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The Alternative Board Blog

5 Steps to Reinvigorating Your Business

Jun. 30, 2022 | Posted by The Alternative Board

Now just might be the perfect time to breathe new life into your business. Many small businesses are still struggling financially and find themselves unable to match their pre-pandemic success. Common culprits like inflation, supply chain, and labor of course are major hurdles for many business owners, but it is not reasonable to expect those negative factors to improve any time soon. So if current dynamics seem to be holding you back, why not infuse your business with healthy new practices, procedures, and maybe even a fresh marketing project or two.

Here are five great ways to get started.

1. Allot Time for Big-Picture Thinking

So many business owners fall into the trap of working IN their business rather than working ON their business. In fairness, it is almost hard not to. Both approaches are surely important, but the former primarily focuses on current operational execution, while the latter is strategic, futuristic, and growth-oriented.

There are a myriad of time and energy suckers that consume business owners’ days, so it is important to block off business strategy sessions on the calendar. Even 15 minutes a day can be a real gamechanger.

Start with an informal SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. Then pivot your attention to new opportunities based on those findings.

Include your management team or even a business coach if you have one in these strategy and planning sessions.

2. Consider a Peer Advisory Board

Many business owners get stuck in a rut simply because they lack experience in running and growing certain aspects of their business. After all, knowing a trade or understanding a sector is far different than the unique demands of business ownership.

Peer advisory boards are made up of a small group of business owners in non-competing industries that generally act as each other’s board of directors. Each board member is committed not just to carving out a path for their own success, but also supporting the business and leadership growth of everyone who sits on that board.

Surrounding yourself with accomplished business owners who are invested in your success offers a tremendous boost to overcoming obstacles and mapping out the future of your business.

3. Build Partnerships and Collaborations

Competition in today’s business environment is fierce, but an “every business for itself” mentality is not only shortsighted, but almost a relic of the past.

Building creative collaborations with business partners can be a very effective way to infuse new life into your business and mutually support those businesses with whom you align. By combining skills, expertise, and opportunities with select strategic partners, both businesses are better poised to achieve mutual growth, an expanded network, and perhaps even cost savings via purchase order collaboration or marketing and advertising co-ops.

4. Give Your Website an Overhaul

If your website is more than five years old, it might be time to evaluate whether it is packing the same punch as it once did. Website design and functionality have evolved tremendously over the past few years. This of course is terrific for those businesses with fresh websites, allowing them to stand out in a modern way. But the new elevated website standard also severely outdates those websites that haven’t had the luxury of a makeover in a while.

Creating a well-designed, engaging, and polished website doesn’t have to be hard. There are a ton of website building platforms and cost-efficient developers that can help you design a contemporary website at a fraction of what it cost a decade ago.

It is important to note that regardless of whether your website is new or aging, it is imperative to consistently add fresh content and implement a strong SEO strategy to direct online traffic.

5. Focus on your People

High performing employees will always be your greatest asset. How involved are you in their personal and professional career development?

Inspired employees inspire other employees.

When business owners support the growth of their all-stars and motivate their entire team in a meaningful way, the entire company culture is more content, more incentivized, and more productive.

And there is nothing that can reinvigorate a business more than a team of top performers.

Read our 19 Reasons You Need a Business Owner Advisory Board

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Written by The Alternative Board

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