BUSINESS MARKETING: Invention and re-invention

2013-12-21T15:07:00Z BUSINESS MARKETING: Invention and re-inventionLarry Galler Times Business Columnist nwitimes.com
December 21, 2013 3:07 pm  • 

At some point in the past your business was invented or, at the very least, it was modified from someone’s previous invention.

Your products and services went through the same invention and reinvention process as well as your internal processes, policies, training information, marketing actions and much more.

In fact, invention/reinvention is a modification process that occurs constantly as a business evolves over time. It’s usually happens on a piecemeal basis, where something gets updated, then another.

But, if the business is going to grow well beyond organic growth (sales increases based on changes in business cycles, the economy, etc.) then at some point you will have to reinvent the whole company, how it markets and broadly does business.

Perhaps you reinvent your marketing, expand into serving a broader geographic area, or add new products/services and experience rapid growth (good for you!). That will put pressure on many other parts of your business.

You might have to produce many more widgets (or whatever you sell), which will mean different purchasing and inventory processes, maybe larger production and storage spaces, more people in the office to handle increased (paperless?) paperwork or creating a training regimen. Or maybe dealing with various financing options, adding more managers or executives, and developing new compensation schedules. And this is just the short list. In other words, reinventing what you do, why you do it and how you do it.

To top it off, you still have to take care of the normal business you have while the reinvention process is underway without disrupting the relationships that have earned you customer, vendor and staff loyalty. Reinvention must be well planned to minimize risk and disruption in order to make the transition to a larger enterprise smoother and easier.

This is a process for the ambitious, not the timid. But if substantial growth is what you want, start with a clean sheet of paper and invent your new, larger and more systematically managed company then invent the path to take you there. Do it right and you’ll be reinventing again soon!

Opinions are solely the writer's. Larry Galler, of Larry Galler & Associates, is a marketing and management consultant for small and mid-size companies. Get Galler’s new free special report, “Six Steps to Creating Your Culture of Excellence.” Send an email to larry@larrygaller.com and put “Excellence” in the subject line.

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