You started your business with the highest of hopes. You expected the best. You followed through with your plans – but your results have been a little less than impressive. It’s time to take stock and decide how your business can re-launch to increase your profits and your level of success.
Re-launching your business is a major undertaking, but it can be well worth it. With a re-launch you’ll have the ability to change your position in the market. Your organization will be re-energized with a new direction and you’ll open yourself up to new opportunities.
Approach things the right way by following these four guidelines when re-launching your business:
1. Take stock of your business and the current market landscape.
Your desire to re-tool and re-launch may be focused on one aspect of your business, or you may feel like you need a complete overhaul. It’s important to change only what needs to be changed and avoid throwing the baby out with the bathwater. Taking stock will give you a clear picture of how your business is being limited by its current positioning, offerings, marketing channels, or advertising. Evaluate how your market has changed since you first launched your business. Have buying habits, engagement tactics, or consumer tastes changed significantly? Has your office space changed at all? Does this affect your customers?
2. Don’t avoid the past.
Your business is not new, so you don’t have a clean slate to work from. If you’ve been in business for several years, you can’t undo everything with a new logo, new website, or new advertising campaign. No matter how well you manage re-tooling, you can’t avoid the past. Be sure to acknowledge and honor your roots as you work on your new vision for the future. Your rebranding and re-launch efforts need to reflect your company’s core values.
3. Decide what needs to change completely and what only needs to be enhanced.
Focus your retooling efforts only on the most pressing issues that require your attention. Depending on your budget and your time commitments, you may not be able to accomplish a complete overhaul all at once. Concentrate on what needs to be completely changed and then enhance the other elements of your business over time.
4. Create an event or campaign for re-launch.
Once you’ve figured out your new position, made changes to your services or products, created a new logo – or whatever steps you’ve determined are most important in your retooling process – it’s time to introduce your new face to the world. Building up publicity for your re-launch will give your business the boost you’ve been looking for. Create a white paper for release, have a press release created and distributed, hold teleseminars or a local event, network with other complimentary businesses to arrange for guest blog posts, hold a speaking event….the possibilities are endless. No matter what option (or options) you choose, be sure to do *something* to make a splash and introduce your customers to the new you.
Research Analyst, Pacific Business Centers
Courtney’s research for Pacific Business Centers focuses on tracking emerging business trends and best practices – with an emphasis on how they affect business operations, technology, and the future of work trends.