More than half of small business owners say they’ve reinvented their company to stay afloat or remain competitive. The majority of entrepreneurs are realizing that they must adapt to the marketplace and economic shifts to survive and thrive.
Small business owners are especially adept at reinvention because they have to overcome obstacles often and seek new directions for growth.
Change is never easy, but neither is running a business. Reinvention and change are two things critical for growth. Think about change in terms of nature … a tree has to shed its leaves in the fall to grow new leaves in the spring. It’s the same for your business … shedding old marketing to create new and exciting growth.
Assuming you know you need to make a change in your business, how do you go about doing it? It can be tough to objectively assess the marketplace and make the necessary changes to your business, especially if you’ve already invested years in getting your company off the ground, managed a successful growth phase and achieved some level of success.
Here are 4 tips for reinventing change in your business:
- Know when the time is right to reinvent. For example: the market is changing, more competition, growth is stagnant, vision and direction has changed, customer base has changed.
- Rethink your customer base. Use customer feedback to discover new ways to satisfy their needs.
- Launch a new product or service. What else can you offer customers that would change their buying experience?
- Consider a new marketing strategy. If your business website is not effective and/or you have relied largely on conventional marketing and advertising channels it’s time to look at new opportunities.