Reboot Your Small Business by Reinventing

June 30, 2010 — -- During these tough economic times, many small businesses are experiencing difficulty hanging on. With little hope of recovery on the horizon, some are wondering about their staying power. Should they continue to stay the course or it is time to throw in the towel? Perhaps neither is the right answer -- maybe it's time to reinvent your business.

How do you know which is the right course of action? Start by analyzing where you are today.

You can decide whether staying the course is the right action by comparing your business with other similar businesses in your industry and geographic location. Are they holding their own or perhaps even starting to grow again? If other similar types of business are starting to see some rebound and you are still barely keeping your head above water, then that tells you it is time to make changes.

You can't save yourself into prosperity, but if you are constantly throwing money into your business and sinking further and further into the hole, then you need to take a step back and analyze what's happening. There comes a time when sinking more money into the business isn't going to fix the problems. That's the point when you may need to recognize; it's time to call it a day or make dramatic changes.

Some businesses that are struggling in today's environment simply need to step back and look at the way they are doing business with a fresh set of eyes so they can discover ways to do things differently. Sometimes shaking things up a bit -- in a large or small way -- can ramp up revenue opportunities. Has the market changed? Has your business changed accordingly? Don't dig your heels in the ground. If you keep doing the same thing over and over again, and you keep getting the same dismal results, then it's time to do something differently.

How do you go about reinventing your business? There 's no set formula, because reinvention is a process. Therefore, there can't be a an established criteria. The reinvention process is intended to make full utilization of your resources for greater productivity and profitability. So here are some ideas to help you move the ball forward.