Strategic reinvention: Take your business in a new direction
Do you want to take your business in a new direction? Strategic reinvention is the process of assessing your current business model and goals, and identifying areas where you want to make changes. It may include creating a new branding strategy, introducing new products or services, or targeting a new customer base.
Strategic reinvention could be the right choice for your business if:
- You are changing the types of products or services you offer
- Your products or services are no longer in demand
- You have noticed your revenues declining
- You have a new vision for growth
- Your life circumstances have changed
Say, for example, that you run a successful business designing and printing posters, brochures, and business cards. Your store is open 9 – 5, seven days a week. You haven't had a vacation in years, and you often work late into the night. You're starting to feel burned out and you want to work fewer hours, spend more time with friends and family, and go on some of those big trips you've been dreaming about.
You might consider reinventing your business model. Instead of working from a bricks and mortar store, you could transition to an online business model. You would be able to choose the hours you work and you'd be able to work from home — or from a coffee shop in Milan, a beach house in Brazil, or a bustling internet café in Beijing.
If you're exploring the idea of strategic reinvention, keep these tips in mind:
- Set goals. Where do you want your business to be in one year? Five years?
- Talk to friends, family, and colleagues, read books, and look at the way other entrepreneurs are running their businesses.
- Re-evaluate your marketing strategy. To create a new image, you'll have to re-establish your brand and change the ways customers perceive your business.
- Update your business plan to reflect the changes.
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