How To Reinvent Your Business
Whether you have been in business for 6 months or 30 years, there is always room for improvement. Maybe you are looking to change up the style of your business, expand the team, or cut some things out that are just not working. In today’s uncertain economic climate you may be looking for new and creative ways to increase your bottom line and grow your business. It may even be that you are simply trying to keep the doors open. There are a few strategies you can use to make these changes for the better and reinvent your business without losing touch with your foundation. Here are some things you can do to help tighten up your plan, figure out what is working and what isn’t, and strive towards a more successful business model.
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Strengths and Weaknesses
Many businesses get stuck in the way they do things and believe that staying the same is safer and better than change. Oftentimes this is because the changes necessary are difficult, or that business owners don’t want to mess with the traditional way they are used to doing things. Change is challenging but if you take a hard look at why your business is and is not working you will be better able to outline what needs to be done differently to reach the goals you set for yourself. Define your businesses strengths and weaknesses and start planning for 2017. If you have lost streams of revenue this past year, begin to think of how you can use your strengths to gain new revenue opportunities. If you focus on enhancing your strengths and cutting off or altering some of the weaknesses, the changes evident in the new year will be positive.
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Hire a Business Coach
Sometimes having someone view a situation with fresh eyes is the best thing you can do to make improvements. You may need that extra brain involved to allow you to take the necessary steps to think outside of the box. Hire a business coach to assist you in finding new approaches to your business involvement in 2017. There are people out there that specialize in coming up with new and creative ways of doing simple tasks, tasks that have been ‘set in it’s ways’ for far too long! Sometimes your idea of the business can get so deep in a rut that it is hard for you to see outside of the situation. Working with a business coach can be that new perspective you need to see what’s really going on.
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Involve Your Team
Even though you may be the person responsible for making the changes and implementing new ideas, there is no reason you should not reach out for other’s thoughts. Asking your employees or those on your team for insight can be a great way to get everyone involved and even build rapport. ‘Inside’ perspectives will also help you understand the different views from various areas within the business you may not have been aware of. Your team likely has some ideas of ways to earn income using your strengths. While they may not be in a decision-making position, they are still very involved in the business. Sit everyone down and involve them in brainstorming for the future to gain a better understanding of what is working from the perspective of your team.
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Educate Yourself
Perhaps you are at a point with your business that you have tapped out all prior knowledge and experience you have in your industry. It might be time for you to educate yourself in different areas and expand your skill set – modernize and excel. There are thousands of options out there that allow you to learn more about different aspects of business both industry specific and general advancements. There are courses that can teach you how to better use social media, network effectively, and innovate in areas specific to your business. Take the time to learn new things so that you can come back to the drawing board with skills that will help you work towards success.
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Increase Your Personnel
Your business may be in a comfort zone and all the current employees have been there since day one. Not much change has happened to the team and you cannot seem to reach beyond your current state. Hiring new people can be useful to fill in the knowledge and skill gaps for your business and to mix things up with healthy revitalization. New individuals will come with different experiences, training, and personalities that can add to the already existing framework of the business. If you have a group of critical thinkers, hire someone with more of a creative flair. It is important to diversify the talent and skill set of your team to ensure that ideas continue to flow. Getting away from the familiar and regular routine can allow for new viewpoints that will reinvent your business and see it through to the success you have envisioned.