Reinventing Your Business In The New Year

The new year is upon us, and if you are seeing a long-term decline in revenue or plateaued growth, it may be time to reinvent your business. These types of issues arise in your business can arise from a multitude of internal or external factors, such as new competition, new technologies, the loss of a major customer, operational issues, or poor marketing. Rather than letting this spell the end for your business, you can employ the strategies below to pivot and reinvent your business.

1. Find Out Why Your Business Has Stagnated

If your business has stagnated, it may be due to a function of your business that is inefficient or unpopular amongst customers. It is important to identify what is broken in your business and fix it, rather than employing band-aid methods such as discounts and extra marketing. Have a chat with your frontline employees to work out what part of your business is frustrating your customers. This will help you identify what needs to change in your business and set a pathway for transformation.

2. Don’t Give Up On The Things That Are Working

Reinventing your business doesn’t mean you need to overhaul everything, if there is something that your customers really love – don’t change it! Whilst you will need to fix whatever is not working, you should continue to provide the products and services that have remained successful. Reinvention is all about improving your business, so don’t make any changes that could be considered a step back.

3. Be Bold With Your New Ideas

To reinvent your business, you will need a bold new idea that will transform your business for the better. Your new idea could be anything from a new product or service, a new market, a campaign idea, or a new business model. The first idea is unlikely to be the best, so you should test lots of different ideas by running it by a trusted business advisor to gain feedback that will point you in the right direction.

4. Stay Determined

Remember the excitement, optimism, and determination that you had when you first launched your business? You will need to harness this same mindset and energy for the reinvention process. Reinventing your business will be a lot of hard work with many obstacles along the way, but as you have discovered before, all of this hard work will certainly pay off.

Reinventing your business can take your stagnating business and give it a brand new future of growth. Whether you implement a new product or service, campaign, business model, or market, this can help get your business back on track to success.

If you’re at a crossroads in your business and don’t know what to do next, Business Foundations offers free Business Health Checks with the Self-Employment Assistance program. Access three hours with a business advisor to identify where you are doing well and where you can improve to achieve success in the new year. Learn more here.