Wednesday, March 11, 2009
Reinvent, reinvigorate: Stay in the game!
|I have spent quite a bit of time car shopping recently. What surprised me was that in this day and age, and particularly in this economy, not much had changed in the basic business model.
Good economic times cover up a myriad of sins: sloppy business practices, antiquated business models and loss of customer centricity, to name a few. So even though it’s good business to always look for ways to be efficient, stay relevant and attuned to market trends, it’s essential in an economic downturn. It’s a question of who will survive and thrive, and who will not.
Comments to my last blog illustrated how others are adapting to today’s economic environment in order to survive. Jan Norman’s Feb. 21 article in the OC Register profiled several business owners who are adjusting and shaking things up in order to withstand the recession. And recently, I participated in a meeting with NAWBO-OC board members (all business owners) brainstorming how we could redesign our special annual event for these unusual times, while still providing an incredible experience for our members, our corporate partners and the women business owners we honor.
It seems to me that if, as a business owner, you are not questioning the basic premises of your company, you’re going to hit an even more difficult road ahead. What could you be doing differently, more efficiently? How could the business model change to enhance value to the customer? What should you stop doing today? What should you start doing or offering? What are the new needs of customers? How can you stand out from the crowd? How can you make it easier, even necessary, for the customer to buy?
Will you stay in the game by reinventing and reinvigorating your business? Or will your business die because you are holding on to what worked in the past?
How have you reinvented your business to meet the times?