Small businesses often rebrand or reinvent themselves to keep up with marketplace trends. Knowing when to let go of an idea so you can grow is a smart trait for a modern business owner to have. Those who resist change and leave it too late to reinvent risk stumbling behind and even failing. Instead, businesses should focus on a proactive approach to growth for optimal performance and success.
Know when to reinvent:
A new idea may seem exciting and different but rebranding without properly considering how it will affect the business can doom an idea before it can take off. Look at your reasoning for wanting to change. Is it the market? Has the economy shifted? Are you not challenged anymore? While these are all valid reasons for wanting to reinvent your small business, practicality is key. Know your means and what it will take to rebrand.
Continually forecast:
Industries are continually shifting, competitors introduce new products, customer needs change and technology is constantly transforming the way business is performed. Anticipating market changes is essential to being a competitive leader in your industry. High performing business owners understand that remaining competitive means you need to expect changes and prepare as such.
Focus on strategy:
Strategic planning is imperative to make reinvention possible. Businesses need to be able to detect shifts in their industry, ideally before they happen. The best way to predict these shifts is to involve line managers, frontline employees and store managers into the strategy process, as they often pick up on insights that business owners can easily miss. For a business to reinvent itself, it needs a permanent strategy which continually scans the market for unsolved problems and untapped customer needs.
Invest in talent:
Successful businesses need dependable teams to run and grow the business effectively. Business owners should not only hire the right type of candidate but prepare individuals for the challenges that will arise when reinventing. Businesses need to invest time in developing their employees to enable them to succeed in their work. By first looking at what their employees are required to do day to day, business owners can assess what factors are fueling or limiting their success and take this into consideration when rebranding.
