Reinvent your business: 6 questions to ask yourself
Here’s six questions to ask. The answers should give you a good idea of whether you should reinvent.
- Have your sales stalled or dropped? This signals a problem you need to tackle head on. It doesn’t matter if it’s worked for the past 20 years. It’s not working any more. There’s no use flogging a dead horse.
- Is it a blip or a trend? Too often, owners dismiss fluctuations as “blips” when they signal a change in consumer behaviour. Even if your problems are part of a wider economic downturn, it may signal a need for cheaper or easier options.
- What has changed? Take a look at what your competitors are doing and get to understand what’s happening in the industry. Are they doing anything differently? Are their products and services different, or do they deliver them more conveniently?
- Is your product/service still relevant? If your industry is in decline, or being transformed by disruptors, you need to assess where you can make money. For example, many accountancy firms have repositioned themselves to emphasis business advisory, rather than compliance services because of the dual impact of technology and cheap outsourcing.
- What do your customers think? Your website is a good place to get feedback not only from customers, but from people who didn’t find what they wanted at your business. Encourage feedback for clues as to what you may be missing.
- What do your staff think? Your employees are often better placed than you to see problems or opportunities.
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