Progress in life is all about reinventing oneself, and this should apply to your business as well. Typically, a new year offers an opportunity to make positive changes in life and business. If your business experienced a downturn in 2020, this is the time to reinvent for success. The future is determined not by one’s past but by the present actions a person takes.
So, here are five steps to reinvent your business as an SME:
Review:
As a first step, take stock of your business. Review all that happened last year. Review your business’s strengths and weaknesses. Review your structures to see if they can respond to the new business environment. What could you have done differently or better? What is the core problem that your business has faced or is facing? If you are not dealing with the core problem, you will not achieve long-term success.
Research:
It is essential to know what is going on around you. Find out about the growth areas in your industry or market. Find out how much of your old business model can be delivered profitably online. Find out about customers’ needs and expectations. Businesses now need to build the required resilience to continue to survive and grow into the future. A strategic reinvention will not be possible without accurate and relevant information.
Re-strategize:
Based on your research, there may be a need to re-strategize. Take another look at your business plan and establish what areas are no longer tenable, based on the market situation. Now is the time to look at how you have been doing business and make some improvements, particularly in line with the digital revolution. It is useful to re-strategize so that your business will not be left behind.
Reorganize:
One thing is sure, the old ways of doing business are not coming back. So, this is an excellent time to reorganize your business. Change in strategy requires improved corporate governance frameworks. A well-governed business sends the right message to investors, customers, employees, and other stakeholders that you are worth doing business with. There have been many reports of SMEs reorganizing their business structures in response to COVID-19 for survival.
Reinvest:
Reinventing your business can seem overwhelming, and you might be tempted to play it safe. However, investing in your business will mean that you have the right tools and people to allow it to succeed and grow. You may need to reinvest additional funds into your business. Take a bold step by putting a percentage of your profit or even your finances into implementing strategic changes. Investors may find you more attractive once you reorganize and reinvest.
Which of these five steps are you planning to try? Please drop a comment below.
If you need help to reinvent your SME business, complete the contact form, and I will reach out to ensure you succeed in 2021.
Here is to a successful 2021!
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