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Business Reinvention or Not?

January 9, 2013

reinvention

Should a Business Reinvent Itself?

It seems everywhere you turn everyone is into reinvention.

The Syracuse Post Standard announced it is stopping its 182 year tradition of 7 days a week home delivery, returning its headline font back to a style of yesteryear and increasing its online presence.

Cyclist Lance Armstrong has stopped fighting doping charges in hopes of being able to race as a respected triathlon athlete in the future and has scheduled a rare interview with Oprah.

Target announced it is committed to matching all Amazon prices in their stores starting this month to avoid losing substantial revenue to an online discount supplier.

As a new business year starts entrepreneurs should contemplate if their business should be reinvented; and if so in what ways. There might be core components that should never change but there could be elements that need to be changed. Transformation is never easy; ask anyone who has ever tried to lose weight, start a new exercise regimen, or quit smoking. We resist reinvention in many ways until we force ourselves to stop and realize we must change for the better. It’s the same way with business practices.

Today’s blog post is to encourage you to take time this month to truly focus on what needs reinventing in your business before you move any further. Slow down and stop if you have to make alterations. It could be a new accounting system, hiring a business coach, committing to perform sales calls every day or changing pricing. Also, The Syracuse Post Standard, Lance Armstrong and Target all did the same thing – they made important changes and then announced the changes. Make sure you do the same with customers and associates if you create major changes in 2013.

There seems to be no time like the month of January to reinvent parts of our business or personal habits that hold us back from big results. January is the one magical month that allows us to review, focus and then refocus our attention or actions to make both small and big impactful changes in our companies.

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