When you have spent years, thousands of pounds, and invested blood sweat and tears into your small business, it can be difficult to acknowledge when you need to make a change, and what’s more, the process of going through with it is a tricky one. It requires motivation, perseverance and the drive to pick yourself up and move on.
In order to survive in an ever-changing industry, it is important to make sure that you keep up with what people want, and sometimes a complete revamp is absolutely necessary. This could be your chance for massive success, but done badly it could be a complete failure.
If those worries all sound too familiar to you and you’re wondering where to start, we have comprised a list of tips on how exactly to revamp your small business with a successful outcome.
Know when you need to make a change
The first step in revamping your small business is to recognise when it’s appropriate to make a change. There are several reasons why you might need to make a change. You may need to change your working hours, you could have hit a ‘glass ceiling’ in your current industry, you may want to try something more challenging, or your market could have changed and there isn’t enough profit in your area any more. As time moves forwards, both you and your target audience may want different things, and it’s your job to cater to everyone’s’ needs.
Whatever your reason for making a change, make sure you are being practical and realistic with regards to what you are trying to achieve. Every change is going to involve risks, and if the risk is too sizeable, you may have to simply live with it for a few more years until you are in a financially stable position. However, if the reason for changing is due to a failing business going downhill, it is best to change as soon as possible whilst taking time to think over your plan.
Decide what needs to change
Once you have made the decision to make a change to your business, you need to decide what exactly it is that needs to change. This means focusing on what you think is going wrong and what could be done to resurrect it.
A common flaw in entrepreneurs is that they have more ideas than they have time for. You need to focus on your best idea and stick to it. The easiest way to decide what exactly you want to change is to work out what has inspired the change and what your end aims and goals are for the business. Where do you see your business in the next five years? What is different to where it is now?
Make a business plan
Whether you are starting up in the first place, or revamping your business, you still need a plan. Think and act as if you are starting from scratch again. What do you need in order to succeed? Figure out your competition, your costs, and your marketing strategies.
It is also a good idea to conduct some market research. Ensure that you are not simply changing your business only for your own benefits; your clients’ needs also have to be considered, otherwise there won’t be a market for what you’re changing into.
Organise your transition
When transitioning from the old business idea to the new one, it is unlikely you will have an entirely clean break, and you will probably effectively be running two business at once for a short period of time whilst the change fully takes place. If you are simply rebranding your old business, this might not be the case, but otherwise it will take a lot of organisation, and things will need to be done in a relatively short period of time to ensure that not too much profit is lost in time in between.
The solution to the problem of transition is to create an exit strategy plan, as well as your new business plan. You will need to allow time to train your employees or bring new employee in, organise your outgoings, and organise your finances. At this stage it is also important to make sure that you take advice from accountants in Northampton to get to grips with your new funding strategy for your business.
One of the most important things to make sure of is that you are completely transparent with everyone involved in the business, including your employees, clients, family, and vendor. This will ensure that you are covered and have the support you need when starting your new business.
Commit to your new idea
Once you have transitioned to the new business and left the last one behind you, the next step is to commit to your new idea. It is important to remember that when reinventing your business, you will most likely go through tough times, but there is a reason you made the change in the first place and you should be excited about it.
In order to move on with the new business, it is also important to accept that the old business has gone. This can sometimes be a difficult business grieving process, much like getting over a relationship and mowing on to a new one, but there is a reason you decided to let go of it and you need to remember that when you’re moving on.
Once you have accepted the loss of your old company, it is time to focus on your new business. This means putting all of the past behind you, learning from your mistakes and putting all your passion into this one project.
Make sure to keep the passion for as long as the business is running and making a success, and otherwise ensure that you are putting your all into your business, as you would have with the first.