Archive for May, 2010

Why Reinvent Your Business?

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Did you know your business runs in cycles? The key to a successful business is to begin the process of change, growth and/or innovation before the preceding cycle of success runs out.

In the past few months, I’ve had an influx of prospective clients come to me with these exact words: “I want to rethink my business.”  I thought:  Cool! Me, too!

For me, I want to shake things up a bit. Running my business is too easy for me. There’s not a lot of day-to-day challenge and I don’t feel like I’m reaching my full potential. Heck, I don’t know what my full potential IS — but I know I’m not there yet. Have you ever felt like that?

A great way to keep growing personally and professionally is to keep rethinking and reinventing your business model without completely wiping away everything you’ve done in the past. Take all your experience and knowledge, plus any new goals and lifestyle changes, and make a plan for your future business.

Reinventing Your Business Model

There are lots of reasons why people reinvent their business model. Here are some of the ones I’ve heard recently:

  • One of my clients needs to take her business completely virtual so that she can travel extensively with her husband, who retired early.
  • Another client said he wants to make more money so that he can send his kids to college in a few years.
  • One of my business colleagues wants to expand the services and products he offers to his customer base, to be more “full service” and have multiple streams of income.
  • One of my favorites is a colleague who wants to make her business completely based on passive income by selling educational products about her field of expertise. So not only is she reinventing what she offers her audience but her marketing model as well!
  • And last but not least, one colleague wants to completely reinvent herself, sell her existing business, and take everything she knows and loves, creating a whole new career/business for herself.

Do any of these sounds like you? If yes, are there specific reasons why you’re transforming your business or marketing model, or just a gut feeling you have? I’d love to hear your comments!

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Category: Business Strategy & Planning, Rethinking Your Business
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Is the Speed of Change Getting You Down?

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With all the change that surrounds us, and the speed at which these changes occur, it can be risky to conduct business the way you always have in the past.

For most people change is difficult. It requires much mental and emotional energy to even look at where things need to change. But you can’t let the world speed by you either.

Keep up with current events in your industry, in business in general, and especially technology. Can any trends you are witnessing be good for your business?

Social Media Changes

A recent statistic says that women are the majority users of some of the largest social media sites. How does that translate into a usable fact that could change the way you do business?

Mobile Computing Changes

More and more, people are chucking their land-line phones in favor of their cell phone being their only phone. More people are using apps on these mobile devices as well as surfing the internet via their mobile device. Can this information help you change the way your products and services are marketed and offered?

I know, I know. Change is hard. Lots of people resist change. But it’s going to happen anyway, so why not be in control of the changes in your business?

Action Item For You

  • Take a look around and spot one trend that you’d like to explore.
  • Write a list of all the ways that trend can be used in your business, from your marketing, to your delivery systems, to your internal administrative process, including possible cost-savings.

I can’t wait to hear how you’re going to use a trend to reinvent a piece of your business.  🙂

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Category: Rethinking Your Business

People Will Judge You on the Quality of Your Marketing Materials

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I got to be a student over the past few months! I signed up for a free ecourse on graphic design called Design 101.

Why would I take time to learn graphic design? After all, I’m no artist. 

Because people WILL judge you on the quality of your marketing materials. And they may chose to read or ignore your message depending on whether it catches their attention, and whether it looks professional or like the work of an amateur. Sorry, that’s just the way life is.

I don’t have to tell you that good graphic design can have a significant impact on your marketing materials. You already know it. So I signed up for a free “Design 101” ecourse that helps small biz owners learn the basics of graphic design, from Pamela Wilson of Big Brand System.

Sometimes you can’t afford to hire a graphic artist to do the work for you. Or you’d really like to learn the basics of graphic design yourself so that you can make sure your marketing materials look great and bring results (and are consistent with your brand, a major big deal, folks.)

Check out Pamela’s free Design 101 ecourse here.

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Category: Marketing
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How to Keep Clients Returning Again and Again

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In this episode of Ask Karyn Anything, Delia asks, “How can I get clients to keep returning?”

 

http://www.youtube.com/watch?v=u99yU4kB6uU

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Category: Ask Karyn Anything Videos
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A Business Reinvention Advisory Group Helps Steer Your Course

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Going it alone is scary when you are reinventing your business. Gathering a “group of greats” around you will help.

When I was reinventing a part of my own business several years ago, I asked 26 people to be part of my Advisory Group. I wanted feedback on my ideas and a group of people to tell me where I had big, gaping holes in my plans.

How Did I Select Them?

They are current and previous clients, business colleagues, students, and friends — all who know me and my business and whom I trust to give me honest feedback about my ideas.

They’re also part of my ideal target audience. All of them are self-employed and have been running their own businesses for more than five years, so their advice about what they need most for their business helped me to define new products and services to offer.

I also selected some of them because they’re creative and some because they are practical and linear. A mix of personality types and thinking styles helps to balance out the discussion and keeps you, as the business owner, from falling into the trap of limited vision.

It was also important that they were willing to commit to the process. An advisory group can meet just once, or it can meet multiple times. You need to know they are going to show up consistently to support you. (It doesn’t hurt for you to ask them how YOU can help them, as a repayment of their being in your advisory group.)

What They Said

As part of my own business reinvention, I wanted to start doing live events after a six-year hiatus and an national economic recession. They were thumbs-up on that idea!

I even ran the name of my new workshop and the business reinvention topic by them to see how they reacted to it. The group loved the idea of exploring business reinvention as a topic and a process!

They weren’t so keen on making it a self-study program. They felt the content required that students brainstorm together in a live environment.

So, two thumbs-up and one thumbs-down, and I was ready to move forward with my plans!

A Question For You

Do you have an Advisory Group, a trust team of advisors? What kinds of people would you love to have in your group?

 

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Category: Rethinking Your Business

Manage Your Time, Projects and Tasks

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In this episode of Ask Karyn Anything, Andrea asks “How do you get so much done? How do you manage your To Do list?”

 

http://www.youtube.com/watch?v=0uGRA7lBpjo

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Category: Ask Karyn Anything Videos, Running a Strong & Efficient Business
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