THE EVOLUTION OF BUSINESS
Businesses change and adapt as the environment changes. Sometimes it is a slow and gradual process and sometimes, it's fast and quick when brought about by extreme events. Consider one change everyone understands today: In 2019, 1.8 billion people shopped online. How dramatically will that increase in 2020? Businesses have been forced to adapt and evolve in recent months. So, whatever your plans were before March, you are probably in the process of "RRRRE"-Thinking them for the future. The landscape of business has changed. Competitors have gone away while new ones have formed. Depending on your industry, the rules have changed also. In almost every case, the trends for 2020 and beyond have changed as well.
Here are some ways you can RRRRE-Think Your Business and Evolve for Success:
Re-purposing your business means taking what you already have and changing its purpose. It means adapting your assets to new needs and wants.
Consider all of your assets and features and how to re-purpose them to meet today's needs and wants.
Example: many restaurants used their suppliers to get foods and supplies that they could turn around and sell in a retail format. With groceries selling limited supplies of eggs, bread, etc., the restaurants could get those items and sell them to consumers. In addition, especially today, those same restaurants can sell high quality, organic or local products that may not be found in your big box grocery.
Example 2 - After the 2008 recession people with large acres of land and a farm or ranch converted those acres of land to outdoor venue sites. They re-purposed their land. Outdoor venues will do well now. It will be the indoor venue sites that will need to re-purpose their space.
Re-engineering your business usually applies to taking devices and manufacturing where that equipment can be used for another purpose.
Example: Breweries re-engineered their equipment to produce hand sanitizer.
Example 2: Some manufacturing companies re-engineered their production lines to produce masks and PPE.
A part of re-engineering usually involves re-structuring your operations or process and involves some form of technology adaptation. Many businesses already did this by utilizing apps for takeout and curbside food orders or adjusting their events and services to online virtual formats.
Re-inventing means dramatically changing your business so that it appears new again.
In the context of business, it usually means a combination of using your skills, experience, and assets in such a different way that you appear to have created something new.
For example: A person that owned and operated a successful restaurant (or series of them) may re-invent themselves as a consultant to restaurants. Rather than owning and operating one themselves, they instead take their knowledge, skills, talents, network, etc. and advise new start-up restaurants or existing restaurants that need help.
All of these are part of the Evolution of Business: We adapt as factors change.
Don't know where to begin? Start with Research.
1) INDUSTRY REPORTS - Look at your industry reports online as to how they are forecasting changes. Chances are the outlooks before Covid-19 and after are very different. These reports often discuss those changes and also highlight potential areas for opportunity.
2) SIMILAR BUSINESSES - Look at similar businesses in your area - what are they doing or NOT doing?
Starting with some information from outside sources will help you begin thinking through this process and will give guidance on where to start.
If you need an objective perspective to RRRRE-Thinking your Business, contact us for a Free 1 Hour Strategy Session to help you Evolve for Success! Having that outside review often helps you think differently and creatively.