It is not uncommon for businesses to re-launch, reinvent or rebrand themselves at some stage of their life. Reasons behind these changes are varied and are usually linked to the desire to create new opportunities and increased profitability.
Businesses operate in an ever changing environment. It is therefore possible that after a number of years a business can become either outdated in practice or stuck in a rut. Continued growth and development is often dependent on innovation. Innovation in itself will naturally bring change.
There are businesses that recognise that it is time to change and others that fail to change and inevitably go out of business. Looking at your business objectively and recognising where your business is and what the next step is a vital business skill. Change often means being brave enough to step into the unknown.
Reinventing a business will inevitably go deeper than just creating a new logo or changing the company image. In essence it could mean:-
- Letting go of poor performing employees who lack passion and enthusiasm
- Discontinuing poor selling products or services.
- Changing a management style that may be outdated.
- Changing your business model.
- Outdated technology that is no longer adding value to your business
Spending the time to change the aforementioned areas will most definitely go a long way towards reinventing your business. Moving away from survival tactics into proactive mode will aid step by step growth as each area of the businesses changes and develops.