The seventh season of The Block is currently on NBN. The interest and excitement created by home renovation shows is amazing. This got me thinking, why don’t we get excited about renovating a business?
Just like The Block contestants, many homeowners have been through the testing experience of renovating a house. Are you scarred by memories of trades people traipsing through your home, dust clouds rising and the sounds of drills and hammers ringing in your ears? Renovating is an expensive and tiresome ordeal. So why do people do it? They want to improve and add value to their homes. Investing in renovation allows people to have the house of their dreams and raises the value of the property. Rather than going through the motions and continuing to live in a house they don’t love, renovators make the choice to challenge themselves and improve their situation.
Is it time to renovate your business? Are you moving forward in your business, or are you stuck? Continuing to run an inefficient, profit-pinching business may be your most convenient option, but the most successful businesses need a few walls knocked out to stay up-to-date. If you take the road less traveled and renovate your business, you can realise your profit potential. If you want to live your dreams and increase profits, a renovation of your business strategy is on the cards. If you don’t believe us, take your cue from some of the most successful, innovative businesses in the world.
The most inspiring innovators are the real renovators
Some of the most inspiring businesses have come the closest to facing the fire. The story of Apple demonstrates how sometimes drastic renovations are necessary, rather than small improvements, for a company to reach its peak. Apple’s rise is a prime example of how business renovation can lead to maximum profits, market share and innovation. Throughout the 1990s, Apple fought a losing battle against Windows in the personal computer market. Before Steve Jobs rejoined the company in 1997, Apple was barely surviving. By focusing on innovation and simple, beautiful designs, Jobs turned a loss-making company into an iSuccess. In light of recent drops in stock prices and key products reaching maturity in the product life cycle, it might be time for Apple to renovate once again!
Is it time for you to do business differently?
- You’re falling behind – A small ceiling crack gradually splits into a greater eyesore. Likewise, a poor bookkeeping system doesn’t seem like a big problem until you realise you are losing money! Failing to keep bookkeeping records, poor computer systems or a flailing marketing strategy are a few ways business owners sabotage their own profit. Just like your house, it’s the small details that drag down your business.
- You’re barely keeping your head above water – You may be doing something that you love every day, but your ‘business’ is just a hobby you’re not making any money.
- You want more – Do you want your business to be the best it can be? Whether your business is thriving or just surviving, taking stock of your business and striving towards goals will really boost your game. Renovations come in all shapes and sizes –from a complete overhaul to a discrete spring clean. Before you start you need to set a plan and identify your milestones and goals.
Renovation Basics – Where do you start?
The best renovations start off on the right foot. Have you ever watched Grand Designs? The television series showcases the most magnificent, and radical renovations in all stages of the process, from dreams to reality. The grandest renovations all have a few things in common; comprehensive planning, carefully measured goals and a team of highly skilled experts working on every step of the process.
Make a plan
When renovating a home, you would never start bashing out walls and hammering nails without some sort of a plan. Unfortunately, many SME operators make the mistake of making drastic changes in their business without a blue print. You wouldn’t take an ad hoc approach to renovating your house, so why would you do it in your business? Depending on what you want to improve in your business, you could develop plans for marketing, human resources, financial matters, systems or all of the above.
Staying on Target
Successful renovators set measurable goals before the work begins, and adjust these accordingly as the process unfolds. Just because you only wanted to makeover your bathroom shouldn’t stop you from changing your mind, and giving the house a fresh coat of paint while you’re at it! In any change management scenario you need to stay focused on objectives, but remain flexible. Setting achievable, measurable and adjustable goals allows you to keep your eye on the prize.
The Right People
It’s not enough to have the right people in your business; you have to ensure they are doing the right jobs. The right people prepare top-notch renovation plans. You wouldn’t ask a carpenter to plan your plumbing system. It’s a given that SMEs don’t have the resources to have a team of marketing/human resources/IT/accountancy experts on hand at all times. Don’t settle for giving the wrong tasks to the wrong people! Fill gaps in your team’s knowledge base and skill set by bringing in external specialists.