Reinvent: To make major changes or improvements to (something), to present (something) in a different or new way.
Businesses reinvent themselves, too. In fact, in business, reinvention is essential. Reinvention is about new products and services, new value propositions, new benefits, new markets, new deliverables, and new pricing strategies. It’s also about a new name and new branding –– a whole new look.
It’s tough to close the door and start all over. So mostly reinvention starts by building on what you have –– making it better and more relevant to the market.
The way I see it, knowing what needs reinvention requires listening, stepping outside the box, and determining where the market is headed and what you need to do to keep pace and outstrip the competition.
I’ve been reinventing all my life. I see it as part of the natural order of things. For example, my business today is similar to what it was in New York and there are behind the scenes similarities. But the big change –– the reinvention –– came as I realized that while all businesses seek growth, there’s a quantum leap between growth and profitable growth. So reinvention meant focusing on profitability as the primary objective. It also meant being able to work efficiently with smaller businesses.
This time of year many business owners look at the current year –– what worked and what didn’t. They look ahead to where they’d like to be a year from now.
As 2016 approaches, I hope you’ll take time to think about the coming year and beyond. It’s not hard work. In fact, thinking about and planning for reinvention is invigorating, inspiring, and uplifting.
I’m seeing this first hand as I’ve been working on this with my clients. We’re looking at reinvention strategies to help them achieve highly profitable growth and to do so more easily, efficiently, and effectively.