Stay Relevant. Reinvent Your Business.
It is not the strongest of species that survives, nor the most intelligent that survives.
It is the one that is most adaptable to change.
– Charles Darwin, Father of Evolution
In August 2009, one of the world’s most enduring American brands filed for bankruptcy. Reader’s Digest, the 91-year old publication that brought us the iconic pocketbook-sized general interest magazine, was brought down by the failure to reinvent. With customers shifting to more interesting electronic media, it struggled to keep both subscribers and advertisers.
Reader’s Digest is just one of the many brands that have suffered for their failure to move with the changing times. Canon Think Big examines the significance of reinvention and the value it brings to today’s businesses.
The Business Situation
Before embarking on an elaborate reinvention plan, it is crucial to evaluate your current business situation. This will enable you to make informed decisions on how to proceed. At the Think Big Entrepreneurs Convention 2013, Dr. Loo Choon Yong, award-winning entrepreneur and Executive Chairman of Raffles Medical Group, advised business owners to always scan the prevailing business environment for opportunities, innovations or threats. By staying focused on what your business needs, you will be able to determine the right time to change and the changes you need to make.
In his opening address at the said convention, Mr. Lim Kok Hin, Canon Singapore Vice-President and Head of Domestic Operations, also shared his views on staying in touch with the prevailing business environment. “Years ago, a camera can stay new for 2 to 3 years. Today, with advancements in technology, Canon endeavours to introduce a new camera every 6 or 7 months.” A good portion of Canon’s revenue is dedicated to research and development, and for the past few years, it has consistently kept its spot among the top global companies with the most number of patents. With a solid reputation for innovation, Canon has maintained its success and brand value through constant reinvention.
The Reinvention Plan
Think about what you want to achieve. Do you want to streamline the products you offer? Do you want to do less labour intensive jobs? Do you want to engage in another type of business? Once you have a clear picture of the END, you can plan your reinvention better.
Resources such as market research findings and consumer feedback can help you draft your plan. You can seek advise from experts in the field that you wish to excel at. You can also work with government agencies that provide assistance to businesses. Spring Singapore offers programmes that can help you upgrade your current business capabilities, from technology innovation, quality and management operations, to branding and customer service.
Executing the Plan
Who do you need?
To be able to execute your reinvention plan, you need the assistance of like-minded people. Make your plan known to your employees. By doing so, you will be able to distinguish the ones who are willing to support you from those who don’t care. Needless to say, you have no use for people who don’t care for what you are trying to achieve and sometimes it will be more beneficial for the company to just let them go. Dr. Loo offers some helpful wisdom, “You need good people. You need the right people to build business.”
What do you need?
Reinventing a business is starting all over again. If you need to reinvent your brand image, something as basic as changing the brand name can influence consumer perception. In his talk at the Think Big Entrepreneurs Convention, Marketing Guru and Strategicom Principal Consultant Jacky Tai cited the brand Polo Ralph Lauren and told the story about how the designer Ralph (born Ralph Lifshitz) had to change his birth name to something more pleasant and appealing. “Having the word shit in your name is tough,” Ralph once confessed in an interview.
If you need to reinvent your product offerings to create differentiation, you need to innovate. For many years, Apple was known as a company that manufactures computers. In 2001, it introduced the iPod portable digital music player. Then came the iTunes Store, which complements the iPod and allows users to download music for as little as $0.99. After introducing the iPhone, Apple was no longer just a computer company; it has completely reinvented itself into a consumer electronics company.
If your business issue involves enhancing productivity, technology and automation can greatly help you. Bangkok Insurance (BKI) reinvented itself to adopt a more customer-oriented strategy, which meant enhancing customer satisfaction. One of the company’s challenges came in the form of tedious and costly high-volume paperwork. To be able to cope, BKI needed to streamline their processes and sought help from Canon Business Solutions. Upon careful study of their needs, the Canon team recommended a balanced mix of mid to high-end business imageRUNNER ADVANCE multifunction devices throughout the BKI HQ and its subsidiaries. The streamlined process allows them to save more time and effort, which means they are freed up to focus on their core responsibilities of improving profitability and providing better services to BKI’s clients.
Test your plan.
Give reinvention some time, even the best plans do not guarantee 100% success. Observe how customers react to the changes. Evaluate staff performance after making changes. Take note of strengths and weaknesses, and then adjust accordingly. Remember to always watch out for opportunities, innovations or threats.
The Next Move
The business world is always changing and market needs are constantly evolving. Some businesses have reinvented many times to stay profitable and relevant and this may happen to your business too. Always look ahead, stay passionate, continue Thinking Big and welcome the changes that the future will bring.