Another Example of Reinventing Your Business Model.

Full utilization of your resources. Greater productivity, greater profitability. This is the reinvention objective. Customer service is perhaps the greatest competitive advantage a small business can exploit. With it, price and competitors are non-issues.

I recently asked a chiropractor who was experiencing declining revenues (after inspecting his operation, sales, marketing and finances) why he was just open 9:00 am to 5:00 pm like every other business? He had no real answer as he had never considered other options. I suggested that by keeping the same hours as other traditional businesses, there is no opportunity for the working person to visit his office unless they take time off from work, which many people either can’t or won’t do. Since most chiropractors do the same, there appeared to be a reinvention opportunity that made sense.

First, he experimented with Friday evenings and booked that out quickly until midnight. Then, he began adding additional evenings until he doubled his patient visits, only increasing his overhead by the additional payroll while everything else remained the same. Higher productivity, greater profitability.

The result from changing his operational and marketing approach…? A huge increase in the profitable use of his resources while responding to customer needs and out-thinking the competition. That’s reinventing business. Utilizing his resources more effectively and servicing his market better than his competition by adding a second shift to his practice was a grand slam and a classic case of reinvention.

Examine your business and look for opportunities to reinvent yourself. It works and you must do this to succeed in today’s difficult economy. One needs every possible advantage and opportunity available to succeed.