If it Ain't Broke, Break It!!

     We’re all familiar with the old saying, “If it ain’t broke, don’t fix it.” While this advice may have once been wise, it has no validity in today’s fast-paced, increasingly competitive global small business economy.
     Now is a great time for all business owners to take a good, in-depth look at their businesses. Obviously you need to fix what’s broken. But if you want to stay on top of today’s trends, to stay one step ahead of your competitors and to thrive, instead of merely survive, you need to do more than that. To put it bluntly, you need to recharge your business—and one of the best ways to do that is to adopt an “If it ain’t broke, break it” philosophy.

Why would I fix what’s not broken?

     I can hear the protests now: “Why would I fix what’s not broken?” All businesses can benefit by taking a fresh look at what is working, then seeing if those components can be retooled to provide even more revenues. For instance, can you expand your existing product line and offer it to a new demographic? If you are selling online, can you expand to a physical storefront? If you have a retail business and you’re not selling on the Web, you need to start immediately.
     If you’re a service provider, consider teaming up with other business owners in related industries and offer referrals and discounts to one another’s customers. Or think about actually partnering with them. For example, a Web designer and a copywriter could likely charge much more for their joint services than either could pull in singularly.
     Take a look at your pricing structure. Americans have permanently changed their purchasing behaviors. They’re looking for value—are you providing that? What other ideas can you come up with to entice people to buy more from you?
     Examine your marketing efforts. Too often this is the first area where small businesses cut back during tough economic times, and usually it’s the area you can most easily re-energize. Make sure you incorporate social media into your overall marketing mix.
     We’re all operating in a whirlwind. Things change on a dime. That’s a world entrepreneurs should be very comfortable in. But even the most successful among us cannot afford to rest on our laurels. Make the time to review your business—and then take the time to recharge your efforts.

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By Rieva Lesonsky