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How to successfully reinvent your business
Mon 1 August 2016 - 10:03 amSmall Business | Strategy
For long-term success in business, organisations must be open to the idea of reinventing themselves in order to stay relevant in today’s rapidly evolving marketplace. One of the biggest mistakes any business owner can make is to remain stagnant and resistant to change as they fear the idea of losing their original vision and authenticity.
For a business to continue to grow, it must have a clear vision and goals supported by an open line of communication between all stakeholders. Clear communication between all tiers within the business not only makes for a more seamless transition for when change is implemented, but also helps to create an innovative work culture that is essential to a company’s ability to cope with reinvention.
Simplicity and a clear vision
The best business visions combine not only what the company wishes to achieve but also the values it adopts to deliver the vision. The clearer the vision and values, the easier communicating and measuring success against this will be. Likewise, the clearer the message communicated to the customer, the better. This usually involves simplifying your message and product offerings. Instead of 20 solutions or products, try offering your customers three solutions that will meet their needs. For example, at Vividwireless, we offer only one product (a wireless LTE modem) and three internet plans (one for light users, one for moderate users and one for avid users) because our focus is simplicity, convenience and value. Your proposition doesn’t have to work for everyone, it just needs to work for your customers. Having a clear vision and a straightforward proposition also allows businesses to implement changes more efficiently and evolve at a faster pace.
The mistake some companies make when implementing a reinvention is the breakdown of communication channels between stakeholders. Employees are likely to feel threatened with the idea of looming change while customers may become confused with the new direction. By clearly communicating the overall growth objectives of your organisation to your team, your staff will find it much easier to solve problems when goals are clearly outlined. Establishing regular feedback loops will assist in communicating and understanding the impacts of business changes. For instance, frequent online customer surveys can provide instant insight into what customers truly value within the service offering. This in turn will help create clear messages so your customers will feel as though the business is experiencing natural progression as opposed to a disjointed change.
Innovation within the workplace
Innovation and reinvention are closely linked. Creative innovation is essential to any business wanting to remain ahead of the competition. In order to successfully create an innovative culture within the workplace, open lines of communication need to be encouraged for creativity to flourish. Innovation in business can be seen as anything that adds an additional layer of value to your company. Innovations can also be about removing product or service features and processes that no longer add value or help achieve the business vision. Encouraging an innovative work culture will foster positive reinvention as the business continues to evolve organically. Being innovative usually involves some form of risk taking, but when a risk is positively assessed, it becomes the catalyst for changes that reinvigorate and grow a business; just like those that were taken to first establish the company. Changes that are seen as necessary evolutions for the business are often the simplest to assess and communicate to all stakeholders.
About the author
Claude Brown is the General Manager of Vividwireless, which provides wireless internet using 4G LTE technology. Claude is a senior executive who empowers staff to take ownership and encourages innovation within the workplace.
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