May 29, 2014
-- For businesses, the meaning of reinvention is looked upon as a facelift of a company. In order to stay competitive, companies must be able to reinvent themselves. Business reinventions can range from rebranding to an entirely new business model.
Many companies I consult with share the need to transport their business into the 21st century. A business owner must first improve the quality of the services or products being offered to compete in a world of “faster is better (with a high gloss finish).” One mustn't be afraid to embrace technology to move their endeavors forward. Branding has evolved in a way that puts you and what you're selling in front of the World’s eyes.
Retool outdated logos, graphics and marketing; dated material is consumer repellant in the market place. A business owner should target their marketing budget intently, placing ads on sites frequented by their desired clientele, and using search-engine optimization to ensure easy access to consumers. But the oldest tool in the shed still holds steady, word-of-mouth. Present your product or service at its best to ensure brand loyalty, using testimonials and, if possible, magazine reviews. Then spread the word through social media such as blogs and Facebook fan pages; this reminds former customers that your company is still in existence and puts the business in front of a new generation of potential consumers.
Reinventing the system is one of the key components to a business facelift. In my award winning and best selling book, Sell Your Business For More Than It’s Worth, I expound on the importance of purchasing an established business as opposed to beginning a start-up. Most entrepreneurs who buy small businesses or franchises don't want to reinvent the system, they just want to execute a format that may have worked for the owners before them. Many of my buyers begin their new business ownerships following the sometimes outdated practices of the previous management. If this is the case, the successors will often times find themselves working long hours, struggling with unreliable employees, and ultimately working for a business instead of it working for them. They may be “successful,”
but unhappy. It’s always possible to change the system if you have your facts together and a game plan in place.
To avoid this all too common conundrum of an old, wrinkled, and sagging business, one must think like an expert entrepreneur and surround themselves with experts that can mentor them in their new or continuing business dealings to create a business model fit for a boss of the new millennium. Always look for new ways to be of service and value to the customers. Exquisitely designed e-blasts and special occasion ecards to your clients are a good start. When time and care is given, good and profitable things happen. As a business owner and entrepreneur, continual reinvention is essential to a thriving business. If one does not reinvent themselves, someone else will surely reinvent the wheel in that specific market and roll them right out of business.