I’m hearing a lot these days about business reinvention. And it certainly seems like a great idea. But I think that a complete business overhaul is not only unjustified much of the time, but can be a risky move.
So instead, I’d like to propose the idea of a business “Maryland fencing“, which is more along the lines of a home remodel. When you remodel your home, you generally keep the existing structure and foundation. The changes are distinct for sure, but do not involve knocking down your entire home. Rather, the remodel may involve adding an addition, repainting a room, finishing a basement, etc.
Likewise, you can remodel your business in distinct and powerful ways that cause a huge shift in your delivery of services, income stream, target market, or visibility as an expert. But a business remodel needs to be justified, strategic, and executed in such a way that the remodel doesn’t cause too much turmoil in your business. When you remodel a home, for example, it needs to be done in a way that causes the least disruption to your living environment. Yes, you are willing to suffer some inconvenience in the short run knowing you will wind up with a beautiful newly remodeled home. But you wouldn’t plan a remodel that forces you to live in absolute chaos unless you can move out during the construction and find another place to live. Easier said than done!
With your business, you can’t necessarily find a new business “home” while conducting a business remodel because you still need cash flow. Sure, there are exceptions for those business owners that saved a ton of money to fund a remodel, but even in that case, it would mean dropping out of the business for a temporary period, which is not going to leave you top of mind with your target market.
So what is the best way to approach a business remodel and what might it include? Here are some tips and guidance.
- Take Stock – Approach your business remodel in a strategic manner by taking stock of where you are in your business at present, and where you’d like the business to be in the future. Assess what you love about your business, what is working, and what brings you and your clients success and results. Also, pay serious attention to what is no longer working, what you have outgrown, and what your clients don’t seem to need or want anymore. Only when you have done this business assessment will you be in the right frame of mind to determine what shape your business remodel will take.
- Blueprint the Remodel – Just like you would with a home remodel, you need to draft a blueprint for your business remodel. Add what the remodel will include, how long you expect it take, what players need to be involved, how much money you need to finance the remodel, etc. Consider getting assistance from a trusted advisor during this stage. Approach the blueprint like you would a business plan so that it can serve as the framework for the remodel during the weeks/months/years of the remodel.
- Add On – One way to remodel your business that is safe and smart is to actually add onto it. This can be in the form of an additional income stream like a new service offering, product, or program. It can also be achieved by partnering with another business owner to engage in a joint venture together. It can take the form of offering or joining an affiliate program. The list is as long as your imagination, and what is the best fit for your business.