Reinventing your business can increase your profits and drive massive business growth, but it can also be crucial in ensuring you don’t go out of business!
I’m going to explain exactly why this is – and what to do about it, but I need to let you know a little background first…
Some of my early years were spent in a small town called Timaru in the South Island of New Zealand (halfway between Christchurch and Dunedin) and in many ways I still consider myself a small town boy (we lived in Invercargill before then too!)
At age 11 we packed up our house and said goodbye to all my friends and moved north to Auckland.
Auckland was so different from Timaru… at first it was exciting, sunny days, big roads lined with trees and the fun of looking for a place to live.
Then school started and things became difficult….
I’d gone from being one of the cool kids in Timaru to being a total outsider in Auckland.
This was a tough time and I made a decision to reinvent myself – and it was one of the turning points in my life.
I didn’t actually became a “cool kid” during my time at school BUT it did teach me the importance of changing and evolving myself and doing it intentionally. I’ve gone on to reinvent myself time and time again over the years.
- From employee, to business start up.
- From business mess, to business success.
- From selling products; to coaching people one on one; to live events.
By the way, this is not about being fake and pretending to be someone you’re not – in all these roles I’ve still been ME but how I serve clients and presented myself has changed.
Why am I telling you this? Well you can choose to reinvent yourself and your business if you want to! One of our partners in Australia ended up owning an established plumbing business.
Pretty boring and everyday right?
WRONG! He took it and revolutionised it with a USP (Unique Selling Position) – which enabled him to not only charge more money (and have customers lining up happy to pay it) but also get featured in the paper (i.e. FREE marketing) because of how unique and how much WOW factor the business had (don’t worry he doesn’t dress up in pyjamas or anything).
Another example is a client in Australia, after a strategy session with me she completely reinvented her business by starting a brand new service. It took off to the point where a lot of what she had been doing became irrelevant (which she loves because it gives her more leverage and more freedom).
My message here is that you (yes YOU!) can totally reinvent your business – and in fact in this fast moving world we now live in, if you don’t, you could be history.
Because every day new products and services are being invented – and in the process what was needed is not needed anymore. In 1890 one of the biggest industries in the world was the wagon and carriage industries. Many of these companies did not last long because of a single invention.
Those that survived or thrived (like the Timkin Company) focused on serving both the old market (carriages) and the new market (cars).
Today look at Social Media – seven years ago FaceBook was almost unheard of and now has over 1.71 billion monthly active users (1.13 billion who log in EVERY day!).
So even if you’re not in an industry that is getting replaced you still need to keep up to date with the changing world we live in (a massive amount of our business is now coming through Facebook – you may be missing out if you’re not capitalising on it…).