Is it Time to “Remodel” Your business?
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 “remodel”, 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.
Take Away – A business remodel can also include taking something away from your business that you know is not working, is draining your energy or your bank account, is not a big seller, or you just plain don’t love offering anymore. In business, we often keep saying yes and piling up things. But a smart business remodel can be about saying no and streamlining or micro-focusing on what truly works, and brings you and your clients great results.
Thing Big, but Start Small – Once you get the idea of a business remodel in your head, it is hard not to get excited and maybe a little carried away. It is great to be excited and have passion around your business remodel. In fact, go ahead and think big! But then come back down to reality, and start small. Take the remodel one step at a time. Don’t bite off more than you can chew or your remodel will crash and burn.
Mind Your Existing Business – Another common problem with a business remodel is that while you are in the process of remodeling, you neglect your overall business. Make sure that you are still “minding the store” while remodeling. It is easy to get caught up in the remodel, as it is very exciting and usually evidence of where your future lies. But unless you have unlimited funds and a celebrity status, your clients most likely still want to buy from the business you have now. If you absolutely want to be free of the business you have now, then realize that you are not just remodeling, you are reinventing your business! And that is a horse of a different color. If that is what is truly happening, then you will be following a different path. You may need to close shop altogether, sell your business, completely revamp or rebrand it, or get employees or independent contractors to run it for you.
Roll Out Your Remodel- At some point, your remodel will either be complete, or at least far enough along, that you want to officially roll it out and shout it from the rooftops. But consider that you may want to go public with your remodel even sooner than that. Getting people involved in your remodel can be a great strategic decision. In fact, you can engage your clients in the remodel by asking them to assist in some way. For example, let’s say the remodel is to add a service offering. You can survey your clients (and warm prospects) well in advance to see what service offering is missing from your business that they desperately want and need. There are many other ways to get others involved in your remodel, but make sure you do so wisely so you don’t scare your clients into mistakenly thinking that you may be jumping ship or abandoning them.
Enjoy the Remodel Results – If you approach your remodel wisely and execute it strategically, you will be able to enjoy the results – and so will your clients!