Having an annual business strategy is good for growing results. But you probably already know that.

But did you know that an excellent way to do even better in business growth is through a Reinvention Strategy?

It's not the same as creating a traditional business strategy, and there are major perks with reinventing.

Plus, it doesn't cost as much as starting from scratch.

Here's how to set one up and use it to get better results faster and more GROWTH for 2022.

Being strategic gets results. A good strategy can mean a measurable increase in performance, recognition for our hard work, and reduced stress levels.

A reinvention strategy pays even BIGGER dividends. It can include a reinvented product or service that steals market share, a risk-free product launch, and a willing market for our solutions.

If you still think a SWOT chart or emerging trends chart are the be-all and end-all of a strategy, think again.

Say "Hi" to your business's new best friend: A Reinvention Strategy.

This won't take long. I know those Christmas parties are just around the corner, but why not get 2022 sorted with the right strategy?

Before we get started, here are some of the benefits of a reinvention strategy.

Perks of A Business Reinvention Strategy
A Reinvention Strategy will:

• Enable your company/ business to quickly pivot and compete with a new compelling product. 
• Give you certainty over a business reinvention, minimising risk and leaving little to chance. 
• Maximise the profits of a rapid business pivot.
• Enable you to avoid having to reinvent your whole business. Some businesses will be better off if they only reinvent one critical component of their business.
• Create ideas to overcome everyday problem situations faced in disruptions.
• Enable small companies to compete with large ones while giving large companies the startup's agility and speed.
• Save time, money, and energy in validating what the market wants. This will eliminate the need to invest in unknown products or markets.

Step 1 - Review what's happening & what's coming up. 

That means, work out what you need to cease doing. What's been working that should continue? And what new initiatives or actions should start?

To do this, you could create a Stop, start, continue map and look at categories such as:

• How we build our product or service
• The processes we use day to day
• How we go about selling our product or service
• How we deliver the end product or service to our customer or user

• SOCIO-CULTURAL
• TECHNOLOGICAL/ SCIENTIFIC
• ECONOMIC
• ENVIRONMENTAL
• POLITICAL/ LEGAL

• List 3 limiting beliefs stopping you or your team from reinventing.
• List a more resourceful belief to replace each limiting belief.
• List 3 limiting behaviours stopping you or your team from reinventing.
• List a more resourceful behaviour to replace each limiting belief.

• BUILD - Describe the biggest bottleneck in your industry or business when it comes to building your product or service.
• PROCESS - Describe the biggest bottleneck in your industry or business when it comes to your product/service processes.
• SELL - Describe the biggest bottleneck in your industry or business when selling your product or service.
• DELIVER - Describe the biggest bottleneck in your industry or business when it comes to delivering your product or service.

Step 4 - Reconnect with your customer: 

Customer interactions can be tricky, so tricky that some people would prefer it if they didn't have to deal with customers. Life would be much easier… but then we wouldn't have any business.

That's why we need to get more precise about the emotional undercurrents happening in their world. When we can connect what they care about and think about with what we want them to care about (e.g., our product), we can strengthen their desire or need to purchase from us. Answer the following prompts to generate customer insights.

• List what's changed for your customers over the last 24 months.
• What thoughts and feelings are keeping your customers up at night?
• What thoughts are your clients having that they are unwilling to share or speak aloud?
• List what your customer cares about. 

Step 5 - Reinvent your ideas: 

We all can be innovative. But most of us have been burnt, sharing our ideas in the past, and as a response, we keep our minds and lips tightly sealed when it comes to generating ideas.

The science shows us however, that quantity overrides quality when it comes to idea generation. We need lots of ideas, even the whacky and lame ones, to get the golden ones. 

• First up, list any existing ideas you already have worth executing that will reinvent your results. Don't judge. Just capture all of them.
• Second, what ideas have you seen outside your industry that you could adapt to your business? Stretch yourself, go way beyond your business industry.
• Third, what could you automate that hasn't been automated yet?
• Finally, what could you eliminate to create a better solution/ product or service? Less is often more. 

Step 6 - Revalidate your insights and ideas:

You can't afford to make mistakes. You don't have the time, money to do so, nor can you afford to risk your reputation. Validating your ideas by using quick, cost-effective, cheap experiments will eliminate your risk.

For your shortlist of ideas, consider how you will validate them by using these prompts:

• Describe how will you validate that this is a problem the market wants solved
• Describe how will you validate that the market is willing to pay for your solution
• Describe how you will validate the effectiveness of your solution 

Step 7 - Reconstruct & restrengthen your final solution:

You want to develop the most cost-effective and profitable solution that makes your customers go "Wow!"

Here are four questions guaranteed to help you achieve this result: 

1. What activities could you outsource? What would make your reinvention easier to construct?
2. What could you make more intuitive or easier to use? What could you do to make your product/ service more desirable or beautiful?
3. What would make your product or service more affordable to both the customer and for you in building it? 
4. What will be the most effective way to distribute your final solution

Step 8 - Relaunch your product to the world:

If you want customers to buy or use your reinvention, you'll want to grab their attention by showing why you're unique.

Try the following prompt to get a Unique Value Proposition (UVP) that takes you to the stars. 
Fill in the blanks to help you create a UVP that highlights your main point of difference in the market. 

<Our product> is the <standout way> to <create a benefit >. Here's an example from one of my service offerings from our business:  Reinvention Sprint is the fast, easy way to discover more profit. Now it's your turn. <Our product> is the <standout way> to <create a benefit >.

_____________________________ is the _____________________ to __________________________________. 

RECAP
You’ve just learned the second set of critical steps to creating a reinvention strategy. If you missed the first three steps you can see them here:

Just to quickly recap…
A SWOT analysis may inform you of what's happening but it won't help you do something about it. Your Business Reinvention Strategy will help you to reinvent your results. To create a reinvention strategy, you need to:

• Step 1 - Review what's happening & what's coming up. 
• Step 2 - Reset your mindset.
• Step 3 - Refocus on what to reinvent. 
• Step 4 - Reconnect with your customer. 
• Step 5 - Reinvent your ideas.
• Step 6 - Revalidate your insights and ideas. 
• Step 7 - Reconstruct and restrengthen your final solution. 
• Step 8 - Relaunch your product to the world. 

Business growth doesn't happen by itself. You have to think strategically to succeed, and the businesses that will succeed are the ones that will rethink their business."
If you want a strategy that actually works, join our free upcoming Essential 90-minute Business Reinvention Strategy Session in early December.

It's normally valued at $495, but I'm making this free because I can!  And, I want businesses to make 2022 the year to avoid the COVID hangover!

Seriously, this is a timesaver.  You'll receive your very own reinvention strategy template, and you'll fill it out as we go through it step by step.

Happy Reinventing!

Cheers,
Nils
Nils Vesk
Ideas with Legs

P.S.
To claim your free Reinvention Strategy Template, 140 point Business Reinvention Checklist, and other gifts, you must attend our live Essential 90-minute Business Reinvention Strategy Session.

The session is being live-streamed around the world, but you have to be registered to join. Claim your free tickets here.