<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Search
word-map-thumb

The Alternative Board Blog

How to Reinvent Your Business from the Inside-Out

Apr. 30, 2020 | Posted by The Alternative Board
reinvent-business-inside-out

In so-called ordinary times, many businesses experience the need to reinvent themselves to meet changing customer demands. Today, months into the COVID-19 outbreak, the “reinvention challenge” is more pressing than ever.

Leaving aside the enormous hurdles presented by our current situation, businesses often encounter other conditions demanding that CEOs and owners contemplate reinvention. Such conditions include:

  • Products or goods that have lost customer appeal.
  • A new or established competitor’s entry into the market.
  • Advances in technology render current offerings irrelevant.

Whatever the situation, business owners should at least have a reinvention plan in mind. Here are tips to help formulate a plan for this contingency.

Assess what your competitors are up to.

The actions of your competitors can indicate it’s time to re-invent. As we have noted elsewhere, monitoring competitor activities can include:

  • Look for changes in their websites or even a complete redesign.
  • Pay attention to messages they emphasize on social media.
  • Evaluate the appeal of the content (articles, case studies, etc.) they are promoting.
  • Always take in the “big picture” through a customer’s perspective.

Also, to the extent possible, try to determine if their sales are outperforming yours and, if so, what are the underlying causes.

Conduct a no-holds-barred brainstorming session.

Unless you’ve already had a revelation concerning what your re-invented business might look like, now is the time to gather your most trusted and imaginative team members to take on this task. Brainstorm ideas around the present-day challenges your business faces, challenges yet to come, ways in which your products or services can be redefined, even what a totally new business model might look like.

Remember, in a brainstorming session, there are no bad ideas. You never know what the “a-ha” moment might look like.

Want additional insight? Read 4 Step Guide to Strategic Planning now to learn more

Register Here

Throw caution to the winds.

At the earliest stages, there’s little risk in proposing bold new ideas centering around re-invention. When such ideas emerge, test their viability through a customer survey or by bouncing the idea off trusted advisors. You’ll most likely also have to alter your messaging to ensure the new direction will “keep the reputation of your business” intact, notes We Heart Entrepreneurs, adding that it’s vital to “get a positive rise out of your public and out of your potential customers.”

Focus on differentiation.

There’s little point to re-inventing a business if it’s not going to be dramatically different from (a) what you had before and (b) what’s already out there in the marketplace.

Remember, a clearly defined unique selling proposition always answers a customer’s most pressing question: “Why should I do business with you instead of one of your many competitors?”

Managers Resource Network suggests the following differentiating factors to prioritize in your re-invention strategy:

  • Quicker, more efficient customer service.
  • A higher-level customer buying experience.
  • A wider array of product options.
  • Generating a higher volume of sales at reduced prices.

Any plan to reinvent a business must “identify ways in which you can differentiate that new offering.”

Don’t discard the things that already work.

Re-invention doesn’t mean tossing out an entire business model. If certain processes and systems work well, they can likely be adapted to the new undertaking. Other tips include:

  • Maintain functions and operations that are still viable.
  • Improve communications with constituencies who are inclined to support a new endeavor.
  • Pinpoint areas where cost-cutting makes the most sense.

Any reinvention still needs a strong foundation in order to succeed. At least some of the factors that have generated past successes can be retained in your ambitious moves forward.

As noted, input from others on your reinvention plan is essential. There may be no more effective sounding board than the views and insights of fellow CEOs and business owners. Now is an ideal time to explore Membership in TAB and benefit from what other veterans of business reinvention have to say. Learn more about how TAB offers real-world small business solutions that can help your business grow.

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board

Related posts

Ways to Handle Supply Chain Shortages
May. 17, 2022 | Posted by The Alternative Board TAB
You don’t need a crystal ball to see that supply chain disruptions are likely to continue for some time to come. As we are all becoming painfully aware, supply chain disruption “is a major factor ...
How to Achieve Business Success by Knowing Your Strengths and Weaknesses
May. 10, 2022 | Posted by Phil Spensieri
Over my years as a business coach, I’ve heard hundreds of stories about how and why my clients got into business. Each story differs, but one thing remains common: every one of them got into business...
Inflation Busters: 15 PAINLESS ways to Reduce Your Business Expenses
May. 5, 2022 | Posted by Joe Zente, TAB Austin
Inflation Busters: 15 PAINLESS ways to Reduce Your Business Expenses April 20th, 2022 “Frugality drives innovation, just like other constraints.  One of the only ways to get out of a tight box is to...
Clamoring for Talent: 3 Ways To Improve Employee Retention
Apr. 29, 2022 | Posted by The Alternative Board
It is still a tough labor market out there. The Great Resignation and the dearth of eager job candidates are keeping business owners shorthanded and clamoring for new talent. In many cases, this...
The Importance of a Leadership Development Plan
Mar. 15, 2022 | Posted by Phil Spensieri
As a business owner have you ever given any thought as to who will replace one of your senior staff if they were to resign today? It’s a hard question, and the truth is no one really knows when...
Protecting Your Business in a Time of COVID
Feb. 4, 2022 | Posted by The Alternative Board
If anything demonstrates the role of uncertainty in today’s business landscape, it must be the nagging persistence of COVID-19 around the world. Only last year, it appeared the pandemic might be...
5 Ways To Manage A Remote Sales Team
Nov. 5, 2021 | Posted by The Alternative Board
Sales leaders have struggled with managing remote sales teams even before the pandemic. Today, with an increasing number of organizations moving partially or fully remote, the need to put practices...
Why Your Business Needs Standard Operating Procedures
Aug. 26, 2021 | Posted by The Alternative Board
Running a business is a costly, time-intensive process. Costs and time can grow exponentially if an organization lacks a system whereby products are made, or services rendered in a consistent manner....
6 Tips on Making a Family Business Partnership Work
Apr. 20, 2021 | Posted by The Alternative Board
We often hear stories about the difficulties of making a family business partnership successful. Yes, there are unique hurdles that differ from other types of business models, but with the right...
Time-Saving Tips for Hyper-Busy Business Leaders
Apr. 13, 2021 | Posted by The Alternative Board
There may be only 24 hours in a day, but with effective time management, business leaders can get a lot done within that limited timeframe. The key is taking steps to eliminate clutter and...