What’s This “Reinvention” Thing Mean?
In a word, change. Change that results in lower overhead and greater profitability. Change that has an upside winning potential. This frequently includes radical adjustment, i.e. big changes.
For example:
1) Change or add to your place in the market, retail or wholesale.
2) Expand, vertically or horizontally.
3) Make or buy, subcontract.
4) Import/export.
5) Become a virtual company.
6) Isolate and focus on a niche section of the market.
7) Have the most or the best of something.
8.) Offer attractive terms.
9) Be shocking in a meaningful way.
10) Provide amazing customer service.
11) Be the first.
12) Be the best.
13) Do what your competition does not do.
14) Go national/regional.
15) Buy your competition.
16) Change your location.
17) Add wholesale/retail, distribute/import.
18) Use reps or brokers.
19) Consider joint ventures/partnerships/licensing.
20) Offer customization/private label.
21) Offer “do it yourself” support.
22) Change your branding.
23) Change your systems. (e.g. self-service vs. full-service)
24) Be high-end, low-end or middle. Choose one.
25) Provide special and unique services.
Reinvent your business. Make large systemic changes that result in a different way of doing business while handling the same products or services. In other words, by doing business a more profitable way. Think about what you can do to make major changes that will result in increased profits. This is how a small business owner can successfully navigate this recession.
