Is it time to reinvent your company?

A few business friends have told me they are still dealing with the aftermath of the recent Great Recession. Some are redefining their strengths and weaknesses and working on strategic plans for reinventing their companies. Others are looking for ways to partner with other, noncompetitive companies so both can offer products and services that will separate them from their competition.

The new reality is that nowadays businesses are vulnerable, especially to competition from the internet. It’s no longer “business as usual.” Consumers can search for products and services right from their computers or smartphones, meaning your competition isn’t just down the block, it’s around the globe. Like it or not, today’s business world waits for no one. With the many ways the economy will continue to fluctuate and change, companies that want to succeed need to be prepared.

With the intention of learning the tricks to a successful business reinvention, I asked an illustrious and successful business coach how to accomplish this. Here are his suggestions:

  • Have clarity of vision. Clearly define how everyone’s job is connected to the company’s success. Explain how each person’s work impacts everything from customer service to public relations and marketing.
  • Go to work with a purpose. Winners are very clear about exactly what they want. They picture their desired outcome in precise detail. Some call this visualization and others call it affirmation.
  • Identify what is wrong with the company. What a leader doesn’t know about a company can cripple the business. Dump tasks and projects that are not profitable or essential. Ask team members what they think the company needs to do to succeed. Then ask loyal customers what they would like to keep them loyal over the years.
  • Embrace new ideas and technology.
  • Fix what is wrong now! By the time a business is in crisis mode it’s very hard to put out the fires. Create workable systems. Educate team members. Don’t worry that these employees will leave. Better to worry that those who are not educated will stay.
  • Don’t stray from core competencies.
  • Don’t avoid the situation.
  • Keep options open and stay flexible. Don’t turn down opportunities just because they’re outside the realm of what the company is used to doing. Step outside your comfort zone and look for ideas from other fields to bring into your field.
  • Network like crazy. Make it a point to meet new people and hear about new ideas whenever possible. New people lead to new opportunities.
  • Renew relationships with lapsed customers. Past clients can be a great source for new business. Send a quick email, a handwritten note, or make a quick phone call. Invite them for coffee, breakfast, or lunch. Ask them for testimonials and case studies that can be used in future marketing efforts.

Another smart coach, Vince Lombardi, stated all of the above another way: “Winning is not a sometime thing. You don’t win once in a while, you don’t do things right once in a while, you do them right all the time. Winning is a habit. Unfortunately, so is losing.”

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