What It Means To Reinvent Your Business

My good friends at Ink Solutions have done it again. They’ve stayed in front of the train, refusing to lose ground and finding ways to do their business better and more profitably despite changing conditions. They are an inspiration for us all and are showing us how it is done.

They have been growing steadily and have been experiencing a manufacturing bottleneck. They refill empty ink cartridges for printers and have sophisticated, expensive, state-of-the-art equipment. It is, however, a constant problem to stay ahead of demand. They also have a training and employee issue as it is not an easy task and requires much training to become proficient. Additionally, absenteeism and employee turnover is a problem, so they had set out to train a few qualified employees in handling this vital and labor-intensive task. That is, until they rethought it all…

They theorized that while committed to the refill process, there was an alternative. They could purchase inventory already refilled and satisfy their demand without manufacturing. Of course, the profit potential had to be evaluated to determine if this major change could satisfy their profit requirements.

First, they determined how much it actually cost them to refill. Then, they talked with their suppliers who agreed to lower prices for larger quantities if they gave them all their business. The result? It was more profitable to buy existing quality product and far less of a headache then refilling themselves.

Thus, they will now sell their machinery, reallocate their space and solve their demand issues without additional employees. This will allow far more rapid growth with far fewer headaches and employees. Gone is the manufacturing process, they are now purely involved in marketing and sales.

That’s a perfect example of a business reinventing itself. That’s a business solving difficult business problems by stepping outside of the original plan and making major systemic changes that change the entire process, yet changes that make sense under the existing conditions.

Reevaluate your own business. Are there better ways you could operate? Do not be locked into a commitment to do things one particular way even if you are heavily invested in a particular process. Be open to various and different alternatives. Examine alternatives and be bold; dare to make major changes. Work things out on paper first and then if they look good, try them.

Think about it. Reinvent your business. The downturned economy requires such evaluation and adjustments. Sometimes change is appropriate as volume grows or other changes occur. A successful business owner cannot be rigid. Reinvent your business as often as necessary but never stop examining alternatives.

Ink Solutions was a great business, and they’re even better now. Check them out! They offer an “unfranchise” deal that offers a complete hands-on training and support program for a terrific recession-proof business all for a very small investment. Visit them at: www.inksolutionsma.com