Small businesses should always be open to the idea of reinventing themselves to stay relevant to today’s customers and marketplace.
Business owners who resist change and leave it too late to reinvent risk stumbling behind and at worst failing. Instead, businesses should focus on a proactive approach to growth for optimal business performance and success.
Making a commitment to reinvention before the need does not come naturally; it requires planning. Here are three ways to make sure your business does not get left behind:
Industries are continually shifting – competitors are introducing new products, customer needs are ever-changing and technology is transforming the way business was traditionally performed. Forecasting change is essential to be a competitive leader in your industry.
High performing businesses exploit existing businesses that have not yet peaked and recognise untapped markets. High performers also understand that remaining competitive means some form of risk taking is necessary.
Focus on strategy
Strategic planning is imperative to make reinvention possible. Businesses need to detect shifts in their industry ideally before they happen. The best way to predict these shifts is to involve line managers, frontline employees, store managers etc into the strategic process, as they often pick up on insights 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 top talent
Successful businesses need teams of talent to run and grow the business effectively. Business owners need not only hire the right type of candidate but they must strengthen and prepare individuals for the challenges that will arise when reinventing. Businesses need to invest time into 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 fuelling (or limiting) their success.