Time to Reinvent Your Business

What does reinvent mean and when should you consider it? Not when profits are down or when your cash flow is dangerously low. By then it is too late.
Businesses often under-perform even though the cash seems to be flowing and the profitability is just OK. You aren’t doing as well as you did or as well as you should be doing. Things change. The premises and assumptions, upon which you built your business, change. The mission of the business changes. In some instances, small business owners try to change but they do it incrementally, often after the fact. The time to reinvent your business may be now. Start with the mission of your business, its reason for being. Why does it exist today? Is that different than when it started? Business Journal Atlanta
Examine the definition of business. It is a process of taking raw materials, goods or services, from a beginning point and adding value along the way to the final user. Has the process changed for your business? Are the products and services the same as they were? Depending on how long you have been in business, the change could be remarkable. During the past 10 years, technology and the internet has had an enormous effect on almost every business. Has it affected yours? If so, how? Have your suppliers or your products changed? If you are a service provider, how is it different than when you started? Communications has effected every business; the cell phone, e-mail, the internet. Product changes have been significant. Yes, shoes are still shoes, but that is about all one can say. Fashions change; materials change: suppliers change, packaging, often the thing that attracts customers and creates the desire to buy, has undergone great change in material, colors and the way products are presented to the buyer.

How are you adding value? How are you competing with buying on the internet? Are the services you provide, adequate in today’s marketplace? Service providers in the past clearly knew more than their clients. Today the internet educates the buyer and you must therefore deal with a more knowledgeable client.

Here are some questions to ask yourself. Do I understand the process, as I did when I started? Am I buying the right product, the right mix, and the right quality, at the right price? Am I using the right suppliers? How am I adding value along the way? Is it the same as in the past? Is it adequate today? Who are my final users, my customers and my clients? Are they the right ones, the intended ones? Has your target audience changed? Are you missing some prospects? Is the process profitable to you at the level it should be, or am you just getting by?

Should you reinvent your business? The answer lies in the answers you gave to the above questions.

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