For better or worse, you’re reading more in the news about our leaders changing the rules when they don’t like something. What if you did the same thing?
I’m not speaking about nefarious changes or punitive changes. I’m talking about a restructuring of your business’ boundaries to change your results. Here are some ideas:
Five Ways to Reimagine Your Small Business
- Reimagine your business from the ground up: What if your CPA worked with you in redesigning your business as though it didn’t exist yet? I’m doing that with a client right now, and not only has it been fun, but it’s also been enlightening. Just having the conversation about what COULD change was a valuable exercise. We are now building out forecasts based on his desire to see certain things in a different light.
- Reimagine your customer base: If you don’t want to reimagine your entire business model, what about your customers? No matter how great your business is, you may have one or two customers/clients who don’t really fit the Ideal Client Profile. What if you reimagined your business with only A+ clients?
- Reimagine your labor: This one is fraught with emotion because when you start imagining a different labor force, you’re dealing with names and lives. Be careful with this one, but don’t ignore it. You may be over-or-under-staffed right now, and you need to examine it in more detail.
- Reimagine your actual map: Do you only work with clients in your local geographic region? Is it worth exploring working with clients outside of those areas? Maybe. You need to consider licensing requirements as well as your knowledge about what clients in those areas may need from you but take a quick look at it. What would it take for you to expand past your current boundaries?
- Reimagine your knowledge: Is there something you have always wanted to learn that could help expand your business and make it more valuable to your ideal clients (and generate more profit for you)? Now is the time to investigate that, friend! Dig in!
When to Think About Restructuring Your Small Business
As an entrepreneur, you already push limits and take smart risks. The idea of restructuring your business might feel daunting, but it’s often the thing that unlocks growth.
Before you start, check out our Pathfinder Scorecard to see where you might be stuck. In 3 minutes, you’ll uncover what’s holding you back and what to do about it.