Four Tips to Help Reinvent Your Business

July 29, 2016

“Necessity is the mother of invention.” We’ve all heard this expression before, but for most of us we’ve never applied it to reinvention. There comes a time in your business’ life cycle where reinvention must occur in order to continue moving forward and achieving your goals. The level and extent of reinvention required is unique to each business and the challenges it is facing. But, regardless of the magnitude of your change, it’s important to take the necessary amount of time to ensure you’re making a well-informed decision and have weighed all available options objectively. Here are four tips to help you reinvent your business:

1. Know Who You Are

The first step toward reinvention is to know who you are as a company and where you stand in the marketplace. It’s best to solicit an outside party to help conduct this analysis but self-assessment can work, just remember to be honest and objective. Remember, you’ll never get to where you want to go without first knowing where you stand.

2. Identify The Goal

The next step is to identify the goals and objectives. Let the analysis from step one guide you in determining what is reasonable and attainable and why it should be done. Depending on the situation, you may need to outline a series of small goals that contribute to a larger goal or objective, which is perfectly fine. The planning stage will outline, clarify and rank each goal you identify.

3. Build A Plan

No matter what the change is, big or small, you should build a plan that can be presented to all levels of an organization. The plan should be easy to understand, outline all key steps, have milestones and timelines, and address the internal and external affects of the proposed changes.

4. Implement Accordingly

The final, and most important, step is implementation. Careful consideration should be given to the amount of steps in the plan, timing, and magnitude of change to ensure reinvention occurs. Remember, everyone handles change differently, so it’s important to solicit feedback and reengineer your plan if necessary.

If you need to reinvent your business, a product, or a process, keep these four tips in mind when crafting your plan. And if you need help along the way, contact a Marketing Advisor at TABeil, who can help guide you down the path of reinvention.