ChicExecs Co-Founder and Co-President Nikki Carlson shares how to reinvent your business after 15 years on Forbes blog. Enjoy this brief excerpt from the piece.
At 15 years of age, your business is almost old enough to start driving. Your years of experience have created a thriving, established company that’s been in business for quite a long time. After the thrill of owning a startup fades, you might not be as growth-minded these days.
But every company, regardless of its size, should be poised for growth. A lot has changed in the last 15 years, and you might be missing out on new revenue streams, better processes and affordable tools that can take your business to the next level.
Here’s how to reinvent your business after running it for 15 years.
1. Adapt to changing technology.
Going into 2020, business owners have to be 100% on board with digitization. This isn’t about sticking to what you’re comfortable with. You have to change with the times to run more efficiently.
Fortunately, digital tools make it way easier to promote your business today. Keep these trends in mind when it’s time to overhaul an aging business:
• Social media platforms: Social media wasn’t the phenomenon it is today back in 2005. Whether it’s Facebook, Twitter, Instagram or TikTok, you have so many platforms on which to reach your customers. In fact, if you’re not promoting yourself on social, I guarantee you’re missing out on customers.
• Mobile technology: Razr phones were popular in 2005, but today’s smartphones mean your customers expect tailored experiences on the go. If your site isn’t mobile friendly, you’re missing out on essential traffic.
2. Rethink your brand.
Fifteen years is a long time to run your business. You’ll eventually need to adjust your brand to the times. For example, Olive Garden reenergized its brand in 2014 to better appeal to millennial diners.
How about your brand? What is it doing today that doesn’t make sense? Is anything about your brand dated or irrelevant?
3. Be open to new ideas.
The world is going to keep changing, and open-minded entrepreneurs are one step ahead for that reason. But it’s hard to consider new ideas, especially after you’ve been running your business for a decade and a half. Nobody knows everything, and it’s important to keep learning.
4. Use your mistakes to grow.
Have you ever made a mistake and thought, “Ugh. I’m so stupid. How could I have done that?” Every business owner feels that way at some point. The problem is, when we look at mistakes through the lens of failure, we’re overlooking the purpose of mistakes.
Read Nikki’s entire blog here.
