To most business owners who have spent years and thousands of euros building their brand and developing a client base, chucking it all away to reinvent your business probably seems like the height of insanity. And if you do it on the fly or haphazardly, it probably is. But there are many reasons to tweak your business model, or to try out a whole new one, that make perfect sense. If you do it thoughtfully, it could be the best business decision you ever make.
Here’s our guide to reinventing your business, one smart step at a time.
Many factors can push a small-business owner toward reinvention – it may be a market driven push, the need to spend more time with family or lack of financial sustainability. You may just be bored. All are legitimate reasons for change. But you need to be practical, too. Any change involves risk. You need to set out very clearly why you feel you want to change and be specific about it.
The next step is something every business owner should be experienced at – developing and following a business plan. You need to approach each change as if you’re starting from scratch. You need to think it through thoroughly, figure out who the competition is, how you are going to beat them and what the costs are.
Entrepreneurs and owner/managers tend to rely on intuition a lot, but you need to make sure other people think your plan is a good idea. Sit down with a mentor for an hour and justify your proposed changes.
The solution is to create a detailed exit strategy. Allow time to negotiate new leases, bring on new employees or train current employees. Be transparent through the whole process with vendors, customers, employees and, most important, your family. Give everyone notice that changes are coming, when they will happen, what it means for them and why it is important for you.
Although the process can be rough, reinventing your business can be a rush. “It’s an exciting place to be.” O’Kelly says.