Tired of Your Business?

Past Articles

Entries in Business Reinvention (6)

Monday
Apr262010

A Story of Your Business

A Story of Your Business
By Bhavesh Naik

You set out to build a business,
You had dreamt it in your dreams;
So much of it came true,
But so much didn’t, it seems.

You wanted to be your own boss,
A thought you thought was noble;
But your clients are now your new boss,
See what you got for your troubles.

Money, you thought, would be your friend,
And that your net income would double;
But all you got was worry and worry,
About sales, cash-flow and receivables.

You wanted to change the world, you said,
Like a loud clap of thunder;
All you got was a gig instead,
That you hoped wouldn’t go under.

Nothing is lost, my friend, I say,
As long as you’ve learned your lessons;
You can still build the business you dreamt in your dreams,
But this time, do it without the hassles.

Business-building is a sport, I say,
Don’t think it’s something intellectual;
What you need is a place to practice,
So you can master it for real.

A coach, some friends, a kick in the pants,
If that’s what you think is needed;
Best practices and principles
With which others have succeeded.

That’s all you need, and you have it now
In 360 Business Club;
A Business Building and Support System
To make your business go rub-a-dub-dub.

Give us your heart, your mind and your soul,
And you will discover now;
That business-building is a simple game
That could be mastered; you just need to know how.

—-

Is your business All You Thought It Would Be? Join us as a guest at our next “business workout session” of 360 Business Club. Click here for more information. Click here to register.

Tuesday
Apr202010

Innovate, Reinvent or Do Nothing?

Here are five businesses that are about to fail (Blockbuster, Rite Aid, Border Group, Palm and YRC Worldwide). I think there is a common theme among these five businesses. In fact there are two things, related to each other, but quite different.

First, these companies did not innovate very well, although they did some. Second, they forgot to reinvent their business model when their industry took a sharp turn.

Perhaps the best example of this is Blockbuster versus Netflix. Blockbuster did innvovate their service offerings but not until NetFlix became a threat, allowing no late-fee option for late returns, for example.

But more importantly, they completely missed the shifting fundamentals of the entire movie rental industry. Their competition was offering huge selection not available at Blockbuster; their customer had become Internet literate and preferred to shop from home, and their movie selection process was much more efficient online than walking through the aisles at Blockbuster.

On the other hand, here are two businesses that did very well in 2009 despite their industry (publishing) going through fundamental changes. One is Martha Stewart Omnimedia and the other is Axel Springer, a German publishing company. Both are also poised to do well in the future.

Watch either of these interviews by Charlie Rose (Click for video here: Martha Stewart, Axel Springer) for only 10 or 15 minutes. You will realize that these two businesses did what the failing businesses did not do, which is to innovate and reinvent their products, their services and their business models.

One way to reinvent your business is by changing its business habits, the systems and processes that the people in the business carry out on “autopilot” or subconsciously. When you reinvent your Business Habits, you reinvent your business. (Click here for more on Business Habits.)

What are you doing to innovate and reinvent your businesses, your products and your services? Or do you think that a small business does not need to worry about “such things” as innovation and reinvention?

Tuesday
Apr202010

What's More Important: Partial Failure or Complete Failure?

This article argues that “a partial failure of a business is more valuable than a complete failure.”

I disagree. I think both types of failing experiences are enormously valuable in the lessons they teach us. In fact, complete failures have a better learning value as it gives a sense of “closure” that allows us a deeper, detached, more objective introspection into the failure.

What’s more important to me though is that often we don’t know whether we are failing or succeeding in our business. And that for a very simple reason: we have not defined what “success” looks like for our business. In fact, we often avoid the exercise just so that we can avoid the possibility of having to face a failure.

Dilbert.com

What does success look, sound, feel like for you? Will you know when you have succeeded? Do you know if you are succeeding or failing?

Page 1 2