So you’ve realised it’s time for reinvention. Perhaps you’ve noticed you are losing employees and customers. Or maybe business is stagnant, and it has been that way for a while. Either way, you should start thinking about ways you can reinvent your business with growth in mind. In today’s blog, we’re looking at the steps you can take to achieve just that.
1) Update your research
The first thing you must do to reinvent your business is update your current information. This means reassessing all aspects of your business from your supply to your customers.
It’s easy to look at sales and know something isn’t right, but you should focus your attention to each detail making up your business. These are just some questions you can ask yourself:
- Has your customer demographic changed or expanded?
- Do your employees help make your business vision a reality?
- Is there a new alternative source of supply that is just as good but costs less?
- Do your employees seem happy? Why/Why not?
- What are your competitors doing?
With your new research, you might find problematic holes in your business. From here, you can start fixing them.
2) Pretend you’re an outsider
It’s vital to remain as objective as possible when assessing problems in your business. Emotional or nostalgic ties to products, suppliers or employees that just aren’t good for growth can be harmful to your vision.
One way you can try to be impartial is by assessing your business as if you were an outsider. Try to abandon the assumptions you hold about how your business operates and ask yourself the tough questions.
3) Invest your time online
In today’s online climate, it would be extremely detrimental not to reassess your company’s online presence along with the other features of your business. Ensure the online identity of your business reflects the values and ideas of your actual company; edit old posts that don’t strengthen company beliefs.
You should also look into updating the website, posting regularly on social media, and keeping your customers informed through email newsletters. It’s important to keep your content fresh, simple and accessible to your audience.
Networking online is another must-do. This can happen formally through sites like LinkedIn, or it can be as simple as participating in a discussion through Facebook comments.
4) Conduct and attend workshops
A smart way to think of personalised business strategies is to speak to those who know all about your company – your employees. You can conduct weekly or monthly meetings to discuss concepts for reinvention. It’s also in their best interests to keep the business growing, so giving them the incentive to contribute to workshops is not a bad idea either.
Another thing you can do in regards to workshops is attending them. You can find countless professional seminars and workshops running in Victoria year-round to help business owners tackle related issues.
As a bonus, workshops are a fantastic way to network. By meeting like-minded business owners, you will grow your list of connections, and stumble on ideas that way.
5) Reinvent company culture
How productive your employees are can obviously affect the turnover of your business. But you cannot increase productivity simply by demanding it.
To encourage employees to be more productive, you need to think about how to reinvent culture instead of sales. This means you need to think about the purpose of your company, what values you want your business to foster, and what your company stands for.
Once you answer those questions, you can then implement your ideas into your company using various initiatives. Examples might include staff rewards, staff bonding time/social events, regular encouragement and constructive feedback. You can also communicate your newfound vision to your employees and open a discussion on the why’s, what’s and how’s of your ideas.
6) Out with the old, in with the new
Taking physical steps to transform your business can be beneficial as well. By showing that you care about what it’s like to be an employee of your own workplace, your employees, in turn, will feel cared for. Therefore, better physical surroundings can encourage your employees’ senses of motivation.
It doesn’t mean you need to redo your whole office or work area. It can be as simple as getting a few new office plants or clearing out a messy space.
At Metal Men Recycling, we can help you reinvent your company by clearing out any scrap metal for cash. That’s right – we pay you to clear up a space that might be demotivating to employees, or that could be used for something more efficient for your company’s growth. And with 24-hour pickup, you can call us on 03 5941 6677 any time for assistance.