So, sales are slow? You've hit a dead end with your business? If either of these concerns have been weighing on your mind lately, it might be time to reinvent your business. Easier said than done, right? According to a Newsday article by Jamie Herzlich, pulling off this magic trick isn't as difficult as it might seem—as long as you take the proper steps and don't go changing your business willy-nilly. Herzlich recommends this strategy:
•Keep your eyes and ears open in the marketplace for signs about which direction to go•Talk to employees, customers and suppliers to isolate the growth opportunities in your business/industry•Evaluate your weaknesses and play your strengths, looking for joint ventures and strategic partnerships with complementary businesses•Test new products/services on existing customers, then look for ways to expand your reach
Glean more insight on how to reinvent your business in our Dec./Jan feature, "Changing Lanes." We explore how owners of a bowling alley, a deli and a document storage and retrieval business took their companies from bust to boom.
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