review your profit levels.
  • It may be when your profit margin decreases or has not increased over an extended period of time.
  • Perhaps your clients have become comfortable with your business.
  • Consider your services and products – are you offering the same things you offered when you opened the business? Is this a positive or negative in your industry?

The key to expanding and maintaining a successful business is to remain relevant and remain competitive.

You will find that a business innovation involves the use of new products, new business goals and plans, new business models, new communication and marketing techniques, and so on. You will find that it is important for you to constantly work and change your methods communication so that you can reach a wider range of potential clients.

One of the biggest challenges to reinventing your business is maintaining a competitive advantage but not losing existing clientele.  The balance is found in making the right changes at the right time.  KEY!  As the business owner, you will carefully consider the options and their potential positive or negative outcomes.  Consider not only how the public will react, but the long term vision of your business.  Will reinvention bring you nearer to or farther away from your vision?

As you approach your decision to reinvent your business, imagine that entrepreneurs are working on a piece of art.  Every now and then you will think about things that you can add or change to make it better.  Remember your business as something that is forever growing.  Keep in mind that there are going to be some problems, but when you work through all the issues it will bring in more potential customers.

Take into account the foundation of your business – current business practices and current clients.  Are you in a position to risk losing some current clients for potential larger contracts?  Is your reinvention a big leap from how your business, products and services and communications are distributed now?  You will want to make sure that you do all the appropriate research so that you can take care of the necessary business decisions and feel confident in your new approach.

If you are considering reinventing your business, contact Divine Results Coaching (DRC).  Partnering with a business coach will help you revisit your why, set a clear course to achieving success, and get you to the next level.  Reinvent your business with confidence!