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The Business of Reinventing Yourself!

July 9, 2010

It seems the U.S. may still have to push through some tough economic times, & many small businesses have discovered that reinventing themselves has been necessary to survive.  But, how exactly do you go about reinventing your business?

Reinvention is an evolving process, rather than a set formula.  Eyeball some of the ideas below to see how you can take a closer look at your business practices & perhaps do some experimenting to increase productivity and profitability.

•Schedule Time
It takes time to analyze & review all of your business processes.  Grant yourself permission to spend time on listing your day-to-day operations.  Once listed, start looking closer at what seems to be working & maybe what’s not. 

•Challenge Everything
In order to analyze your business, you must challenge it!  Drill your list down a couple of notches, & get a second pair of eyes on it (maybe even hire a consultant for an hour or 2).  Look for better, more efficient ways to do business.

Lots of companies join together for business benefits.  Sharing office space, doing their purchasing together, or running joint advertising campaigns can be beneficial to both parties.  Look to expand your reach and bottom line.

•Customer Care
Look here to make sure your clients are getting what they want.  Is your website easy to navigate?  Are they aware of your turn-around time?  Can customers contact you in several different ways (some clients will always prefer phone calls over email or FaceBook)?  Simple changes here could enhance profits later!

•Pricing Changes
Perhaps price breaks can be made, or just when certain quantities are purchased.  Maybe you can run a print/online coupon, or a special 2-for-1 deal if the numbers work in your favor.  Sometimes, ending the price with a different number can change buyers minds (“7” was originally tested by direct marketing expert Ted Nicholas), but you would need to run your own test.

•Dream Up New Revenue Streams
How do you make money now?  Could something be done with your product/service that might be more appealing to your customer base?  Brainstorm! (People that have worked with me realize this as my greatest skill.)  If you have a service, can you record a speaking session & sell it?  If you have a product, can you offer to do a private label?  Oh & definitely check out what your competitors are doing!

•Think Outside the Box
Target a niche market.  Network events in a different sector.  Learn more about European markets.  Work with a competitor.  N’uff said!

So!  Remember — reinventing your business may be the boost you’ve been looking for to rebound from the recession & catapult you into tremendous success.  Happy testing!

Rose Caiazzo of Rose Consulting, LLC & Rose Recordings, LLC
The Art of Voice. The Power of Social Media.

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