The dictionary defines reinvent as “to make major changes or improvements to (something), to present (something) in a different or new way.”
People reinvent themselves all the time, often without consciously being aware they’re doing so. Something stirs them and they decide to adopt the latest fashion trend, join a new club, try a new activity, or take a few courses – just for the fun of it.
Businesses need to be a whole lot more conscious and deliberate about reinvention. In fact, I believe it’s essential for business owners to continually reinvent their businesses.
Reinvention means introducing new products or services and their accompanying new features and benefits, seeking out new markets, rethinking deliverables, reevaluating pricing strategies, refreshing their branding, and updating value propositions so they better address the needs of their customer base for today and tomorrow.
But I don’t believe reinvention means you rip out and replace everything. I see it as building on what you already have, but making it better and more relevant to the marketplace.
The way I see it, knowing what needs reinvention requires listening, stepping outside the box, and determining where the market is headed and what you need to do to keep pace and outstrip the competition.
As for me, I’ve been reinventing my business activities and myself my entire life (and I don’t ever plan to stop doing so).
That’s why, in returning to Florida after seven long, bone-chilling New York winters, I’ve reinvented my entire business approach.
My Florida business model is similar to the business I created in New York and there are numerous behind the scenes similarities. The major change comes in where my group of highly qualified experts, consultants, coaches, and advisors will focus its time and energy.
You see, along the way, I realized that while all businesses seek growth, there’s a huge difference between growth and highly profitable growth. Consequently, businesses often miss the boat.
That’s what the Tampa Bay based ProfitAbility Institute is all about. It represents my personal commitment to help business owners and their leadership teams implement strategies for both short-term profitability and substantial long-term prosperity.