You built the perfect business and things have been going smoothly for weeks, months, or even years. Unfortunately, every business comes to a point when sales start to level off … all the way to a business running out of room to grow.
While the solution isn’t simple, if you’ve come to this point, it might be time to reinvent your business. Here are three ways you can do that.
Analyze the issues
What is holding your company back? Are customers having problems with your products or services? Perhaps you have an outdated widget or strategy. Maybe customer service needs a complete revamp.
Technology is creating more efficiencies and new platforms of communication. What if the way you are talking to your customers is rapidly becoming obsolete. Something like Bright Pattern contact-center software can help in many different ways, from improving customer service to helping agents work better and faster. A positive consumer experience is no longer an option — if your customers have a frustrating time with your product or brand, you will lose them.
While it all comes down to sales, revenue, and money in general, every business is different. You have to figure out what needs to change to make your business better.
Really crunch the numbers, look at every aspect of your business and that of your competitors. There’s a reason why you want to reinvent your business. Figure that out first.
Complement your skills
You hear it all the time. Entrepreneurs and business owners don’t want to be the smartest people in the room anymore—they want to hire a dream team.
Like all things in business life, that’s easier said than done. For one, acquiring the smartest people in their industries is expensive as these people are often in demand for their skills and expertise.
Hire people who are better and smarter than you in keys areas that you decide you need to reinvent. Say you’re skilled in sales or organization and management, you might need a better bookkeeper, content creator, or long-term business developer, etc. Bring new strategies to the table with a key replacement or addition to the team.
Consider a total overhaul
This is one of the hardest things you can do, but it makes the most sense when it comes to actually reinventing your business. Something clearly isn’t working, and it’s time to analyze your staff and strategies and evaluate strengths and weaknesses.
While it might not be necessary to stop selling your product and come up with a new one, that might be what you need. Often technology has caused your “20th century” revenue streams to dry up while leading your original marketing plans to a dead-end. Perhaps your customers identify your brand as out of date. Or negative online reviews have taken their toll. You might need to consider rebranding your entire company.
How do you do a total revamp while continuing to make sales? Being straightforward with your workers and transparent with your customers are both key, managing expectations and keeping morale up are musts. Telling your customers you’re rebranding (or fixing an outdated solution) and giving them realistic ideas of a date when you expect this area to be fixed can help you stay relevant and show honesty in the process.
Your customers want a good product or service and they want to have a good experience. If you have a good customer base during this process and keep them informed, they’ll understand … as long as you keep your promises and deliver, that is. There are many ways to reinvent your business. Figure out a direction, add the right tech and brains and go from there.