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Interview Patty

4 Steps to Reinventing Your Company

Business Management Consultant

But how do you know when it's time to change or die?

The following big-picture steps for reinvention will help you know how and when you should make changes to your business plan.

1. - Do your homework. - The data that can indicate it’s time to make a change is readily available, suggests Tannan, who works with his clients to put in place an infrastructure for business intelligence and data analytics. “With monthly and quarterly reporting, we regularly uncover new insights that inform everything from marketing strategy to new product development to future investment decisions," he says. "Most of the time, these are small adjustments or realignments, but in some cases, it's led to total reinvention of the business.”

2. - Look for the signs. - Once you’ve collected your data, strong indicators that it’s time to make some changes include customer feedback that says your product isn't right, sales numbers that show your target market isn't optimal and projections indicating that your current business approach isn't sustainable.

3. - Focus on what matters. - Being able to objectively study and accept the data and make changes is the key to a successful business model. It’s all about focus but not wearing blinders, Shefsky suggests. "You want to see new opportunities and challenges," he explains, "but you don’t have to see around corners or through walls. You simply have to read the writing on the walls of the field you're in.”

4. - Be prepared for the inevitable. - Have a program in mind from day one for reinventing, Shefsky suggests. “Know and inform your team and consider their capabilities and weaknesses in the areas of change. Also plan how you’ll find new talent or train existing employees when things change," he says. "And know how you’ll prepare investors for the possibility or likelihood that reinvention will become necessary, so it’s not a shock to them. Also prepare yourself financially and emotionally.”

Source: American Express

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

23-Business-Management-Consultant

Business Management Consultant.

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