Is It Time to “Remodel” Your Business? : I hear a lot these days about the reinvention of business. And that seems like a good idea. But I think a complete business overhaul is not only often unjustified, it can also be a risky move.
So instead, I want to propose the idea of ”remodeling” a business, which is more akin to remodeling a house. When you remodel your home, you are usually maintaining the existing structure and foundation.
The makeover is definitely different, but that doesn’t mean tearing down your entire home. On the other hand, a makeover may involve adding additions, repainting the room, finishing the basement, etc.
Likewise, you can overhaul your business in distinct and powerful ways that lead to major changes in service delivery, revenue streams, target market or your visibility as an expert. But a business overhaul needs to be justified, strategic, and executed in such a way that it doesn’t cause too much turmoil in your business.
When you remodel your home, for example, it needs to be done in a way that will cause the least amount of disturbance to the environment in which you live. Yes, you are willing to suffer the inconvenience in the short term knowing that you will end up with a beautiful newly renovated home.
But you wouldn’t be planning a remodel that would force you to live in absolute chaos unless you could move out during construction and find another place to live. Easier said than done!
With your business, you don’t necessarily find a new business “home” when you make a business overhaul because you still need cash flow. Sure, there are exceptions for business owners who save a lot of money to fund a makeover, but even in that case, it means going out of business for a while, which won’t make you think about it all the time. your target market.
So what is the best way to approach a business overhaul and what might that include? Here are some tips and guidelines.
- Take Stock – Approach your business overhaul strategically by taking an inventory of where you are in your business today, and where you want it to be in the future. Assess what you love about your business, what works, and what brings success and results to you and your clients.
Also, take a serious look at what’s no longer working, what you’re missing, and what your clients don’t seem to need or want anymore. Only when you have done this business assessment will you be in the right frame of mind to determine what your business overhaul will look like.
- Remodeling Blueprint – Just as you would with remodeling your home, you need to draw up a blueprint for remodeling your business. Add what will be included in the reshuffle, how long you expect the reshuffle, what players need to be involved, how much money you will need to finance the reshuffle, etc.
Consider getting help from a trusted advisor during this stage. Approach the blueprint as you would a business plan so that it can serve as a framework for overhauling during the week/month/year of the reshuffle.
- Add Ons – One way to overhaul your safe and smart business is to actually add them. This could be in the form of additional revenue streams such as new services, products or program offerings.
This can also be achieved by partnering with other business owners to engage in joint ventures. This can be an offer or joining an affiliate program. The list is as long as your imagination, and what works best for your business.
- Take Away – A business remodel can also include taking something from your business that you know doesn’t work, drains your energy or your bank account, isn’t a great seller, or you just don’t like offering anymore.
In business, we often keep saying yes and piling things up. But a smart business change can take the form of saying no and downsizing or micro-focusing on what really works, and gives you and your clients great results.
- Big Things, but Start Small – Once you have the idea of overhauling your business in your head, it’s hard not to get excited and maybe get a little carried away.
It’s great to be excited and excited to transform your business. In fact, go ahead and think big! But then back to reality, and start small. Do the overhaul gradually. Don’t bite off more than you can chew or your reshuffle will crumble and burn.
- Think About Your Existing Business – Another common problem with business remodeling is that when you are in the process of remodeling, you neglect your business as a whole. Make sure you’re still “managing the shop” when you remodel.
It’s easy to get caught up in a makeover, because it’s so exciting and usually a testament to where your future lies. But unless you have unlimited funds and celebrity status, chances are your clients will still want to buy from your current business.
If you really want to get out of the business you have now, then realize that you are not only overhauling, but also reinventing your business! And it’s a horse of a different color. If that was really the case, then you would follow a different path.
You may need to close shop altogether, sell your business, completely revamp or rebrand it, or have an employee or independent contractor run it for you.
- Launch Your Remodel- At some point, your makeover will be complete, or at least far enough away, that you’ll want to officially launch it and shout it from the rooftops. But consider that you may want to announce your changes sooner than that.
Involving people in your change can be a good strategic decision. In fact, you can involve your clients in the remodel by asking them to help in a number of ways. For example, an overhaul is adding a service offering.
You can survey your clients (and hot prospects) well in advance to see what service offerings your business is missing that they really want and need. There are many other ways to involve other people in your makeover, but make sure you do it wisely so you don’t scare your clients into thinking you might jump in or leave them.
Enjoy the Results of the Remodel – If you approach your remodel wisely and execute it strategically, you will be able to enjoy the results – and so will your clients!